MIRA INFORM REPORT

 

 

Report Date :

22.02.2011

 

IDENTIFICATION DETAILS

 

Name :

AF POWERTEK ENGINEERING FZC

 

 

Registered Office :

RAK Business Centre, Suite No. 712, 7th Floor, P O Box 24459 & 10559, Ras Al Khaimah

 

 

Country :

United Arab Emirates

 

 

Year of Establishment :

2009

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Distributors of pumps, valves, engines, gas and oilfield equipment.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 40,000

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : AF POWERTEK ENGINEERING FZC

Country of Origin                                    : Ras Al Khaimah, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 2009

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 4

Activities                                               : Distributors of pumps, valves, engines, gas and oilfield equipment.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 40,000

 

 

COMPANY NAME

 

AF POWERTEK ENGINEERING FZC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : RAK Business Centre, Suite No. 712, 7th Floor

PO Box             : 24459 & 10559

Town                 : Ras Al Khaimah

Country             : United Arab Emirates

Telephone         : (971-4) 3124346

Facsimile          : (971-7) 3124347

Email                : powertechdubai@yahoo.com

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Ras Al Khaimah.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Shrabaz Khan                                               Pakistani                       Managing Director

 

·       Omar Zain                                                    Pakistani                       Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2009

 

Legal Form                  : Free Zone Company - FZC

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)

 

·       Shrabaz Khan

 

·       Omar Zain

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of pumps, valves, engines, gas and oilfield equipment.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Companies registered in Ras Al Khaimah, 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

 

·       National Bank of Ras Al Khaimah

NBRAK Building

PO Box: 5300

Ras Al Khaimah

Tel: (971-7) 2221127

Fax: (971-7) 2224202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.11

UK Pound

1

Rs.73.25

Euro

1

Rs.61.70

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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.