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Report No. : |
317529 |
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Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SHAMA OIL & RUBBER FZC |
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Registered Office : |
Ajman Free Zone, Warehouse No E1-04, PO Box No. : 21085, Ajman |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of
Establishment : |
2001 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Subject is engaged
in the import and distribution of rubber and lubricant 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 : |
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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 : SHAMA OIL & RUBBER FZC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Company – FZC
Start Date : 2001
Trade Licence Number : 7013
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 6
Activities : Distributors of rubber and lubricant products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rachida Tejani, Financial Controller
SHAMA OIL & RUBBER FZC
Location : Ajman Free Zone, Warehouse No E1-04
PO Box : 21085
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7458486
Facsimile : (971-6) 7458487
Mobile : (971-50) 6348421 / (971-55)
1041172
Email : shamaoil.@eim.ae / info@shamaoilsnrubber.com
Please note that
subject’s previous address was, Ajman Free Zone, Plot No. B1, Suite No. 618,
Ajman.
Subject operates
from a small suite of offices that are rented and located in the Ajman Free
Zone Area.
Name Nationality Position
·
Mostafa
Shams Indian Managing
Director
·
Nishreen
Shams Indian Director
·
Ruth
Estarda - Sales
Manager
·
Rachida
Tejani - Financial
Controller
·
Mohamed
Hussain - Assistant
Sales Manager
Date of Establishment : 2001
History : Subject started in 2001 as a Free Zone
Establishment; however it re-registered as a Free
Zone Company on 8th April 2012.
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 7013
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Mostafa
Shams
·
Nishreen
Shams
·
Shama
Chemicals & Rubber Corporation
3 & 4, A-Wing, New Sai Niketan
345 Mount Road, Mazgaon
Mumbai 400010
India
Tel: (91-22) 23716380 /
23791688
Fax: (91-22) 23738707
Activities: Engaged in the import and distribution of
rubber and lubricant products.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Emirates
Lube Oil Co Sharjah
·
Arabian
Gulf Oil Co Sharjah
·
Meezan
Oil Sharjah
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)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 44,000,000 UAE Dh 46,300,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Ms Rachida Tejani, Financial Controller
·
National
Bank of Abu Dhabi
Main Street
PO Box: 988
Ajman
Tel: (971-6) 5422996
Fax: (971-6) 5425750
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.63.87 |
|
|
1 |
Rs.98.89 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
VNT |
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.