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Report No. : |
331313 |
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Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ASIA BOLTS INDUSTRIES LLC |
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Registered Office : |
Dubai Investment Park, Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 60495, Dubai |
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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 : |
06.05.1997 |
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Com. Reg. No.: |
48915 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture of bolts, washers,
nuts, screws and nails. |
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No. of Employees : |
32 |
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 – 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 |
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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. 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
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 diversification and creating more opportunities for nationals through
improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
ASIA BOLTS INDUSTRIES LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
6th May 1997
Commercial Registration Number :
48915, Dubai
Trade Licence Number :
301340
Chamber Membership Number :
43680
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
32
Activities :
Manufacturers of bolts, washers, nuts, screws and nails.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Zeeshan Nissar, Financial
Manager
ASIA BOLTS INDUSTRIES LLC
Registered & Physical
Address
Building : Dubai Investment Park
Street : Sheikh Zayed Road
Area : Jebel Ali
Free Zone
PO Box : 60495
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8855861 / 8855862 / 4203788
Facsimile : (971-4) 8855860 / 3203788
Mobile :
(971-55) 2230554 / 2230551 / 2230543
Email : asiabolt@emirates.net.ae
/ marketing@asia-bolt.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
Mohamed Iftikhar Butt Mohamed Saleem Butt Pakistani Managing Director
Madeha Abdul Karim Neamat Emirati Director
Sayed Amir Masood - Marketing
Manager
Zeeshan Nissar - Financial
Manager
Mohamed Waqass - Administration
Executive
Date of Establishment : 6th
May 1997
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 48915, Dubai
Trade Licence No. : 301340
Chamber Member No. : 43680
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Madeha Abdul Karim Neamat 51%
Mohamed Iftikhar Butt Mohamed Saleem Butt 49%
Al Khamisain Hardware
Dammam
Saudi Arabia
Tel: (966-13) 8175750 / 8175868
Fax: (966-13) 817575
Fastener World International LLC
Dubai Investment Park
PO Box: 60495
Dubai
Tel: (971-4) 8855862 / 8855861
Fax: (971-4) 8855860
Activities: Engaged in the manufacture of bolts, washers,
nuts, screws and nails.
Subject manufactures a broad range of stud bolts, anchor bolts, U bolts,
threaded bars in steel and steel alloys of different sizes from high quality
graded raw material. Subject also provides customers with hex nuts, heavy hex
nuts, jam nuts and washers in black, electro galvanised hot dip galvanised
stainless steel finish.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 32 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 14,250,000 UAE Dh
14,740,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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.63.47 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
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.