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Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TECHNICAL SUPPLIES & SERVICES CO LLC (TSSC) |
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Registered Office : |
Office No. 1, Emirates Street, Industrial Area No.10, PO Box: 1818,
Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.11.1975 |
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Com. Reg. No.: |
24412 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of cold stores, porta cabins and cladding. |
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No. of Employees : |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
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 based on oil and gas output to
25%. Since the discovery of oil in the UAE more than 30 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. In April
2004, the UAE signed a Trade and Investment Framework Agreement with Washington
and in November 2004 agreed to undertake negotiations toward a Free Trade
Agreement with the US; however, those talks have not moved forward. The
country's Free Trade Zones - offering 100% foreign ownership and zero taxes -
are helping to attract foreign investors. The global financial crisis, 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. The
UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing
inflation pressures are significant long-term challenges. The UAE's strategic
plan for the next few years focuses on diversification and creating more
opportunities for nationals through improved education and increased private
sector employment.
|
Source
: CIA |
Company Name :
TECHNICAL SUPPLIES & SERVICES CO LLC (TSSC)
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
25th November 1975
Commercial Registration Number :
24412, Sharjah
Trade Licence Number :
12999
Industrial Licence Number :
3227
Issued Capital :
UAE Dh 100,000,000
Paid up Capital :
UAE Dh 100,000,000
Total Workforce :
400
Activities :
Manufacture of cold stores, porta cabins and cladding.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Gokul Kumar, Financial Manager
TECHNICAL SUPPLIES & SERVICES CO LLC (TSSC)
Registered &
Physical Address
Building : Office No. 1
Street : Emirates
Street
Area : Industrial
Area No.10
PO Box : 1818
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5341344
Facsimile : (971-6)
5341686
Email : info@tsscuae.com
/ tssc1@emirates.net.ae
/ gokulk@tsscuae.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
Dubai Investment Park Office
premises
PO Box: 77031
Dubai
Tel: (971-4) 8850474
Fax: (971-4) 8850343
PO Box: 43135 Office
premises
Abu Dhabi
Tel: (971-2) 6768748
Fax: (971-2) 6773726
Name Position
Harout Ohanessian Managing
Director
Sarkis Tcherkzian General
Manager
Mohamed Salah Public Relations Manager
Gokul Kumar Financial
Manager
Date of Establishment : 25th
November 1975
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 24412, Sharjah
Trade Licence No. : 12999
Industrial Licence No. : 3227
Issued Capital : UAE Dh
100,000,000
Paid up Capital : UAE Dh 100,000,000
Name of
Shareholder (s) Percentage
Harwell Ltd 44.676%
Sharjah
Gulf Investment Corporation (GIC) 30.994%
Kuwait
Ahmed Khalf Khalifa Al Mazrouie 10.370%
Amjad Al Douik
9.590%
Basel Al Bahar
4.370%
Thermostores & Steel Construction Co Ltd
PO Box: 43135
Abu Dhabi
Tel: (971-2) 6768748
Fax: (971-2) 6773726
Technical Supplies & Services Co LLC (TSSC)
Mohamed Khalifa Bin Habtoor Building
Al Maktoum Hospital Street
Al Rigga, Deira
PO Box: 69
Dubai
Tel: (971-4) 2223211
Fax: (971-4) 2271659
Interplast UK
United Kingdom
Interplast
Sharjah
Cosmoplast
Sharjah
Interplast France
France
Harwal Marine
Netherlands
Harwal Russ
Russia
US Polymers
United States of America
Zovk Beverages
Armenia
Activities: Engaged in the
manufacture of cold stores, porta cabins and cladding.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of approximately 400 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales UAE
Dh 528,465,000 UAE Dh
535,547,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Gokul Kumar, Financial Manager. Please
note that the above figures are consolidated figures for the subject, as well
as Thermostores & Steel Construction Co Ltd, Abu Dhabi and Technical
Supplies & Services Co LLC (TSSC), Dubai.
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints regarding subject’s payments have been reported.
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.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.93 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.