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MIRA INFORM REPORT
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Report No. : |
495927 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SHARIF METAL INTERNATIONAL DMCC |
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Registered Office : |
AG Tower, Jumeirah Lakes Towers, PO Box 31803, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
08.06.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and export of ferrous and non-ferrous
metals. |
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No. of Employees : |
12 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 :
SHARIF METAL INTERNATIONAL DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
8th June 2008
Trade Licence Number :
30880
Chamber Membership Number :
1099
Issued Capital :
UAE Dh 200,000
Paid up Capital :
UAE Dh 200,000
Total Workforce :
12
Activities :
Import and export of ferrous and non-ferrous metals
Financial Condition :
Undetermined
Payments :
No Complaints
Person Interviewed :
Abdul Rashid, Financial Controller
COMPANY
NAME
SHARIF METAL INTERNATIONAL DMCC
ADDRESS
Registered Address
Location : AG Tower,
Jumeirah Lakes Towers
PO Box :
31803
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3609221
Physical Address
Location : Industrial
Area No. 2
PO Box :
3931
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5330357
Facsimile : (971-6)
5327531
Mobile : (971-52) 9091800 / (971-55) 6096078
Email : munir@sharifmetals.com
/ info@sharifmetals.com
/ accounts@sharifmetals.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Sharjah.
KEY
PRINCIPALS
Name Nationality Position
Abdul Salam Mahmoud Abdul Salam Al Shareef Jordanian Managing
Director
Munir Mahmoud Abdul Salam Al Shareef Jordanian Director
Abdul Rashid - Financial
Controller
Guru Raj - Assistant
Financial Controller
LEGAL
FORM & OWNERS
Date of Establishment : 8th
June 2008
Legal Form : Limited Liability
Company
Trade Licence No. : 30880
Chamber Member No. : 1099
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Name of
Shareholder (s)
Abdul Salam Mahmoud Abdul Salam Al Shareef
Munir Mahmoud Abdul Salam Al Shareef
AFFILIATED
COMPANIES
Sharif Metals International LLC
Industrial Area No. 2
PO Box: 3931
Sharjah
Tel: (971-6) 5330357
Fax: (971-6) 5327531
OPERATIONS
Activities: Engaged in the import and export of ferrous and non-ferrous metals.
Import Countries: Saudi Arabia, Oman, China and India
International
Suppliers:
Nesma Recycling Saudi
Arabia
Al Qurayan Group Saudi
Arabia
Dalil Al Madayen Saudi Arabia
Dong Yung Faung China
Jindal Steel India
Al Dawawi Tyres Dubai
Eternity Technologies Dubai
Reem Batteries Oman
Subject has a workforce of 12 employees.
FINANCIAL
DATA
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
Sharjah Islamic Bank
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
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 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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UAE Dh |
1 |
INR 17.75 |
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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PRA |
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Report Prepared
by : |
SYL |
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.