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Report No. : |
357018 |
|
Report Date : |
28.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
EURO METAL TRADE
FZE |
|
|
|
|
Registered Office : |
Hamriyah Free Zone, Office No. 35 G-12 42127 Sharjah |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
10.05.2006 |
|
|
|
|
Legal Form : |
Free Zone
Establishment - FZE |
|
|
|
|
Line of Business : |
General
traders specialising in the import and export of stainless steel, carbon steel, alloy
steel, nickel, other ferrous and non-ferrous metals, pipes, tubes and pipe
fittings. |
|
|
|
|
No. of Employee : |
2 |
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 |
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|
|
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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 annualTRADE 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 : EURO METAL
TRADE FZE
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 10th
May 2006
Trade Licence
Number : 1751, Hamriyah Free Zone
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce : 2
Activities :
Import and export of metal and scrap metal
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Poruthi Kade Chirakkil Sudhakaran,
Managing Director
EURO METAL TRADE FZE
Location : Hamriyah Free Zone, Office No. 35
G-12
PO Box : 42127
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5262180
Facsimile : (971-6) 5262190
Mobile : (971-50) 4814349
Email : harioom@eim.ae / pcsudhakaran@yahoo.com / info@eurometaluae.com
/
Subject operates
from a small suite of offices that are rented and located in the Hamriyah Free
Zone, Sharjah.
Name Nationality Position
·
Poruthi Kade Chirakkil Sudhakaran Indian Managing Director
Date of Establishment : 10th
May 2006
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 1751, Hamriyah Free Zone (Expires 09/05/2016)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
·
Poruthi Kade Chirakkil Sudhakaran 100%
Activities: General traders
specialising in the import and export of stainless steel, carbon steel,
alloy steel, nickel,
other ferrous and non-ferrous
metals, pipes, tubes and pipe fittings.
Import
Countries: Europe, India
and China
International
Suppliers:
·
Al Hamadi General Trading Co Sharjah
·
Al Zarouni & Khawaj Co Sharjah
·
Indica Group Ltd Sharjah
Operating Trend: Steady
Subject has a workforce
of 2 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 42,308,464 UAE Dh 47,765,464
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Poruthi Kade
Chirakkil Sudhakaran, Managing Director
·
Bank of
Baroda
Crystal Plaza
Sharjah
Tel: (971-6) 5037931
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.18.01 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.