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MIRA INFORM REPORT
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Report No. : |
516714 |
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Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
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Name : |
SHELVING TRADING
LLC |
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Registered Office : |
Dubai Investment Park No. 2, P O Box: 4813, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
06.11.1991 |
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Com. Reg. No.: |
56360, Dubai |
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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 steel storage units, racking systems and
commercial shelving equipment, as well as specialty construction products,
building materials, hardware stainless steel, mild steel, brass, copper and
non-ferrous metals and materials required for the oilfield industry. |
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No. of Employees : |
28 |
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 (31.12.2017) |
Current Rating (01.04.2018) |
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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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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 : SHELVING
TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 6th
November 1991
Commercial
Registration Number : 56360,
Dubai
Trade Licence
Number : 226274
Chamber Membership
Number : 22406
Issued Capital : UAE Dh
600,000
Paid up Capital : UAE Dh
600,000
Total Workforce : 28
Activities :
Distributors of steel storage units, racking systems and commercial
shelving equipment.
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
SHELVING TRADING
LLC
ADDRESS
Registered & Physical Address
Location : Dubai Investment
Park No. 2
PO Box : 4813
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2599570 /
2599571
Facsimile : (971-4) 2599427
Mobile : (971-50) 6449620
/ 5513401 / 6568321
Email : shelving@shelvingtrading.com / shelving@emirates.net.ae
Please note that
subject’s previous address was, Office No. 104, Speedex Building, 1st
Floor, Abu Baker Al Siddiq Street, Deira, Dubai.
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Oswald Justen Indian Managing Director
·
Peter
Tauro Indian Director
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Bhovanendra
Kidiyoor Indian Director
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Sheikh
Fahim Mohamed Khalid Bin Al Qassimi Emirati Director
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Gopa
Kumar - General
Manager
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C K Joseph - Accounts
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 6th
November 1991
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 56360, Dubai
Trade Licence No. : 226274
(Expires 02/11/2018)
Chamber Member No. : 22406
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Name of Shareholder (s) Percentage
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Sheikh
Fahim Mohamed Khalid Bin Al Qassimi 51%
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Peter
Tauro 30%
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Bhovanendra
Kidiyoor 14%
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Oswald
Justen 5%
AFFILIATED
COMPANIES
·
Create Steel Industry LLC
Dubai
OPERATIONS
Activities: Engaged in the import and distribution of
steel storage units, racking systems and commercial shelving equipment, as well
as specialty construction products, building materials, hardware stainless steel,
mild steel, brass, copper and non-ferrous
metals and materials required for the oilfield industry
Import
Countries: Spain, Malaysia,
India, Taiwan, Hong Kong and Saudi Arabia
International
Suppliers:
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Aremsa Spain
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Prestar Malaysia
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Eonmetall Malaysia
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Chandan
Steel India
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Delta
Storage Systems India
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Y C
Inox Taiwan
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Kuwes
Industry Corp Taiwan
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King
Hussar Taiwan
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Keyswin
Industrial Ltd Hong Kong
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Arcoma Saudi Arabia
Operating Trend: Steady
Subject has a
workforce of 28 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE Dh
23,650,000 UAE Dh
25,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.
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 68.15 |
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1 |
INR 90.27 |
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Euro |
1 |
INR 79.35 |
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UAE Dh |
1 |
INR 18.57 |
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:
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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.