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MIRA INFORM REPORT
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Report No. : |
488620 |
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Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AL JESR SCRAP
METAL TRADING LLC |
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Registered Office : |
Sajjah Industrial
Area, Plot No. 793, Al Zaid Street, 32169 & 71651, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.09.2007 |
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Com. Reg. No.: |
69987 |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Subject is Engaged in
the import and distribution of ferrous and non-ferrous metals, including
various grades ofaluminium, iron alloys and occasional used up/waste dry
automobile batteries. |
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No. of Employees : |
10 |
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 : |
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
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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 :
AL JESR SCRAP METAL TRADING LLC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
3rd September 2007
Commercial Registration Number :
69987, Sharjah
Trade Licence Number :
555542
Chamber Membership Number :
80217
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
10
Activities :
Distributors of ferrous and non-ferrous metals
Financial Condition :
Undetermined
Payments : No Complaints
COMPANY
NAME
AL JESR SCRAP METAL TRADING LLC
ADDRESS
Registered & Physical
Address
Location : Sajjah Industrial Area, Plot No.
793
Street : Al Zaid Street
PO Box : 32169 & 71651
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5310911 / 5310901
Facsimile : (971-6) 5621767
Mobile : (971-55) 5697214 / 2669952 / 4708029 / (971-52) 9002619
Email : trading@aljesrmetal.com / amin@aljesrmetal.com
Please note that
the correct PO Box number is 32169 and not 32129.
Premises
Subject operates
from a suite of offices and a yard covering 1,800 square metres that are rented
and located in the Industrial Area of Sharjah.
KEY
PRINCIPALS
Name Nationality Position
·
Sayed
Malik Pakistani Managing
Director
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Tariq
Abdullah Mohamed Salem Emirati Director
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Amin
Samnani - Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 3rd
September 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 69987,
Sharjah
Trade Licence No. : 555542
Chamber Member No. : 80217
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of
Shareholder (s) Percentage
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Tariq
Abdullah Mohamed Salem 51%
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Sayed Malik 49%
OPERATIONS
Activities: Engaged in the import and distribution of
ferrous and non-ferrous metals, including various grades of
aluminium, iron alloys and
occasional used up/waste dry automobile batteries.
Import
Countries: Europe and the
Far East
Local Suppliers:
·
Shar Metal
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Pan Gulf
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Sharif Metal
Subject has a
workforce of 10 employees.
FINANCIAL
DATA
Companies
registered in Sharjah are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
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Sharjah
Islamic Bank
PO Box: 4
Sharjah
Tel: (971-6) 5547747
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Abu
Dhabi Commercial Bank
PO Box: 4377
Sharjah
Tel: (971-6) 5737000
Fax: (971-6) 5725331
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that
the correct name of the subject is “Al Jesr Scrap Metal Trading LLC” and not
“Al Jesr Scrap Metal Tr LLC”.
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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.75 |
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1 |
INR 89.39 |
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Euro |
1 |
INR 78.54 |
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UAE DH |
1 |
INR 17.33 |
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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NIS |
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Report Prepared
by : |
KET |
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.