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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
EXCEL TECHNO SOLUTIONS FZE |
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|
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Registered Office : |
RAK Free Zone,
Business Centre No. 4, P O Box 16111, Ras Al Khaimah |
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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 : |
23.07.2009 |
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Com. Reg. No.: |
39707 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
importer and
distributor of oilfield and gas equipment. |
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No. of Employees : |
05 |
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 |
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Payment Behaviour : |
No complaints |
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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 |
|
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 : EXCEL TECHNO SOLUTIONS FZE
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 23rd July 2009
Commercial Registration Number : 39707
Trade Licence Number : RAKIA 5004092
Chamber Membership Number : 36118
Issued Capital : UAE Dh 7,700,000
Paid up Capital : UAE Dh 7,700,000
Total Workforce : 5
Activities : Distributors of oilfield and gas equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Nadeem Younas, Managing Director
EXCEL TECHNO
SOLUTIONS FZE
Registered &
Physical Address
Location : RAK Free Zone, Business Centre No.
4
PO Box : 16111
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2046575
Facsimile : (971-7) 2041010
Email : nadeem@ets-pk.com / ets_fze@yahoo.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Industrial
Area of Ras Al Khaimah.
Name Nationality Position
·
Mohamed
Nadeem Younas Pakistani Managing Director
Date of Establishment : 23rd
July 2009
Legal Form :
Free Zone Establishment -
FZE
Commercial Reg. No. : 39707
Trade Licence No. : RAKIA
5004092 (Expires 22/07/2014)
Chamber Member No. : 36118
Issued Capital : UAE Dh 7,700,000
Paid up Capital : UAE Dh 7,700,000
Name of Shareholder
(s) Percentage
·
Mohamed
Nadeem Younas 100%
·
Excel
Technological Services
Lahore
Pakistan
Activities: Engaged in the import and distribution of
oilfield and gas equipment.
Import
Countries: United States of
America and Belgium.
International Suppliers:
·
Copper Crown United
States of America
·
Eton United
States of America
·
Detronics United
States of America
·
Eupencable Belgium
Clients:
·
ADNOC Abu
Dhabi
·
DEWA Dubai
Operating Trend: Steady
Subject has a
workforce of 5 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 Revenue UAE Dh 30,000,000 UAE Dh 36,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Nadeem Younas, Managing Director
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
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.63.46 |
|
UK Pound |
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.