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MIRA INFORM REPORT
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Report No. : |
490970 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ZALCO METALS DMCC |
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Registered Office : |
Unit 3O-01-223, 1st Floor, Building No. 3, J & G
Gemplex, Sheikh Zayed Road, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
27.05.2013 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject engaged in
the import and distribution of basic steel, ferrous and non-ferrous metals,
scrap metals, grains and nuts |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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United Arab Emirates |
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : ZALCO
METALS DMCC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date : 27th
May 2013
DMCC Number : 4078
Trade Licence
Number : 33085
Issued Capital : UAE Dh
250,000
Paid up Capital : UAE Dh
250,000
Total Workforce :
3
Activities :
Distributors of basic steel, ferrous and non-ferrous metals, scrap
metals, grains and nuts.
Financial Condition : Fair
Payments : No complaints
Operating Trend : Steady
Person Interviewed : Shiva Thevar,
Assistant General Manager
COMPANY
NAME
ZALCO METALS DMCC
ADDRESS
Registered Address
Building : Unit 3O-01-223, 1st Floor, Building No. 3, J & G Gemplex
Street : Sheikh Zayed Road
Town : Dubai
Country : United Arab Emirates
Physical Address
Building : Office No. M115, Al Attar Grand Building
Street : Bank Street
Area : Al Mankool Area
PO Box : 50846
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2895381
Facsimile : (971-4) 2895381
Mobile : (971-56) 4998962
Email : mahes@zalcometals.com
Please note that
subject’s previous address was, Al
Mussalah Tower, 16th Floor, Office No 1607, Bur Dubai, Dubai.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai
KEY
PRINCIPALS
Name Nationality Position
·
Ram
Kumar Singhee Indian Managing
Director
·
Mahes
Pande - General
Manager
·
Shiva
Thevar - Assistant
General Manager
LEGAL
FORM & OWNERS
Date of Establishment : 27th
May 2013
Legal Form :
Limited Liability Company
DMCC No. : 4078
Trade Licence No. : 33085
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
Name of Shareholder (s) Percentage
·
Ram Kumar Singhee 100%
AFFILIATED
COMPANIES
·
DMS
Metal Trading LLC
Dubai
Tel: (971-4) 2895381
OPERATIONS
Activities: Engaged in the import and distribution of basic
steel, ferrous and non-ferrous metals, scrap metals, grains and nuts.
Import Countries: Europe, Africa and the Far East
Suppliers:
·
Shar
Metal Sharjah
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Fujairah
Gold Fujairah
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Pride
Com Ltd Tanzania
Operating Trend: Steady
Subject has a workforce
of 3 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16:
Total Sales UAE
Dh 93,795,958
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Shiva Thevar, Assistant General Manager
BANKERS
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Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4) 2229131 / 2221134
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Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
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HDFC
Bank
Main Branch
Dubai
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ICICI
Bank
Main Branch
Dubai
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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 |
INR 64.27 |
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1 |
INR 89.72 |
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Euro |
1 |
INR 79.52 |
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UAE DH |
1 |
INR 17.46 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.