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Report Date : |
01.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SIMEC METALLICS DMCC |
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Registered Office : |
Unit 1606, Saba Tower No. 1,
Jumeirah Lakes Towers, PO Box 346051, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
30.11.2013 |
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Date of Incorporation : |
14.12.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of cement, steel and
steel products. |
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No of Employees : |
6 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 :
SIMEC METALLICS DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
14th December 2009
DMCC Number :
2171
Trade Licence Number :
31283
Chamber Membership Number :
185592
Issued Capital :
UAE Dh 200,000
Paid up Capital :
UAE Dh 200,000
Total Workforce :
6
Activities :
Distributors of cement, steel and steel products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Simta Patel, Finance Manager
SIMEC METALLICS DMCC
Registered &
Physical Address
Location : Unit 1606, Saba Tower No. 1, Jumeirah Lakes Towers
PO Box : 346051
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4208385
Facsimile : (971-4)
4539510
Email : info@simec.com
/ simta.patel@simec.com
/ piyush.surana@simec.com
Please note that subject’s previous address was, Unit No. 2802, Saba Tower
No. 1, Jumeirah Lakes Towers, Dubai.
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Position
Parduman Kumar Gupta Managing Director
Murugan Vempuli Operations
Manager
Simta Patel Finance
Manager
Piyush Surana Financial
Controller
Haider Rezvi Administration
Executive
Date of Establishment : 14th December 2009
History : Subject began in
2009 under the name “Paras Commodities DMCC”. However in
November 2013 it
changed its name to “Simec Metallics DMCC”.
Legal Form : Limited Liability
Company
DMCC No. : 2171
Trade Licence No. : 31283
(Expires 13/12/2014)
Chamber Member No. : 185592
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Name of
Shareholder (s) Percentage
Simec Commodities International Pte Ltd 100% Singapore
Activities: Engaged in the import and distribution of cement, steel and steel
products.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 6 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Period 01/10/2012 – 30/11/2013
Total Sales UAE
Dh 647,445,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Ms Simta Patel, Finance Manager
Bank of Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
No complaints regarding subject’s payments have been reported.
Date of transaction May
2014
Credit amount 250,000
Amount overdue 0
Payment terms 90 days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.63.33 |
|
|
1 |
Rs.98.58 |
|
Euro |
1 |
Rs.77.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
DPT |
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 |
|
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.