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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
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Name : |
AL JESR SCRAP METAL TRADING |
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Registered Office : |
Al Dheed Street,
Al Sajaa Industrial Area, 32169 Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.09.2007 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of scrap, ferrous and non-ferrous metals. |
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No. of Employees : |
6 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 |
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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 : AL JESR SCRAP
METAL TRADING
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 3rd
September 2007
Trade Licence
Number : 555542
Chamber Membership
Number : 80217
Invested Capital : UAE Dh
60,000
Total Workforce : 6
Activities :
Distributors of scrap, ferrous and non-ferrous metals
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
AL JESR SCRAP METAL TRADING
Street : Al Dheed Street
Area : Al Sajaa Industrial Area
PO Box : 32169
Town : Sharjah
Country : United Arab Emirates
Mobile : (971-55) 5697214
Subject operates from
a small suite of offices that are rented and located in the Industrial Area of
Sharjah.
Name Nationality Position
·
Saeed
Rafiq Mohamed Rafiq Pakistani Proprietor & General
Manager
·
Tariq
Abdullah Mohamed Salim Emirati Local Sponsor
Date of Establishment : 3rd
September 2007
Legal Form :
Sole Proprietorship
Trade Licence No. : 555542
Chamber Member No. : 80217
Invested Capital
: UAE Dh 60,000
Mr Saeed Rafiq Mohamed
Rafiq is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
scrap, ferrous and non-ferrous metals.
Import
Countries: Europe and GCC
countries.
Subject has a
workforce of 6 employees.
Companies
registered in Sharjah are not legally required to make their accounts public
and no financial information was released by the company or submitted by
outside sources.
·
Sharjah
Islamic Bank
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints
regarding subject’s payments have been reported.
Please note that
the subject is a Sole Proprietorship and the correct name is “Al Jesr Scrap
Metal Trading” and not “Al Jesr Scrap Metal Tr LLC”.
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.61.31 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.