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Report Date : |
21.11.2014 |
IDENTIFICATION DETAILS
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Name : |
ALA METALS LLC |
|
|
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Registered Office : |
Business Village Building, Office No. 925, 9th Floor, Block B, Port Saeed Street, Satwa District, 66688 Dubai |
|
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|
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Country : |
United
Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
21.03.2007 |
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|
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Com. Reg. No.: |
1007313, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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|
|
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Line of Business : |
Engaged in the
import and distribution of ferrous and non-ferrous metals and stainless
steel. |
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|
|
No. of Employees : |
11 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United
Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB EMIRATES - ECONOMIC
OVERVIEW
The UAE has an open economy
with a high per capita income and a sizable annual trade surplus. Successful
efforts at economic diversification have reduced the portion of GDP based on
oil and gas output to 25%. Since the discovery of oil in the UAE more than 30
years ago, the country has undergone a profound transformation from an
impoverished region of small desert principalities to a modern state with a
high standard of living. The government has increased spending on job creation
and infrastructure expansion and is opening up utilities to greater private
sector involvement. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. The country's Free Trade Zones - offering 100% foreign
ownership and zero taxes - are helping to attract foreign investors. The global
financial crisis, tight international credit, and deflated asset prices
constricted the economy in 2009. UAE authorities tried to blunt the crisis by
increasing spending and boosting liquidity in the banking sector. The crisis
hit Dubai hardest, as it was heavily exposed to depressed real estate prices.
Dubai lacked sufficient cash to meet its debt obligations, prompting global
concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. Dependence on oil, a large
expatriate workforce, and growing inflation pressures are significant long-term
challenges. The UAE's strategic plan for the next few years focuses on
diversification and creating more opportunities for nationals through improved
education and increased private sector employment
|
Source
: CIA |
Company Name : ALA METALS
LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 21st
March 2007
Commercial
Registration Number : 1007313,
Dubai
Trade Licence
Number : 592979
Chamber Membership
Number : 117007
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 11
Activities :
Distributors of ferrous and non-ferrous metals and stainless steel.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed
Simbad, Financial Controller
ALA METALS LLC
Building : Business Village Building, Office No. 925, 9th Floor, Block B
Street : Port Saeed
Street
Area : Satwa District
PO Box : 66688
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2999199
Facsimile : (971-4) 2999009
Mobile : (971-55) 2110080
Email : info@alametals.com
Subject operates
from a small suite of offices that are rented and located in the Central Business
Area of Dubai.
Name Nationality Position
·
Mohamed
Khalifa Mohamed Salem Alhadari Emirati Managing Director
·
Baizeed
Ehsan Gadawala Indian Director
·
Muhafiz
Muzammil Gadawala Indian Director
·
Muzammil
Haji Amin Gadawala Indian Director
·
Soheim
Haji Amin Gadawala Indian Director
·
Yassar
Ahsan Gadawala Indian Director
·
Malika
Haji Amin Gadawala Indian Director
·
Mohamed
Simbad - Financial
Controller
Date of Establishment : 21st
March 2007
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1007313,
Dubai
Trade Licence No. : 592979
(Expires 20/03/2015)
Chamber Member No. : 117007
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Mohamed
Khalifa Mohamed Salem Alhadari 51%
·
Baizeed
Ehsan Gadawala 9%
·
Muhafiz
Muzammil Gadawala 9%
·
Muzammil
Haji Amin Gadawala 9%
·
Soheim
Haji Amin Gadawala 9%
·
Yassar
Ahsan Gadawala 9%
·
Malika
Haji Amin Gadawala 4%
·
Ala
Metals Scrap Trading LLC
Sharjah
·
Ala
International Trading LLC
Ajman
Activities: Engaged in the import and distribution of ferrous
and non-ferrous metals and stainless steel.
Import
Countries: Europe and the
United States of America
International Suppliers:
·
Sky
Line United
States of America
·
Steelbro
International United Kingdom
Operating Trend: Steady
Subject has a workforce
of 11 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales US$ 162,894,000 US$ 169,795,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mohamed Simbad, Financial Controller
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints
regarding subject’s payments have been reported.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the company
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.97.32 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.