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Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TECHNICAL PARTS ESTABLISHMENT |
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Registered Office : |
227-228 Mina Stores, Free Port Area PO Box 337 Abu Dhabi |
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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 : |
18.03.1970 |
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Com. Reg. No.: |
13360, Abu Dhabi |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject operates several divisions like Lifting & Access Division, Oil & Gas Division, Industrial &
Construction Division |
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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 : |
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) |
|
UAE |
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 |
UAE - 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 PARTS ESTABLISHMENT
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 18th March 1970
Commercial Registration Number : 13360, Abu Dhabi
Trade Licence Number : 1024362
Chamber Membership Number : 1085
Invested Capital : UAE Dh 1,000,000
Total Workforce : 400
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raju Nair, Administration & HR Manager
TECHNICAL PARTS ESTABLISHMENT
Location : 227-228 Mina
Stores, Free Port Area
PO Box : 337
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6732200 / 6771500
Facsimile : (971-2) 6730464
Mobile : (971-50)
5464797
Email : tecpts@emirates.net.ae / cdsa@tpc.ae
/ info@technicalparts.com
Subject operates from a large suite of offices that are rented and
located in the Port Area of Abu Dhabi.
Branch Office (s)
Location Description
· Mussafah Industrial Area Warehouse
premises
Abu Dhabi
Tel: (971-2) 5542929
Fax: (971-2) 5544017
· Sultan Bin Ali Al
Dhaheri Building Office
premises
Hazza Bin Zayed
Street
Abu Dhabi
Tel: (971-2) 6411120
Fax: (971-2) 6411186
Name Nationality Position
· Ajay Bhaghwandas Karani Indian Proprietor
· Waleed Mohamed Ali Ali Emirati Local Sponsor
· Aroon Bhatia
- Finance
Manager
· Manohar Devadega - Financial
Controller
· Raju Nair - Administration
& HR Manager
· Mukesh Naik
- Sales
Manager
Date of
Establishment : 18th
March 1970
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 13360, Abu Dhabi
Trade Licence No. : 1024362 (Expires 11/06/2014)
Chamber Member No. : 1085
Invested Capital : UAE Dh 1,000,000
Mr Ajay Bhaghwandas Karani is the sole
proprietor of the business. He is an Indian national who operates in Abu Dhabi
under the local sponsorship of Mr Waleed Mohamed Ali Ali.
· TPC FZE
Dubai
United
Arab Emirates
· TPC General Trading Co WLL
Safat
Kuwait
· Technical Parts Company
Doha
Qatar
· Technical Parts Company India Pvt Ltd
Mumbai
India
Activities: Subject’s operations are performed through the following divisions:
·
Lifting & Access Division
Engaged
in the import and distribution of lifting equipment, cranes and compressors.
·
Oil & Gas Division
Engaged in the
supply of instrumentation and electrical equipment, process packages, process
equipment, piping and welding products.
·
Industrial & Construction Division
Engaged in the
import and distribution of construction and industrial equipment and supplies,
including pipe cutting and bevelling equipment, safety equipment and clothing,
maintenance chemicals and hand tools.
This division also
offers contracting services specialising in water works, irrigation and sewage
treatment.
Import Countries: Europe, Japan and the United States of America.
International Suppliers:
· Spirax Sarco Ltd United Kingdom
· Crane Fluid
Systems United Kingdom
· Magnaflux Ltd United Kingdom
· Andrex Aps Denmark
· Dow Corning GmbH Germany
· Jallatte SA France
· Kitz Corporation Japan
· Kito Corporation Japan
· Smith Valve Corporation United States of America
Operating Trend: Steady
Subject has a workforce of 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 52,800,000 UAE Dh
56,110,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
First Gulf Bank
Zayed First Street
Khalidya Area
PO Box: 6316
Abu Dhabi
Tel: (971-2)
6816666
Fax: (971-2)
6811068
No complaints regarding subject’s payments have been reported.
Credit amount US$
150,000 EUR
25,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the business is
deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
|
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.