MIRA INFORM REPORT

 

 

Report Date :

22.05.2012

 

IDENTIFICATION DETAILS

 

Name :

FORMTECH INDUSTRIES FZC

 

 

Registered Office :

Hamriyah Free Zone, P O Box 41559, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

15.01.2002

 

 

Com. Reg. No.:

274

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Manufacture of springs and other mattress components

 

 

No. of Employees :

45

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : FORMTECH INDUSTRIES FZC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 15th January 2002

Commercial Registration Number            : 274

Chamber Membership Number                : 80075

Issued Capital                                        : UAE Dh 150,000

Paid up Capital                                      : UAE Dh 150,000

Total Workforce                                     : 45

Activities                                               : Manufacture of springs and other mattress components.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

FORMTECH INDUSTRIES FZC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Hamriyah Free Zone

PO Box             : 41559

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5432339 / 5263012 / 5432326

Facsimile          : (971-6) 5420795 / 5434595

Mobile               : (971-50) 6289903

Email                : info@formtechfzc.com / formtech@emirates.net.ae

 

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Hamriyah Free Zone, Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

·       Fredrick Fariya                                                 Indian                         Managing Director

·       Nish Fredrick Fariya                                         Indian                         Director

·       Larris Fariya                                                    Indian                         Director

·       K M Mahesh                                                         -                           Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th January 2002

 

Legal Form                  : Free Zone Company - FZC

 

Commercial Reg. No.  : 274

 

Licence No.                 : 427

 

Chamber Member No. : 80075

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)

·       Fredrick Fariya

·       Nish Fredrick Fariya

·       Larris Fariya

 

 

AFFILIATED COMPANIES

 

·       Impact Furniture LLC

Sharjah

 

·       Springtech Industries LLC

Sharjah

 

·       Rekore Manufacturing LLC

Dubai

Tel: (971-4) 8850272

Fax: (971-4) 8850273

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of Bonnell springs, pocket springs, reinforcement springs, zig-zag springs,  mattress tape, piping cords, industrial staples, brads and clinching clips.

 

Import Countries: India and Belgium

 

Operating Trend: Steady

 

Subject has a workforce of 45 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 16,200,000                   UAE Dh 17,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Mashreq Bank Plc

Foreign Trade Centre

Al Boorj Avenue

PO Box: 9271

Sharjah

Tel: (971-6) 5351366 / 5354873

Fax: (971-6) 5372903

 

 

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 and the above credit figure is within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.68

UK Pound

1

Rs.86.52

Euro

1

Rs.69.86

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.