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Report No. : |
351094 |
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Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SHARIF METALS
INTERNATIONAL LLC |
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|
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Registered Office : |
Sharif Tower, Industrial Area No. 2, P O Box: 3931, Sharjah |
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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 : |
Subject’s
operations date back to 1963, however it was registered on 15th
April 1996 |
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Com. Reg. No.: |
14842,
Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and
distribution of scrap metal as well as manufacturers of secondary aluminium
alloying ingots. |
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No. of Employees : |
320 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 of 2008, 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : SHARIF
METALS INTERNATIONAL LLC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Start Date :
1963
Registration Date : 15th
April 1996
Commercial Registration
Number : 14842, Sharjah
Trade Licence
Number : 110053
Chamber Membership
Number : 15754
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 320
Activities :
Import and distribution of scrap metal as well as manufacturers of
secondary aluminium alloying ingots.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Guru Raj, Financial Controller
SHARIF METALS
INTERNATIONAL LLC
Building : Sharif Tower
Area : Industrial Area No. 2
PO Box : 3931
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5330357 / 5324006
Facsimile : (971-6) 5327531 / 5336483 / 5330138
Mobile : (971-50) 5501969 / 4583336
Email : sharif@emirates.net.ae / sales@sharifmetals.com
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Sharjah.
Name Nationality Position
·
Mahmoud
Abdul Salam Mahmoud Sharif Jordanian Managing Director
·
Salam
Mahmoud Abdul Salam M Al Sharif Jordanian Director
·
Munir
Mahmoud Abdul Salam M Al Sharif Jordanian Director
·
Hussain Ibrahim Ahmed Mohamed Emirati Director
·
Mohamed Abdo - Administration
Manager
·
Gouse
Mohiddine - Production
Manager
·
Jerry
Daniel - Commercial Manager
·
Abdul
Rasheed - Finance
Manager
·
Guru Raj - Financial
Controller
Date of Establishment : Subject’s
operations date back to 1963, however it was registered on 15th
April 1996
History : Subject was originally established under
the name of “Al Sharif Metals Ltd”, however in June
2008 it was re-registered under its current
style of “Sharif Metals International LLC”
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 14842, Sharjah
Trade Licence No. : 110053
Chamber Member No. : 15754
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Hussain Ibrahim Ahmed Mohamed
·
Mahmoud
Abdul Salam Mahmoud Sharif
·
Salam Mahmoud
Abdul Salam M Al Sharif
·
Munir
Mahmoud Abdul Salam M Al Sharif
·
Sharif
Smelting Co
PO Box: 495
Amman
Jordan
Tel:
(962-6) 4163023
Fax:
(962-6) 4163024
·
Kuwait
National Metal Co
PO Box: 5266
Safat 13053
Kuwait
Tel: (965) 22668051
Fax: (965) 22630135
·
Sharif
Metals International DMCC
Dubai Multi Commodities Centre
PO Box: 121456 & 31803 & 85277
Dubai
Tel: (971-4) 2725366
Fax: (971-4) 2725376
Activities: Engaged in the import and distribution of
scrap metal as well as manufacturers of secondary aluminium alloying ingots.
Subject was ISO
9002 accredited in 1998.
Import
Countries: Europe and the
United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 320 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
124,200,000 UAE Dh
126,650,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Guru Raj, Financial
Controller
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
ABN
Amro Bank
Al Zayani Building
PO Box: 1971
Sharjah
Tel: (971-6) 5355021
No complaints
regarding subject’s payments have been reported.
Established in
1963, subject is involved in the import and distribution of scrap metal as well
as manufacturers of secondary aluminium alloying ingots.
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>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 |
|
|
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 |
|
|
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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.