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Report No. : |
346459 |
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Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Caterpillar Road, Industrial Area No. 3, 347 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 : |
08.03.1983 |
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Com. Reg. No.: |
4540 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of scrap metal, steel, ferrous and non-ferrous metals. |
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No. of Employees : |
12 |
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) |
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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 |
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 |
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 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.
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Source
: CIA |
Company Name : JAMALUDDIN TRADING LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th March 1983
Commercial Registration Number : 4540, Ajman
Trade Licence Number : 2297
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Distributors of scrap metal, steel, ferrous and non-ferrous metals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Faisal Farooq, Financial Controller
JAMALUDDIN TRADING
LLC
Street : Caterpillar Road
Area : Industrial Area No. 3
PO Box : 347
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5431103 / 5421071
Facsimile : (971-6) 5434929 / 5320771
Mobile : (971-55) 4705789 / 4705786 /
971-50 5050726
Email : jamaldin@emirates.net.ae / info@jamaluddine.com
Subject operates from
a small suite of offices that are rented and located in the Industrial Area of
Sharjah.
Branch Office
(s)
Location Description
·
Ajman Office
premises
Tel: (971-6) 7422290
Fax: (971-6) 7422290
Name Nationality Position
·
Farooq
Mohamed Jamaluddin British Managing
Director
·
Yassin
Mohamed Jamaluddin British Director
·
Hameed
Mohamed Sayed Ahmed Emirati Director
·
Waleed
Yassin Moshaji - Commercial
Manager
·
Faisal
Farooq - Financial
Controller
Date of Establishment : 8th
March 1983
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 4540, Ajman
Trade Licence No. : 2297
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Hameed
Mohamed Sayed Ahmed 51%
·
Farooq
Mohamed Jamaluddin ]
] 49%
·
Yassin
Mohamed Jamaluddin ]
·
Al
Yemen Metal Trading LLC
Sharjah
·
Al
Shula Scrap Company
Sharjah
Activities: Engaged in the import and distribution of
scrap metal, steel, ferrous and non-ferrous metals.
Subject’s product range includes all ferrous and non ferrous metals -
virgin, re-melted, ingots, scrap, dross, ash, skimming, fine. Mix metals -
shredded non-ferrous metals, aluminium copper cable scrap, irony aluminium or
zinc or brass or copper in mix forms, used transformers and silicon cores, used
motor scrap, fridge compressors / sealed units, stainless steel - 300/400/500/600
series, high temp alloys, cupronickel and nickel chromes.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 12 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
28,170,000 UAE Dh
29,330,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Faisal Farooq, Financial Controller
·
Habib
Bank AG Zurich
Immigration Road
PO Box: 1166
Sharjah
Tel: (971-6) 5730004
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.64.95 |
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|
1 |
Rs.99.73 |
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Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
-- |
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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.