MIRA INFORM REPORT

 

 

Report Date :

23.03.2013

 

IDENTIFICATION DETAILS

 

Name :

TECON LIMITED

 

 

Registered Office :

Geco Complex, Industrial Area No. 12, 5064 Sharjah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

15.11.1975

 

 

Com. Reg. No.:

1765, Sharjah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Supply commissioning, installation and maintenance of fire alarms, fire protection and emergency lighting.

 

 

No. of Employees :

300

 

 

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

Payment Behaviour :

Regular

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)

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 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.

 

Source : CIA

SUMMARY

 

Company Name                                    : TECON LIMITED

Country of Origin                                   : Sharjah, United Arab Emirates

Legal Form                                           : Limited Liability Company

Registration Date                                  : 15th November 1975

Commercial Registration Number           : 1765, Sharjah

Trade Licence Number                           : 1523

Chamber Membership Number               : 1937

Issued Capital                                       : UAE Dh 2,000,000

Paid up Capital                                     : UAE Dh 2,000,000

Total Workforce                                     : 300

Activities                                               : Supply commissioning, installation and maintenance of fire alarms, fire

                                                  protection and emergency lighting.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Mano Nair, Assistant General Manager

COMPANY NAME

 

TECON LIMITED

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Geco Complex

Area                 : Industrial Area No. 12

 

PO Box            : 5064

 

Town                : Sharjah

Country             : United Arab Emirates

 

Telephone         : (971-6) 5333514 / 5344408

Facsimile          : (971-6) 5333691 / 5344409

Mobile              : (971-50) 4994417 / 6266173

Email                : teconltd@emirates.net.ae / info@tecon.ae

 

Premises

 

Subject operates from a large suite of offices and a warehouse that are rented and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                                                           Position

 

·       Sheikh Ahmed Bin Mohamed Bin Sultan Al Qassimi                                        Managing Director

 

·       Sheikh Salem Bin Mohamed Bin Sultan Al Qassimi                                         Director

 

·       Navid Ansari                                                                                                 General Manager

 

·       Mano Nair                                                                                                    Assistant General Manager

 

·       Sayed Rizvi                                                                                                  Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th November 1975

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 1765, Sharjah

 

Trade Licence No.        : 1523 (Expires 14/05/2013)

 

Chamber Member No.  : 1937

 

Issued Capital              : UAE Dh 2,000,000

 

Paid up Capital            : UAE Dh 2,000,000

 

Name of Shareholder (s)

 

·       Sheikh Ahmed Bin Mohamed Bin Sultan Al Qassimi

 

·       Sheikh Salem Bin Mohamed Bin Sultan Al Qassimi

 

 

AFFILIATED COMPANIES

 

·       Al Batha Engineering Group

Sharjah

 

 

OPERATIONS

 

Activities: Engaged in supply commissioning, installation and maintenance of fire alarms, fire protection and

     emergency lighting.

 

     Subject provides services ranging from small office requirements to corporate business applications:

 

     Lighting & Lighting Controls

     Earthing, Lightning & Electronic System Protection

     Emergency Lighting System

     Fire Detection System

     Cable Management System for Furniture

     Service Floor Boxes, Bus Bars & Trunking System

     Structured Cabling & Networking

     Un-interrupted Power Supplies (UPS)

     Retractable System for Services

     Maintenance Contracts of Fire Alarm & Central Battery System

     Installation of Fire Alarm & Fire Fighting System

     Installation of Earthing & Lightning Protection System

     Testing & Certification of Earthing & Lightning Protection System

 

                 Subject is ISO 9001:1999 accredited.

 

Import Countries: United Kingdom, Germany, Netherlands, Australia and South Africa.

 

International Suppliers:

 

·       Luxonic Lighting                   United Kingdom

·       Thorn Lighting                      United Kingdom

·       Sylvania Concord Lighting    United Kingdom

·       Whitecroft Lighting               United Kingdom

·       Holophane Lighting               United Kingdom

·       Hacel Lighting                      United Kingdom

·       Cold Cathode Systems         United Kingdom

·       Ex-Or Lighting Controls         United Kingdom

·       Cooper Control                     United Kingdom

·       Thomas & Betts                    United Kingdom

·       Form Fittings                        United Kingdom

·       Powerplan                            United Kingdom

·       Vega Licht                            Germany

·       Gamma Lighting                   Australia

·       Lexeled                                Australia

·       Regent Lighting                    South Africa

·       Industria Lighting                  Netherlands

 

Subject has a workforce of approximately 300 employees.

 

 

FINANCIAL DATA

 

Companies registered in Sharjah, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Sharjah

Al Boorj Avenue

     PO Box: 4

     Sharjah

     Tel: (971-6) 5547747

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.33

UK Pound

1

Rs.82.55

Euro

1

Rs.70.10

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.