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Report No. : |
307687 |
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Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
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Name : |
METAAL |
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Registered Office : |
Saif Zone, Warehouse No. A4-43 PO Box 8123 Sharjah |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
09.03.2004 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Engaged in the Import and Distribution of Ferrous, Non-Ferrous and
Scrap Metals. |
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No. of Employees |
07 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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UAE |
A2 |
A2 |
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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 |
UAE - 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
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Source
: CIA |
Company Name :
METAAL EUROPE INTERNATIONAL FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 9th March 2004
Trade Licence Number : 02161
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 7
Activities : Distributors of ferrous, non-ferrous and scrap metals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mahes Somani, Sales Manager
METAAL EUROPE INTERNATIONAL FZC
Location : Saif Zone,
Warehouse No. A4-43
PO Box : 8123
Town : Sharjah
Country :
Telephone : (971-6) 5572160
/ 5574163
Facsimile : (971-6)
5572161
Mobile : (971-50)
626693 / 971-52 9225744
Email : metaal04@gmail.com / metaal@emirates.net.ae / info@metaaleurope.com
Please note that subject’s previous address was, Saif Zone, Warehouse
No. C3-03/01, Plot No. A2-65, Sharjah.
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Saif Zone Area of Sharjah.
Name Nationality Position
· Sanjiv Phadke Indian Managing
Director
· Manisa Phadke Indian Director
· Vedola Samir Conte - Financial
Controller
· Mahes Somani - Sales
Manager
Date of
Establishment : 9th
March 2004
History : Subject began in 2004
as a Free Zone Establishment, however in 2012 it re-registered as a
Free Zone Company.
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 02161 (Expires 02/05/2015)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Sanjiv Phadke
· Manisa Phadke
· Al Khaleej Metal Scrap Trading LLC
Sharjah
Activities: Engaged in the import and distribution of ferrous, non-ferrous and
scrap metals.
Subject deals in stainless steel scrap 304 / 316 /310/ 430/ 409 grades, prime as well as
stock lots of
stainless steel sheets, plates,
coils, tubes & pipes.
Subject is now diversifying to other fields, including:
• trading of electrical sub-station
equipments
• power transformer accessories
• transformer oil
• prime as well as secondary grade
cargo silicon electrical steel sheets and coils
• trading of construction machinery
and construction chemicals
• tobacco machinery
• medical equipments trading
Import Countries: Germany, Finland and India.
Agencies Held:
· Maschinen Fabricken Reinhausen Gmbh
· Borgwaldt
· Vexve
· Falcon Chemicals
· Emirates Lube Oil Company
· IEC
· Sea Hawk Metal Scrap LLC
· Al Hilal Metal Scrap Metal LLC
Operating Trend: Steady
Subject has a workforce of 7 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales UAE
Dh 60,285,000 UAE Dh
64,700,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mahes Somani,
Sales Manager
·
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.43 |
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|
1 |
Rs.95.02 |
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Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.