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Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
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Name : |
AMTEC INTERNATIONAL GENERAL TRADING LLC |
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Registered Office : |
White Crown Tower, 10th Floor, Office No. 1003 Sheikh Zayed
Road Al Wasl, Bur Dubai PO Box 27609 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 : |
17.08.2003 |
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Com. Reg. No.: |
63767, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of household electrical appliances, computer equipment, measuring equipment, gas and oilfield equipment. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 : AMTEC INTERNATIONAL GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th August 2003
Commercial Registration Number : 63767, Dubai
Trade Licence Number : 548011
Chamber Membership Number : 80103
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 4
Activities : Distributors of household electrical appliances, computer equipment,
measuring equipment, gas and oilfield equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ms Leah Jaydamonti, Administration & Accounts Manager
AMTEC INTERNATIONAL GENERAL TRADING LLC
Building : White Crown
Tower, 10th Floor, Office No. 1003
Street : Sheikh Zayed
Road
Area : Al Wasl, Bur
Dubai
PO Box : 27609
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3312596
Facsimile : (971-4)
3291652
Mobile : (971-50)
4271842 / 3570665
Email : frkh@emirates.net.ae
/ amtec@amtec.ae / foroozan@amtec.ae
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Dubai.
Name Nationality Position
· Foroozan Ahmed Khazaeini Iranian Managing Director
· Hamadan Mohamed Saleh Madani Al Maini Emirati Director
· Mohamed Abdul Mateen - Sales
Manager
· Ms Leah Jaydamonti - Administration
& Accounts Manager
Date of
Establishment : 17th
August 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 63767, Dubai
Trade Licence No. : 548011 (Expires 12/08/2013)
Chamber Member No. : 80103
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
· Hamadan Mohamed Saleh Madani Al Maini 51%
· Foroozan Ahmed Khazaeini 49%
Activities: Engaged in the import and distribution of household electrical
appliances, computer equipment, measuring
equipment, gas and oilfield equipment.
Import Countries: Europe and GCC countries
Operating Trend: Steady
Subject has a workforce of 4 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 9,250,000 UAE Dh
10,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Bank Saderat Iran
Al Maktoum
PO Box: 4182
Dubai
Tel: (971-4) 2221161
No complaints regarding subject’s payments have been reported.
Credit amount EUR
150,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.83 |
|
|
1 |
Rs.91.76 |
|
Euro |
1 |
Rs.79.33 |
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 |
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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.