MIRA INFORM REPORT

 

 

Report Date :

16.08.2013

 

IDENTIFICATION DETAILS

 

Name :

NEWTECH LLC

 

 

Registered Office :

Hofstede Crullaan 12 ,Paramaribo,

 

 

Country :

Suriname

 

 

Date of Incorporation :

16.06.1996

 

 

Com. Reg. No.:

160115A Suriname

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject distribute household electronic components (DVD, TV, HIFI.) and install air conditioning and ventilation systems and its controls

 

 

No. of Employees :

90 employees.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

Payment Behaviour :

Slow but correct

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)

Suriname

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SURINAME - ECONOMIC OVERVIEW

 

The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. Economic growth, which reached about 7% in 2008, owing to sizeable foreign investment in mining and oil, slowed to 2.2% in 2009 as investment waned and the country earned less from its commodity exports when global prices for most commodities fell. Trade picked up, boosting Suriname's economic growth about 4% per year in 2010-12, but the government's budget remained strained. Inflation rose from 1.3% in 2009 to 17.7% in 2011. In January 2011, the government devalued the currency by 20% and raised taxes to reduce the budget deficit. As a result of these measures, inflation receded to 6% in 2012. Suriname''s economic prospects for the medium term will depend on continued commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition.

Source : CIA

SUBJECT'S NAME   

 

Registered Name:                                  NEWTECH LLC

Requested Name:                                  NEWTECH

Other Names:                                        NEWTECH NV

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                  Hofstede Crullaan 12 ,Paramaribo, Suriname

Postal Address:                                     Hofstede Crullaan 12

                                                            Paramaribo

Country:                                                Suriname

Phone:                                                  597-4212350 597-8109662

Fax:                                                      597-421351

Email:                                                   jamil.mekdessi@newtech.sr   info@newtech.sr

Website:                                               www.newtech.sr

 

 

CREDIT OPINION

 

Financial Index as of December 2012 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                           16-June-1996

Reg. Number:                                                 160115A Suriname

Nominal Capital                                               SRD. 100,000

Subscribed Capital                                          SRD. 100,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Jamil M C Mekdessi                                        Managing Director            

Jimmy Manna                                                 General Manager             

Astrid Cheng June                                           Finance Manager             

                                                                                                           

 

RELATED COMPANIES  

 

None                                                              Parent company.

None                                                              Subsidiary company.

None                                                              Affiliated company.

None                                                              Shareholder of subject firm.

None                                                              Branches of the firm

 

 

OPERATIONS

 

Registered to dirtibute household electronic components (DVD, TV, HIFI.) and install air conditioning and ventilation systems and its controls

Imports:                                                          Middle East

Exports:                                                         Asia

Trademarks:                                                   None

Terms of sale:                                                 Cash (40%) and 30 days (60%), invoices.

                                                                    

Main Customers:                                             firms and organizations  

Employees:                                                    90 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            Suriname

Location:                                                        Rented premises, 5,250 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                        Information not available.

Insurance Brokers:                                          Information not available.

                                                                    

 

FINANCE 

 

Currency Reported:                                         Surinamese dollar (SRD.)

Approx. Ex. Rate:                                           1 US Dollar = 3.30 Surinamese dollar

Fiscal Year End:                                             December 31, 2012

Inflation:                                                         According to information given by independent sources, the inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted                 

                                                                    

 

Profit and Loss (expressed in SRD.)

                                                                                                    2012

Sales                                                                                            31,000,000

 

 

BANK 

 

Bank Name:                                                   DSB De Surinaamsche Bank

Branch:                                                          Suriname

Comments:                                                     None

                                                                    

 

TRADE REFERENCES    

 

Experiences:                                                  Good

                                                                    

 

NOTARIAL BONDS   

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

                                                                    


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.51

UK Pound

1

Rs.94.98

Euro

1

Rs.81.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.