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Report No. : |
323556 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SHARIF METALS INTERNATIONAL DMCC |
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Registered Office : |
AG Tower, Jumeirah Lakes Towers, 31303, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
08.06.2008 |
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Legal Form : |
Free Zone Company – FZ LLC |
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Line of Business : |
Engaged in the import and distribution of metals. |
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No of Employees : |
5 |
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. 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 : SHARIF METALS INTERNATIONAL DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company – FZ LLC
Registration Date : 8th June 2008
Trade Licence Number : 30880
Chamber Membership Number : 194924
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 5
Activities : Distributors of metals
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Abdul Rashid, Financial Controller
SHARIF METALS INTERNATIONAL DMCC
PO Box :
31303
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2725366
Facsimile : (971-4)
2725376
Building : Sharif Tower
Street : Caterpillar
Street
Area : Industrial
Area No. 2
PO Box : 3931
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5330357
/ 5324006
Facsimile : (971-6)
5327531
Mobile : (971-52) 9091800 / (971-55) 6096078
Email : monir@sharifmetals.com
/ accounts@sharifmetals.com
Subject operates from a small suite of offices that are rented and located
in the Industrial Area of Sharjah.
Name Nationality Position
· Monair Mahmoud
Abdul Salam Al Sharif Jordanian Managing
Director
· Salam Mahmoud Abdul Salam Al Sharif Jordanian Director
· Abdul Rashid - Financial
Controller
· Guru Raj - Assistant
Financial Controller
Date of
Establishment : 8th
June 2008
Legal Form : Free Zone Company
– FZ LLC
Trade Licence No. : 30880
Chamber Member No. : 194924
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
· Salam Mahmoud Abdul Salam Al Sharif 51%
· Monair Mahmoud
Abdul Salam Al Sharif 49%
· Sharif Metals
International LLC
Sharif Tower
Industrial Area No. 2
PO Box: 3931
Sharjah
Tel: (971-6) 5330357 / 5324006
Fax: (971-6) 5327531 / 5336483 / 5330138
Activities: Engaged in the import and distribution of metals.
Import Countries: Saudi Arabia, China and India.
International Suppliers:
· Nesma Recycling Saudi Arabia
· Al Qurayan Group Saudi Arabia
· Dong Yung Faung China
· Jindal Steel India
Subject has a workforce of 5 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
·
Sharjah Islamic Bank
Al Boorj Avenue
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.70 |
|
|
1 |
Rs.98.92 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.