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Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SAFE TECHNICAL SUPPLY COMPANY LLC |
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Registered Office : |
Jaddaf Ship Repair
Yard, Showroom No. 6, Al Quta’eyat Road, P O Box 4832 & 3673, Dubai |
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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 : |
10.10.1996 |
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Com. Reg. No.: |
52305, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of industrial machinery and equipment |
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No. of Employees : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : SAFE TECHNICAL SUPPLY COMPANY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 10th October 1996
Commercial Registration Number : 52305, Dubai
Trade Licence Number : 243715
Chamber Membership Number : 40667
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 45
Activities : Distributors of industrial machinery and equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shabir Shakeer, Finance Manager
SAFE TECHNICAL
SUPPLY COMPANY LLC
Registered &
Physical Address
Building : Jaddaf Ship Repair Yard, Showroom
No. 6
Street : Al Quta’eyat Road
PO Box : 4832 & 3673
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3243240
Facsimile : (971-4) 3243786
Email : safetech@emirates.net.ae / info@safetech.ae
Premises
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Industrial Area of Dubai.
Branch Offices
Location Description
·
Hamdan
Street Office
premises
Abu Dhabi
Tel: (971-2) 6748451 / 6768456
Fax : (971-2) 6718452
Name Nationality Position
·
Shabbir
Taheri Yousuf Indian Managing
Director
·
Ali
Asghar Shabbir Taheri Indian Director
·
Humood
Ahmad Naji Al Waail Emirati Director
·
Khalid
Sheikh - Production
Manager
·
Shabir Shakeer - Finance
Manager
·
Rahul
George - Sales
Manager
Date of Establishment : 10th
October 1996
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 52305, Dubai
Trade Licence No. : 243715
(Expires 09/10/2013)
Chamber Member No. : 40667
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Humood
Ahmad Naji Al Waail 51%
·
Shabbir
Taheri Yousuf 25%
·
Ali
Asghar Shabbir Taheri 24%
·
Power
Tech System Trading LLC
Dubai
Activities: Engaged in the import and distribution of
industrial machinery and equipment, including environmental
protection equipment, pumps,
engines, valves, water desalination and treatment equipment, workshop
equipment and boat spare
parts.
Import
Countries: Europe and the
Far East.
Agencies Held:
·
Chris
Marine
·
Boll
and Kirch
·
Climax
·
Hilliard
·
Indumar
·
Accles
& Shelvoke
·
Tramos
International
·
Esco
Tool
·
Elliott
·
Lokit
·
Camille
Bauer
Operating Trend: Steady
Subject has a
workforce of 45 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 53,800,000 UAE Dh 57,030,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Shabir Shakeer, Finance Manager
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
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.61.05 |
|
UK Pound |
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
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 |
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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 |
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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.