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Report No. : |
316493 |
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Report Date : |
09.04.2015 |
IDENTIFICATION DETAILS
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Name : |
OVERSEAS METAL
TRADING |
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Registered Office : |
Mohamed Bin Haider Compound, Al Wahid Road, Industrial Area No. 1, P O Box: 29421, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
21.07.2004 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and
Distribution of Metals, Including Aluminium, Copper, Brass, Lead, Nickel,
Zinc and Stainless Steel. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : OVERSEAS
METAL TRADING
Country of Origin : Sharjah,
United Arab Emirates
Legal Form : Sole
Proprietorship
Registration Date : 21st
July 2004
Trade Licence
Number : 529658
Chamber Membership
Number : 64549
Invested Capital : UAE Dh 50,000
Total Workforce : 3
Activities :
Distributors of metals.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Khoram Shazad,
Financial Controller
OVERSEAS METAL
TRADING
Building : Mohamed Bin Haider Compound
Street : Al Wahid Road
Area : Industrial Area No. 1
PO Box : 29421
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5320522 / 5319335
Facsimile : (971-6) 5320533
Mobile : (971-50) 4221054
Email : reza1@eim.ae
/ info@overseasmetal.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
Name Nationality Position
·
Ashik
Ali Ramadan Ali Indian Proprietor &
General Manager
·
Abdullah
Mohamed Ibrahim Emirati Local Sponsor
·
Khoram
Shazad - Financial
Controller
·
Mahboob
Ali - Sales
Executive
Date of Establishment : 21st
July 2004
Legal Form :
Sole Proprietorship
Trade Licence No. : 529658
Chamber Member No. : 64549
Invested Capital
: UAE Dh 50,000
Mr Ashik Ali
Ramadan Ali is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
metals, including aluminium, copper, brass, lead, nickel, zinc and stainless
steel.
Import
Countries: Europe and the
Far East.
Local Suppliers:
·
Sharif Metal LLC
·
Pan Gulf Metal Scrap LLC
Operating Trend: Steady
Subject has a
workforce of 3 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 11,920,000 UAE Dh 12,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Khoram Shazad, Financial Controller
·
Habib
Bank AG
Immigration Road
PO Box: 1166
Sharjah
Tel: (971-6) 5730004
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.62.33 |
|
|
1 |
Rs.92.53 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.