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Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
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Name : |
TECHNOLOGICAL
LABORATORY FURNITURE MANUFACTURER LLC (LABTEC) |
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Registered Office : |
Building No. 99,
Faisal Amiri Building, Kalba Road, Industrial Area No. 17, Mahalia Area 4275 Sharjah |
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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 : |
23.02.1988 |
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Com. Reg. No.: |
19303, Sharjah |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Consulting, design, manufacturing, supply, testing, commissioning, installation and maintenance of laboratory furniture |
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No. of Employees : |
180 |
RATING & COMMENTS
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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 UAE 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. The economy is expected to continue a slow rebound. 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.
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Source : CIA |
Company Name :
TECHNOLOGICAL LABORATORY FURNITURE MANUFACTURER LLC (LABTEC)
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 23rd
February 1988
Commercial
Registration Number : 19303,
Sharjah
Industrial Licence
Number : 3328
Chamber Membership
Number : 16860
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 180
Activities :
Consulting, design, manufacturing, supply, testing, commissioning,
installation and maintenance of laboratory
furniture
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
TECHNOLOGICAL
LABORATORY FURNITURE MANUFACTURER LLC (LABTEC)
Building : Building No. 99, Faisal Amiri
Building
Street : Kalba Road
Area : Industrial Area No. 17, Mahalia Area
PO Box : 4275
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5344480
Facsimile : (971-6) 5344481
Email : labtec@emirates.net.ae / labtec@labtecllc.com
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Sharjah.
Name Nationality Position
·
Norbert Braunies Austrian Managing
Director
·
Ibrahim Abdullah Sharif Emirati Director
·
Mohamed Tariq - Operations
Manager
·
C Bellie - Sales
Manager
·
Jamsheed Ali - Finance
Manager
Date of Establishment : 23rd
February 1988
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 19303,
Sharjah
Industrial Licence No. : 3328 (Expires 23/02/2014)
Chamber Member No. : 16860
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Ibrahim Abdullah Sharif 51%
·
Norbert Braunies 49%
Activities: Labtec is specialized in consulting, design, manufacturing, supply, testing, commissioning, installation and maintenance of Laboratory Furniture’s for educational sector (schools, institutes, universities), hospitals, research centres, pharmaceutical and chemical industry, petrochemical sector and other industrial market segments, where furniture’s and laboratory systems are in need.
Subject products includes industrial, education and hospital laboratory furniture, morgue and dissection room equipment, counters, fume cupboards, fume hoods, laminar flow cabinets, pharmacy cabinets, balance tables, trolleys, titration tables, storage cabinets and table mounted cabinets, hanging cabinets, lab stools, and chalkboards.
Subject is ISO 9001 accredited.
Import
Countries: United States of
America, Canada and Switzerland.
International
Suppliers:
·
Durcon
Company United States of America
·
Lamello
AG Switzerland
Operating Trend: Steady
Subject has a workforce
of approximately 180 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 52,000,000 UAE
Dh 55,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank Middle East
Al Arooba Street
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
·
Mashreq
Bank Plc
Foreign Trade Centre
Al Boorj Avenue
PO Box: 9271
Sharjah
Tel: (971-6) 5351366 / 5354873
Fax: (971-6) 5372903
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.54.29 |
|
|
1 |
Rs.81.93 |
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Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.