MIRA INFORM REPORT

 

 

Report Date :           

01.08.2012

 

IDENTIFICATION DETAILS

 

Name :

FABTECH INTERNATIONAL LTD

 

 

Registered Office :

Sheikh Zayed Road, Plot No. MO 0306, Jebel Ali Free Zone  61015, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.03.1999

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Manufacture of cranes, oilfield terminal pressure vessels and piping, cement and stainless steel.

 

 

No. of Employees :

870

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Branch of a Foreign Registered

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : FABTECH INTERNATIONAL LTD

Country of Origin                                    : British Virgin Islands

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 9th March 1999

Trade Licence Number                            : 1121

Chamber Membership Number                : 53710

Total Workforce                                     : 870

Activities                                               : Manufacture of cranes, oilfield terminal pressure vessels and piping,    cement  and stainless steel.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Sandeep Bansal, Finance Manager

 

COMPANY NAME

 

FABTECH INTERNATIONAL LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road, Plot No. MO 0306

Area                 : Jebel Ali Free Zone

 

PO Box             : 61015

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8838833

Facsimile          : (971-4) 8835126 / 8835116

Email                : fabtech@emirates.net.ae

 

Premises

 

Subject operates from a large suite of offices and a factory covering an area of 80,000 square metres that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

 

            Name                                                   Nationality                   Position

 

Dr Harry Moraes                                                   Indian                         Chairman

 

Freeda Moraes                                                     Indian                         Managing Director

 

Don Moraes                                                          Indian                         Director

 

Paradeep K Shukla                                               Indian                         Operations Manager

 

Mukesh D Babalani                                               Indian                         Technical Manager

 

Sandeep Bansal                                                       -                            Finance Manager

 

Hashim Mohamed                                                     -                            Administration Manager

 

Austin Fatado                                                       -                                Financial Controller

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 9th March 1999

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Fabtech International Ltd a Limited  Liability Company incorporated in the British Virgin Islands.

 

                                     Fabtech International Ltd in the United Arab Emirates, operates as a Branch of a Foreign

                                     Registered Corporation.

 

                                    A Branch of a Foreign Registered Corporation is not a legal entity in its own right.

                                    Responsibility for payments lays in the hands of the company where it is originally

                                    registered, in this case the British Virgin Islands.

 

Trade Licence No.       : 1121 (Expires 24/03/2013)

 

Chamber Member No. : 53710

 

 

AFFILIATED COMPANIES

 

Fabtech Abu Dhabi LLC

PO Box: 42287

Abu Dhabi

Tel: (971-2) 5500167

Fax: (971-2) 5500247

 

Fabtech Trading

PO Box: 8575

Dubai

Tel: (971-4) 3332993

Fax: (971-4) 3332891

 

Fabtech Technical Services

PO Box: 8085

Jebel Ali Free Zone

Dubai

Tel: (971-4) 8852215

Fax: (971-4) 8851917

 

Fabtech Contracting LLC

PO Box: 8575

Dubai

United Arab Emirates

Tel: (971-4) 8852215

Fax: (971-4) 8851917

 

Fabtech International Canada

10th Floor, Bankers Hall

West Tower

Calgary T2P 5C5

Canada

Tel: (1-403) 4446885

Fax: (1-403) 4446804

 

TEB Steel Solutions Ltd

PO Box: 127396

Dubai

United Arab Emirates

Tel: (971-50) 5534465

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of cranes, oilfield terminal pressure vessels and piping, cement and stainless steel.

 

Subject also repairs oil and gas equipment.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of approximately 870 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 135,961,000                  UAE Dh 141,292,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Sandeep Bansal, Finance Manager

 

 

BANKERS

 

Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 June 2006

Credit amount                                        150,000

Amount overdue                                     0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

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.55.81

UK Pound

1

Rs.87.67

Euro

1

Rs.68.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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

----

NB

New Business

----

 

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.