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Report No. : |
354681 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
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Name : |
GALAXY METAL FZE |
|
|
|
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Registered Office : |
Hamriyah Free Zone, PO Box 54047, Sharjah |
|
|
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Country : |
United
Arab Emirates |
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|
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Date of Incorporation : |
12.02.2014 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the import and distribution of scrap ferrous and
non-ferrous metals. |
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No. of Employees : |
01 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 :
GALAXY METAL FZE
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
12th February 2014
Trade Licence Number :
11874
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
1
Activities :
Distributors of scrap ferrous and non-ferrous metals.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Renu Sharma, Managing Director
GALAXY METAL FZE
Registered &
Physical Address
Location : Hamriyah Free
Zone
PO Box : 54047
Town : Sharjah
Country : United Arab
Emirates
Facsimile : (971-6)
7412248 / 7412748
Mobile : (971-90)
3863565 / (971-50) 3863565 / 3803565
Email : iromispatt@gmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Hamriyah Free Zone Area of Sharjah.
Name Nationality Position
Renu Sharma Indian Managing
Director
Date of Establishment : 12th
February 2014
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 11874
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of
Shareholder (s) Percentage
Renu Sharma 100%
Activities: Engaged in the import and distribution of scrap ferrous and non-ferrous
metals.
Import Countries: India, Vietnam, Pakistan and Trinidad & Tobago
International
Suppliers:
Adnik Niryat India
Hoathat Vietnam
Bashir & Sons Pakistan
Raj Recycle Trinidad
& Tobago
Subject has a workforce of 1 employee.
Subject is a newly formed business and as a result financial information
is not currently available.
Sharjah Islamic Bank
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
Habib Bank AG
Immigration Road
PO Box: 1166
Sharjah
Tel: (971-6) 5730004
Unknown
Please note that the correct name of the subject is “Galaxy Metal FZE”
and not “Galaxy Metal FZC”.
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.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
UAE Dh |
1 |
Rs.18.10 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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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 |
|
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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 |
|
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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.