MIRA INFORM REPORT

 

 

Report No. :

353146

Report Date :

09.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SHAMA INTERNATIONAL FZC

 

 

Registered Office :

Ajman Free Zone, Plot No. F/20, Gate No. 4, Ajman, P O Box No 21090

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

12.04.2001

 

 

Legal Form :

Free Zone Company - FZC

 

 

Line of Business :

Subject engaged in the import and distribution of synthetic rubber, ebonite dust, organic and inorganic pigment colours, zinc oxide, carbon black, sulphur, bonding agents, PVC and plastic materials.A121

 

 

No. of Employee :

10

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

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

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

SHAMA INTERNATIONAL FZC

 

2) Registered Address:

Address

:

Ajman Free Zone, Plot No. F/20, Gate No. 4

Town

:

Ajman

Country

:

United Arab Emirates

PO Box

:

21090

Phone (s)

:

(971-6) 7404199

 

 

(971-6) 7404190

 

 

(971-6) 7400416

Facsimile

:

(971-6) 7404198

Mobile

:

(971-50) 6348421

 

 

(971-50) 2197869

Email

:

shamases@emirates.net.ae

 

3) Operational Address & Contact Details:

Address

:

Ajman Free Zone, Plot No. F/20, Gate No. 4

Town

:

Ajman

Country

:

United Arab Emirates

PO Box

:

21090

Phone (s)

:

(971-6) 7404199

 

 

(971-6) 7404190

 

 

(971-6) 7400416

Facsimile

:

(971-6) 7404198

Mobile

:

(971-50) 6348421

 

 

(971-50) 2197869

Email

:

shamases@emirates.net.ae

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Free Zone Company - FZC

Date of Registration

:

12th April 2001

Trade License Number

:

758

Expiry Date

:

14/07/2016

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Fair

Primary Business Activity

:

Distributors of synthetic rubber, PVC and plastic materials.

Number of Employees

:

10

Capital

:

UAE Dh 1,000,000

Note:

Engaged in the import and distribution of synthetic rubber, ebonite dust, organic and inorganic pigment  colours, zinc oxide, carbon black, sulphur, bonding agents, PVC and plastic materials.A121

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

UAE Dh 1,000,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

UAE Dh 1,000,000

 

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 8,690,000

UAE Dh 9,375,000

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

The above figures were provided by Mr Arun Ashakan, Finance Manager

 

BANKERS

 

1

Name

HSBC Bank Middle East

 

Address

Main Branch Ajman

 

Tel

(971-6) 5537222

 

Fax

(971-6) 5537880

 

SHAREHOLDERS

 

1

Name

Hussain Shuaib Shams

2

Name

Farida Hussain

3

Name

Shama Rub-Chem Co Pvt Ltd

 

Address

1 & 2, A-wing , New Sai Niketan BuildingGround Floor, 345 Mount Road,Mazgaon, Mumbai 400 010 India

 

Tel

(91-22) 23738252

 

 

(91-22) 23775193

 

 

(91-22) 23752704

 

Fax

(91-22) 23703318

 

SENIOR MANAGEMENT

 

Sr.No

Name

Dsignation

1

Hussain Shuaib Shams

Managing Director

2

Farida Hussain

Director

3

Arun Ashakan

Finance Manager

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Europe

Import

2

Far East

Import

 

Local Suppliers:

Sr.No

Name

1

 Oasis Lubricants

2

Atlantic Grease

 

PREMISES

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Ajman.

 

PAYMENT

 

Slow but correct

 

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

INVESTIGATOR'S COMMENTS

 

Person Interviewed   : Arun Ashakan, Finance Manager

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.66.80

UK Pound

1

Rs.100.49

Euro

1

Rs.72.52

DH

1

Rs.18.20

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

TRU

 

 

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%)

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