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MIRA INFORM REPORT
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Report No. : |
499206 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
QUALITY
METALS FZE |
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Registered Office : |
SM Office No.
B1-412H, Ajman Free Zone, Ajman |
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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 : |
20.09.2005 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject is engaged in the import and distribution of scrap, ferrous
and non-ferrous metals, including heavy melting scrap, shredded steel, re-rollable scrap, copper, used seamless pipes,
brass scrap and aluminium scrap |
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No. of Employees : |
20 |
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 (30.09.2017) |
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, 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 :
QUALITY METALS FZE
Country
of Origin :
Dubai, United Arab Emirates
Legal
Form :
Free Zone Establishment - FZE
Registration
Date : 20th
September 2005
Trade
Licence Number :
2195
Issued
Capital :
UAE Dh 100,000
Paid
up Capital :
UAE Dh 100,000
Total
Workforce :
20
Activities :
Distributors of scrap, ferrous and non-ferrous metals
Financial
Condition :
Good
Payments :
No Complaints
COMPANY
NAME
QUALITY METALS FZE
ADDRESS
Registered
Address
Location : SM Office No. B1-412H, Ajman Free Zone
Town : Ajman
Country : United Arab Emirates
Physical Address
Building : 405 Atrium Centre
Street : Khalid Ibn Al Walid Street
(Bank Street)
Area : Bur Dubai
PO
Box : 42904
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3861012
Facsimile : (971-4) 3861013
Mobile : (971-50) 5350661 / 3769722
Email : qualitymetalfze@yahoo.co.uk / sanjeev@qulaitymetalsfze.com / nitin@qulaitymetalsfze.com
Please
note that subject used to be located at, Karama Gold Building, Suite No. M-07,
Al Karama, Dubai but moved to the above address on 3rd September
2011.
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
Nitin
Gulab Pherwani Indian Managing
Director
Sanjeev
Gulab Pherwani - Assistant
General Manager
Sharad
Chaturvedi - Commercial
Manager
Viswanth
Santheeshan - Accounts
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 20th September
2005
Legal
Form : Free Zone Establishment -
FZE
Trade
Licence No. : 2195
Issued
Capital : UAE Dh 100,000
Paid
up Capital : UAE Dh 100,000
Name
of Shareholder (s) Percentage
Nitin
Gulab Pherwani 100%
AFFILIATED
COMPANIES
Qmetco
LLC
PO
Box: 42904
Dubai
Tel:
(971-4) 3861012
Fax: (971-4) 3861013
Quality Shipping &
Forwarding LLC
Dubai
Tel: (971-4) 3340161
Fax: (971-4) 3340162
OPERATIONS
Activities: Engaged in the import and
distribution of scrap, ferrous and non-ferrous metals, including heavy melting scrap, shredded steel, re-rollable scrap, copper, used
seamless pipes, brass scrap and aluminium scrap.
Import
Countries:
India and Pakistan
Principal Suppliers:
Mahalax MI TMT India
Allied Steel Ltd India
Karachi Metals Scrap Pakistan
Al Rukn Trading Sharjah
Subject
has a workforce of 20 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency:
United Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/15: Year Ending
31/12/16: Year Ending
31/12/17:
Total
sales UAE Dh
202,734,955 UAE Dh
170,000,000 UAE Dh
180,000,000
Local
sources consider subject’s financial condition to be Good.
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 65.04 |
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1 |
INR 90.56 |
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Euro |
1 |
INR 79.78 |
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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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DIV |
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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
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.