MIRA INFORM REPORT

 

 

Report No. :

352601

Report Date :

01.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SUN METAL CASTING LLC

 

 

Registered Office :

Al Raha Tower, Parking No. 3, Al Khan Corniche, Al Khan Area, PO Box 45850, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

25.10.1998

 

 

Com. Reg. No.:

16223

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the manufacture and distribution of metal and alloy products, ferrous and non-ferrous items, aluminium, zinc, copper, scrap metal and recycled items.

 

 

No. of Employees :

110

 

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 – 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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY

 

Company Name                                    : SUN METAL CASTING LLC

Country of Origin                                   : Ajman, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 25th October 1998

Commercial Registration Number           : 16223

Trade Licence Number                           : 26809

Chamber Membership Number               : 23287

Issued Capital                                       : UAE Dh 250,000

Paid up Capital                                     : UAE Dh 250,000

Total Workforce                                     : 110

Activities                                               : Manufacture and distribution of metal and alloy products, ferrous and

  non- ferrous items, aluminium, zinc, copper, scrap metal and recycled  

  items.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Savio Rocha, Finance Manager

 

 

COMPANY NAME

 

SUN METAL CASTING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Al Raha Tower, Parking No. 3

Area                 : Al Khan Corniche, Al Khan Area

PO Box            : 45850

Town                : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5542550

Facsimile          : (971-6) 5542732

Mobile              : (971-50) 6263677

Email                :          

 

Please note that subject’s previous address was, New Industrial Area, PO Box 3787, Ajman.

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                    Position

 

Sandeep Shishodia                                              Indian                                    Managing Director

 

Othman Mahmoud Abu Shawarib                         Emirati                        Director

 

Rajev Shishodi                                                         -                            General Manager

 

Savio Rocha                                                            -                            Finance Manager

 

Saud Khan                                                               -                            Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th October 1998

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 16223

 

Trade Licence No.        : 26809

 

Chamber Member No.  : 23287

 

Issued Capital              : UAE Dh 250,000

 

Paid up Capital            : UAE Dh 250,000

 

Name of Shareholder (s)                                               Percentage

 

Othman Mahmoud Abu Shawarib                                        51%

 

Sandeep Shishodia                                                            49%

 

 

AFFILIATED COMPANIES

 

Classic General Trading LLC

PO Box : 3787

Ajman

Tel : (971-6) 7431042

Fax : (971-6) 7431039

 

Sun Alloys FZC

PO Box : 42706

Sharjah

Tel : (971-6) 7489505

Fax : (971-6) 7489506

 

Sunvik Steels Pvt Ltd

Yashwantpur

Bangalore

India

Tel : (91-80) 41178477

Fax : (91-80) 46965870

 

Silver Crown Trading (Pty)

10 Du Randt Street

Putfontein

PO Box : 8123

Benoni 1513

Johannesburg

South Africa

Tel : (27-721) 894727

Fax : (27-862) 720856

 

Shams Al Arab Trading LLC

PO Box: 45850

Sharjah

Tel: (971-6) 5542550

Fax: (971-6) 5542732

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and distribution of metal and alloy products, ferrous and non-ferrous items, aluminium, zinc, copper, scrap metal and recycled items.

 

Import Countries: Japan, Egypt and GCC countries.

 

International Suppliers:

 

Al Qurayan Group Co                            Saudi Arabia

Anwar El Madina El Munawara Co          Egypt

 

Principal Clients:

 

Toyota Corp                              Japan

Mitsubishi Corp                         Japan

Al Babtain Co Ltd                      Saudi Arabia

Al Habashi Co                           Saudi Arabia

Al Jazirah Tube Co                    Oman

 

Export Countries: Saudi Arabia, Oman and Japan

 

Brand Names: SUN

 

Operating Trend: Steady

 

Subject has a workforce of 110 employees.

 

 

FINANCIAL DATA

 

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 175,000,000                 UAE Dh 183,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures are provided by Mr Savio Rocha, Finance Manager

 

 

BANKERS

 

Bank of Baroda

PO Box: 3162

Dubai

Tel: (971-4) 5531955

Fax: (971-4) 5536962

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Sun Metal Casting LLC specializes in the manufacture and distribution of metal and alloy products, dealing with many well known companies throughout the Middle East and Japan.

 

According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding 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.66.81

UK Pound

1

Rs.100.37

Euro

1

Rs.70.68

UAE Dh

1

Rs.18.11

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

SDA

 

               


 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.