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Report No. : |
304564 |
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Report Date : |
23.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SWISSNOX
STAINLESS STEEL LLC |
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Registered Office : |
Plot No. 154,
Sector 11, Musaffah Industrial Zone, M11 P O Box 39788, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.06.2006 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engage
as stainless steel work fabricators for marine services and architectural
work. |
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No. of Employees : |
55 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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United Arab Emirates |
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 |
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.
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Source
: CIA |
Company Name : SWISSNOX
STAINLESS STEEL LLC
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 3rd
June 2006
Trade Licence
Number : 1087138
Chamber Membership
Number : 157412
Issued Capital : UAE Dh
3,000,000
Paid up Capital : UAE Dh
3,000,000
Total Workforce : 55
Activities :
Stainless steel work fabricators
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SWISSNOX STAINLESS
STEEL LLC
Location : Plot No. 154, Sector 11, Musaffah
Industrial Zone, M11
PO Box : 39788
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5551657
Facsimile : (971-2) 5551656
Email : sales@swissnox.com
Subject operates from
a medium sized suite of offices and a factory that are owned and located in the
Industrial Area of Abu Dhabi.
Name Nationality Position
·
Giridarjin
Raja Indian Managing
Director
·
Mubarak
Saeed Al Rumaithy Emirati Director
·
Guru
Parasad - General
Manager
·
Dilip
Balan - Sales
& Finance Manager
Date of Establishment : 3rd
June 2006
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 1087138
(Expires 20/09/2015)
Chamber Member No. : 157412
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
·
Mubarak
Saeed Al Rumaithy 51%
·
Giridarjin
Raja 49%
Activities: Engage as stainless steel work fabricators
for marine services and architectural work.
For Architectural Applications, the company Design, Fabricate, Supply
and Install Metal Profiles like Railings, Glass Balustrades, Cladding
works for Columns & Ceilings, Spiral Staircase with Glass Treads, Wall and
Elevator Cladding, Reception Counters, Stainless Steel Furniture,
Stainless Steel Gates and Specialized Artworks
For Marine Applications it Designs, Fabricates, Supplies and
Installs Stainless Steel Products like Boat Railings, Bollards, Sliding Doors,
Portholes, Fairleads, Bow Nose Plate, Anchor Plate, Window Frames, Fuel Tanks
and other customized works.
For the Construction Industry the subject do Designing, Fabrication,
Supply and Commissioning of Metal Structures like Car Sheds, Parabolic Sheds
with Vinyl Cover, Ladders, Doors, Gates, Site Offices and Workshops with all
Electrical Fittings, Air-Conditioning and Plumbing
Import
Countries: India, China and
Europe
Operating Trend: Steady
Subject has a workforce
of 55 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
28,000,000 UAE Dh 30,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Abu
Dhabi Commercial Bank
Al Falah Branch
Abu Dhabi
Acc No. 441315020001
IBAN No. AE610030000441315020001
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
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|
1 |
Rs.93.33 |
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Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.