MIRA INFORM REPORT

Report No. :	353701
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	AL THEQAH METAL SCRAP TRADING LLC
Registered Office :	Industrial Area No. 10, PO Box 36646, Sharjah
Country :	United Arab Emirates
Date of Incorporation :	05.02.2014
Com. Reg. No.:	155912
Legal Form :	Limited Liability Company – LLC
Line of Business :	Subject is engaged in the im+A110port and distribution of aluminium scrap metal.
No. of Employees :	19

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
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 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

Company Name AL THEQAH METAL SCRAP TRADING LLC
ORDER DETAILS
Business/ Subject Name	:		AL THEQAH METAL SCRAP TRADING LLC
Country	:		United Arab Emirates
PO Box	:		36646 INDUSTRIAL AREA 10, SHARJAH
IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name	:	AL THEQAH METAL SCRAP TRADING LLC
2) Registered Address:
Address	:	Industrial Area No. 10
Town	:	Sharjah
Country	:	United Arab Emirates
PO Box	:	36646
Phone (s)	:	(971-6) 5354318
Facsimile	:	(971-6) 5354328
Mobile	:	(971-50) 9106754
		(971-50) 3488803
Email	:	maria@altheqah.org
3) Operational Address & Contact Details:
Address	:		Industrial Area No. 10
Town	:		Sharjah
Country	:		United Arab Emirates
PO Box	:		36646
Phone (s)	:		(971-6) 5354318
Facsimile	:		(971-6) 5354328
Mobile	:		(971-50) 9106754
			(971-50) 3488803
Email	:		maria@altheqah.org
:
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category	:		Limited Liability Company - LLC
Date of Registration	:		5th February 2014
Trade License Number	:		722354
Commercial Registration Number	:		155912, Sharjah
OTHER REGISTRATION/ MEMBERSHIPS
Chamber Membership Number	:		112444
KEY FACTS
Operational Status	:		Normal
Financial Condition	:		Undetermined
Primary Business Activity	:		Distributors of aluminium scrap metal.
Number of Employees	:		19
Capital	:		UAE Dh 150,000
Note:
Engaged in the im+A110port and distribution of aluminium scrap metal.
CAPITAL DETAILS
Issued Capital:
No of Shares			No of Shares	Amount
N/A			N/A	UAE Dh 150,000
Paid Up Capital:
No of Shares			No of Shares	Amount
N/A			N/A	UAE Dh 150,000
FINANCIAL DATA
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
1	Name		HSBC Bank Middle East
	PO Box		25 Sharjah
	Tel		(971-6) 5537222
	Fax		(971-6) 5537880
SHAREHOLDERS
Sr.No	Name		Nationality	Percentage
1	Jassim Mohamed Sulaiman Mohamed		Emirati	51%
2	Patrick Narana		Indian	25%
3	Maria Fatima Santana Varela		Indian	24%
Total Shares				100%
SENIOR MANAGEMENT
Sr.No	Name		Nationality	Dsignation
1	Patrick Narana		Indian	Managing Director
2	Maria Fatima Santana Varela		Indian	Director
3	Jassim Mohamed Sulaiman Mohamed		Emirati	Director
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country		Activity
1	Europe		Import
2	Far East		Import
PREMISES
Subject operates from a small suite of offices that are rented and located in the Industrial Area of Sharjah.
PAYMENT
No complaints regarding subject’s payments have been reported.
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
In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.99
UK Pound	1	Rs.101.78
Euro	1	Rs.73.47
UAE Dirham	1	Rs.18.24

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

INFORMATION DETAILS

Analysis Done by :	KAS
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%)

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