|
Report No. : |
311670 |
|
Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
A M I FOUNDRY LLC |
|
|
|
|
Registered Office : |
Jebel Ali Industrial Area No. 2, PO Box 283890, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
25.05.2005 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in the design and manufacture of carbon steel alloys and
castings, specializing in products for the valve industry, earth moving
industry, engineering industry, mining & crushers industry |
|
|
|
|
No. of Employees : |
90 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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 and
ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 :
A M I FOUNDRY LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
25th May 2005
Trade Licence Number :
569580
Chamber Membership Number :
99472
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
90
Activities :
Design and manufacture of carbon steel alloys and castings
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Rajesh Chavali, Logistics Manager
A M I FOUNDRY LLC
Registered &
Physical Address
Location : Jebel Ali
Industrial Area No. 2
PO Box : 283890
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8802233
Facsimile : (971-4)
8801388
Mobile : (971-50) 6546934
Email : amalloys@emirates.net.ae
/ sales@amifoundry.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Dubai.
Name Nationality Position
Zayed Ahmed Baqer Emirati Managing
Director
Abdullah Abdul Wahid Al Ali Emirati Director
R S Benu - Financial
Manager
Rajesh Chavali - Logistics Manager
Shareef Ali - Public
Relations Officer
Date of Establishment: 25th May 2005
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 569580 (Expires
24/05/2015)
Chamber Member No. : 99472
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s)
Zayed Ahmed Baqer
Abdullah Abdul Wahid Al Ali
ABEF FZE
Jebel Ali
Dubai
Activities: Engaged in the design and manufacture of carbon steel alloys and
castings, specializing in products for the valve industry, earth moving
industry, engineering industry, mining & crushers industry
Subject is ISO 9001:2008 accredited.
Production
Capacity: 3,000 metric tons per annum
Import Countries: Europe and the Far East
International
Suppliers:
Combitor Pottery & Refractories India
I V P Ltd India
World Metals & Alloys FZC Sharjah
Glazier International FZC Sharjah
Operating Trend: Steady
Subject has a workforce of 90 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 10,890,000 UAE Dh 12,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Rajesh Chavali, Logistics Manager
Middle East Bank Ltd
Arbift Tower
Baniyas Street
PO Box: 5547
Dubai
Tel: (971-4) 2220121
Bank of Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
Abu Dhabi Commercial Bank
Al Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
No complaints regarding subject’s payments have been reported.
Please note that local correspondents spoke to Mr Rajesh Chavali,
Logistics Manager who stated that he was not aware of any payment delays around
eight months. He said that they deal with clients on open credit letter (30-90
days). The Financial Manager, Mr R S Benu was on holiday and therefore not
available.
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.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.