|
Report No. : |
335362 |
|
Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
AUTOMOTIVE STEEL
HOUSE FZC |
|
|
|
|
Registered Office : |
RAK Free Zone, Ras Al Khaimah |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Year of Establishment : |
2012 |
|
|
|
|
Legal Form : |
Free Zone Company - FZC |
|
|
|
|
Line of Business : |
Import and
Distribution of Steel and Valued Added Products. |
|
|
|
|
No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 : AUTOMOTIVE
STEEL HOUSE FZC
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 2012
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce :
5
Activities :
Distributors of steel and valued added products.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Ather Jalil,
Sales Manager
AUTOMOTIVE STEEL
HOUSE FZC
Town : Ras Al Khaimah
Country : United Arab Emirates
Location : Abu Dhabi Mall, 1st
Floor, Rak Office
PO Box : 47730
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6994744
Facsimile : (971-2) 6994848
Mobile : (971-50) 3282940
Email : info@automotivesteelhouse.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Name Nationality Position
·
Habib
Eddine Sharf Pakistani Managing
Director
·
Ms
Maria Ather Pakistani Director
·
Ather
Jalil - Sales
Manager
Date of Establishment : 2012
Legal Form :
Free Zone Company - FZC
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
·
Habib
Eddine Sharf
·
Ms
Maria Ather
Activities: Engaged in the import and distribution of
steel and valued added products.
Import
Countries: South Korea,
China, Taiwan, Japan and Turkey.
Clients:
·
Toyota
·
Suzuki
·
Honda
·
Yamaha
·
Fiat
·
Massey
Ferguson
Subject has a
workforce of 5 employees.
Companies
registered in Abu Dhabi, 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.
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
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.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.