|
Report No. : |
306368 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHELVING TRADING
LLC |
|
|
|
|
Registered Office : |
Office No. 104,
Speedex Building, 1st Floor, Abu Baker Al Siddiq Street, P O Box 4813,
Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
06.11.1991 |
|
|
|
|
Com. Reg. No.: |
56360, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
Engaged in the import and distribution of
steel storage units, racking systems and commercial shelving equipment ·
Engaged as importers and suppliers of specialty construction
products, building materials, hardware stainless steel, mild steel, brass,
copper and non-ferrous metals as well as materials required for the oilfield
industry |
|
|
|
|
No of Employees : |
28 |
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 |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. The country's Free Trade Zones - offering 100% foreign
ownership and zero taxes - are helping to attract foreign investors. The global
financial crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. 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 diversification and creating
more opportunities for nationals through improved education and increased
private sector employment.
|
Source
: CIA |
Company Name : SHELVING TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 6th November 1991
Commercial Registration Number : 56360, Dubai
Trade Licence Number : 226274
Chamber Membership Number : 22406
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Total Workforce : 28
Activities : Distributors of steel storage units, racking systems and commercial
shelving equipment.
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
Person Interviewed : Harish Kanchan, Assistant General Manager
SHELVING TRADING LLC
Registered &
Physical Address
Building : Office No. 104,
Speedex Building, 1st Floor
Street : Abu Baker Al Siddiq Street
PO Box : 4813
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2599570 / 2599571
Facsimile : (971-4) 2599427
Mobile : (971-50) 6449620 / 5513401 / 6568321
Email : shelving@shelvingtrading.com / shelving@emirates.net.ae
Please note that
subject’s previous address was, Saeed Ahmed Lootah Building, Ground Floor, Shop
No. 30, Al Nakheel Street, Naif, Deira, Dubai.
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
·
Al Awir
Area Warehouse
premises
Dubai
Tel: (971-4) 3337140
Fax: (971-4) 3203898
Name Nationality Position
·
Oswald
Justen Indian Managing Director
·
Peter
Tauro Indian Director
·
Bhovanendra
Kidiyoor Indian Director
·
Sheikh
Fahim Mohamed Khalid Bin Al Qassimi Emirati Director
·
Gopa
Kumar
- General
Manager
·
Harish
Kanchan - Assistant
General Manager
·
Kieran Yerumbu - Accounts
Manager
Date of Establishment : 6th
November 1991
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 56360, Dubai
Trade Licence No. : 226274
(Expires 02/11/2015)
Chamber Member No. : 22406
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Name of Shareholder
(s) Percentage
·
Sheikh
Fahim Mohamed Khalid Bin Al Qassimi 51%
·
Peter
Tauro 30%
·
Bhovanendra
Kidiyoor 14%
·
Oswald
Justen 5%
Activities:
·
Engaged in the import and distribution of
steel storage units, racking systems and commercial shelving equipment
·
Engaged as importers and suppliers of specialty construction products,
building materials, hardware stainless steel, mild steel, brass, copper and
non-ferrous metals as well as materials required for the oilfield industry
Import
Countries: Spain, Malaysia,
India and Taiwan.
International
Suppliers:
·
Aremsa Spain
·
Perstar Malaysia
·
Chandan
Steel India
·
Y C
Inox Taiwan
Operating Trend: Steady
Subject has a
workforce of 28 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 Revenue UAE Dh 20,400,000 UAE Dh 22,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Harish
Kanchan, Assistant General Manager
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.62.14 |
|
UK Pound |
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.