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Report No. : |
325684 |
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Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Lob No. 10-G-21, Jebel Ali Free Zone, 262117 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 : |
11.03.2007 |
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Com. Reg. No.: |
2405 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Engaged in the import and distribution of ferrous and non-ferrous minerals and metals, including zinc, copper and nickel and steelmaking equipment. |
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No of Employees : |
4 |
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 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 |
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. 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.
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Source
: CIA |
Company Name : ISCO MINES AND METAL TRADING FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Start Date : 1986
Registration Date : 11th March 2007
Commercial Registration Number : 2405, Dubai
Trade Licence Number : 7683
Chamber Membership Number : 214512
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 4
Activities : Distribution of ferrous and non ferrous minerals and metals and
steelmaking equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Vilas Rantanji Kadam, Commercial Manager
ISCO MINES AND
METAL TRADING FZCO
Location : Lob No. 10-G-21, Jebel Ali Free
Zone
PO Box : 262117
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8876567
Facsimile : (971-4) 8876564
Mobile : (971-55) 5453510
Email : vilask@iscoltd.com
Subject operates from
a small suite of offices that are rented and located in the Jebel Ali Free Zone
Area of Dubai.
Name Nationality Position
·
Jaleh Araiazar Canadian Managing
Director
·
Behzad Khosroshahi Canadian Director
·
Azad
Khosroshahi Canadian Director
·
Syed
Abdolhassan - General
Manager
·
Vilas Rantanji Kadam - Commercial
Manager
Date of Establishment : Subject's
operations date back to 1986, however it was registered on 11th March
2007
Legal Form :
Free Zone Company - FZCO
Commercial Reg. No. : 2405, Dubai
Trade Licence No. : 7683
(Expires 08/01/2016)
Chamber Member No. : 214512
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Jaleh Araiazar
·
Behzad Khosroshahi
Activities: Engaged in the import and distribution of
ferrous and non-ferrous minerals and metals, including zinc,
copper and nickel and
steelmaking equipment.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 4 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
32,830,000 UAE Dh
35,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Vilas Rantanji Kadam, Commercial Manager
·
Banque
Paribas
Twin Towers, 14th Floor
Baniyas Street
PO Box: 7233
Dubai
Tel: (971-4) 2525929
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed 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. 63.93 |
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1 |
Rs. 98.26 |
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Euro |
1 |
Rs. 72.36 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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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 |
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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 |
-- |
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.