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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

511984

Report Date :

31.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

HUTAIB METALS FZC 

 

 

Registered Office :

Hamriyah Free Zone, PO Box 52788 Sharjah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

17.03.2013

 

 

Legal Form :

Free Zone Company 

 

 

Line of Business :
  • Wholesale of waste and scrap
  • Non-specialised wholesale trade; 

 

 

No. of Employees :

3 (Administrative staff) 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

SUMMARY    

 

COMPANY NAME

HUTAIB METALS FZC

 

ADDRESS

Building

Area

City

PO Box

N/A

Hamriyah Free Zone

Sharjah

52788

Sharjah

TEL/FAX 

Verified Phones: (+971 4) 228 4752 / Fax: (+971 4) 227 9400

EMAIL/WEBSITE

Email: info@hutaibmetals.com / Website: www.hutaibmetals.com

ACTIVITY

NACE 4677 - Wholesale of waste and scrap; NACE 4690 - Non-specialised wholesale trade; 

PRINCIPAL 

Hussain Mithiborwala

Workforce 

Managing Director 

3 (administrative staff) 

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

17/03/2013

Not given

Free Zone Company 

Active

          

 

IDENTIFICATION

 

CO. NAME

HUTAIB METALS FZC 

ALSO KNOWN NAME (S)

HM / HUTAIB METALS

AREA

Hamriyah Free Zone

POSTAL ADDRESS

52788 Sharjah

CITY

Sharjah

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 228 4752 / Mobile (+971 52) 919 5337 

FAX

(+971 4) 227 9400

VERIFIED EMAIL

info@hutaibmetals.com

WEBSITE

www.hutaibmetals.com

BUSINESS HOURS (DURING RAMADAN)

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

08:00-15:00

Without Break

REGISTERED ADDRESS

Hamriyah Free Zone, PO Box 52788 Sharjah, United Arab Emirates

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Hussain Mithiborwala

Managing Director 

Shabbir Jhabuwala

Sales Manager

WORKFORCE

NO. OF EMPLOYEES

PERIOD

3 (administrative staff) 

05.2018

 

 

FINANCIAL SUMMARY

 

NOTES     

Private companies in UAE are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.

 

 

LEGAL STATUS 

 

INCORPORATION

17/03/2013

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: Not given

Hamriyah Free Zone

Authority (HFZA)

CAPITAL           

Not given

BUSINESS HISTORY

The Company was incorporated in Hamriyah Free Zone on 17 March 2013.

LEGAL FORM     

Free Zone Company 

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Hussain Mithiborwala           } 

   Nationality: Indian            }

                                  }

2. Other undisclosed shareholders }

 

The exact shareholding structure was not disclosed.

 

* According to Hamriyah Free Zone Authority, which was established by an Emiry decree in November 12, 1995, Free Zone Establishment (FZE) incorporated in Hamriyah Free Zone is a single shareholder limited liability company. A Free Zone Company (FZC) can have multiple shareholders (maximum 5 shareholders) who can be either foreign individuals or a corporate body. The minimum capital requirement for incorporating a Free Zone Establishment (FZE) or Free zone Company (FZC) is Dhs.150,000 (Approximately US$ 40,000).

 

100.00%

 

 

 

OPERATION 

 

BANKERS   

Subject declined to name its bankers details. 

ACTIVITY CODE (NACE)    

4677 - Wholesale of waste and scrap; 4690 - Non-specialised wholesale trade;

LINE OF BUSINESS    

Trading as importers, wholesalers and exporters of ferrous & non-ferrous scraps, steel billets and foundry grade. Subject also engages in recycling of steel and metal products.

IMPORT FROM

Europe, Middle East, Far East and South East Asian countries.

EXPORT TO 

India, Pakistan and Bangladesh. 

FACILITIES

Registered office premises located at the heading address as well as additional offices and recycling unit located elsewhere in Dubai. 

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Subject’s employees. Subject's senior officials are currently away on a prolonged business trip, in their absence staff is not authorized to divulge information.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.63

UK Pound

1

INR 89.70

Euro

1

INR 78.20

UAE DH

1

INR 18.38

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.