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Report No. : |
355282 |
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Report Date : |
26.12.2015 |
IDENTIFICATION DETAILS
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Name : |
MILLENNIUM METAL
TRADING LLC |
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Registered Office : |
Industrial Area No. 6 64271 Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
15.06.2008 |
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Com. Reg. No.: |
7766, Sharjah |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Subject is
engaged in the import and distribution of non-ferrous metals, including
aluminium and brass. |
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No. of Employee : |
26 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : MILLENNIUM
METAL TRADING LLC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 15th
June 2008
Commercial
Registration Number : 7766,
Sharjah
Trade Licence
Number : 561640
Chamber Membership
Number : 84908
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 26
Activities :
Distributors of non-ferrous metals
Financial Condition : Fair
Payments : No
complaints
Operating Trend : Steady
Person Interviewed : Rajesh Nair, Sales Manager
MILLENNIUM METAL
TRADING LLC
Location : Industrial Area No. 6
PO Box : 64271
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5439577
Facsimile : (971-6) 5439588
Mobile : (971-50) 5872894 / 5590090
Email : trading@mmtl.ae / shipping@mmtl.ae
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Sharjah.
Name Nationality Position
·
Prajesh
Kumar Jha Indian Managing
Director
·
Saif
Salman Rashid Emirati Director
·
Rajesh Nair - Sales
Manager
Date of Establishment : 15th
June 2008
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 7766,
Sharjah
Trade Licence No. : 561640
Chamber Member No. : 84908
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Saif
Salman Rashid 51%
·
Prajesh
Kumar Jha 49%
Activities: Engaged in the import and distribution of non-ferrous
metals, including aluminium and brass.
Import
Countries: Europe and the
Far East.
Local Suppliers:
·
Mettrade FZC
·
Cladtech
Operating Trend: Steady
Subject has a
workforce of 26 employees.
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 23,250,000 UAE Dh 28,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Standard
Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
UAE Dh |
1 |
Rs.18.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
HNA |
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|
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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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 |
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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.