MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

ABOURA METALS FZCO

 

 

Registered Office :

Office No. 521-5EA, Dubai Airport Free Zone Area, 293641, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

18.09.2006

 

 

Legal Form :

Free Zone Company - FZCO

 

 

Line of Business :

Engaged in the import and distribution of metal and scrap metal.

 

 

No of Employees :

18

 

 

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 :

Satisfactory

Payment Behaviour :

No Complaints

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

 

 

 

 

SUMMARY

 

Company Name                                     : ABOURA METALS FZCO

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Company - FZCO

Registration Date                                   : 18th September 2006

Trade Licence Number                            : 1122

Issued Capital                                        : UAE Dh 250,000

Paid up Capital                                      : UAE Dh 250,000

Total Workforce                                     : 18

Activities                                               : Distributors of metal and scrap metal

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

ABOURA METALS FZCO

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Office No. 521-5EA

Area                 : Dubai Airport Free Zone Area

 

PO Box             : 293641

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 6091883

Facsimile          : (971-4) 6091886

Email                : info@abourametals.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Dubai Airport Free Zone.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Nasser Hussain Aboura                                                                     Managing Director

 

·       Hassan Hussain Aboura                                                                    Director

 

·       Ghazi Hussain Aboura                                                                       Director

 

·       Ali Hussain Aboura                                                                            Director

 

·       Majid Nimer                                                                                      Commercial Manager

 

·       Ibrahim Nasser Aboura                                                                      Accounts Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th September 2006

 

Legal Form                  : Free Zone Company - FZCO

 

Trade Licence No.       : 1122

 

Issued Capital              : UAE Dh 250,000

 

Paid up Capital            : UAE Dh 250,000

 

Name of Shareholder (s)                                    

 

·       Nasser Hussain Aboura                                                                    

 

·       Hassan Hussain Aboura                                                                   

 

·       Ghazi Hussain Aboura                                                                      

 

·       Ali Hussain Aboura

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of metal and scrap metal.

 

                 Subject is ISO 9001:2008 accredited.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Emirates National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93                           

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SMN

 

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%)

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