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Report Date : |
10.04.2014 |
IDENTIFICATION DETAILS
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Name : |
HITECH INDUSTRIES FZE |
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Registered Office : |
Plot No. WWA 130
& 45, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 16819, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
22.03.1992 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
manufacturer of
synthetic resins and chemicals, including alkyds resins, reactive polyamides and water based emulsion. |
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No. of Employees |
66 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 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 : HITECH INDUSTRIES FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 22nd March 1992
Trade Licence Number : 597
Chamber Membership Number : 23562
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Total Workforce : 66
Activities : Manufacturers of synthetic resins and chemicals.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
HITECH INDUSTRIES
FZE
Registered &
Physical Address
Building : Plot No. WWA 130 & 45
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 16819
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8835181
Facsimile : (971-4) 8835611
Email : hitech98@emirates.net.ae / info@hitechresins.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Jebel Ali Free Zone.
Branch Offices
Location Description
·
Ajman Office
premises
Tel: (971-6) 7446551
Fax: (971-6) 7446550
Name Nationality Position
·
Pradeep
Kaushikary Buch Indian Managing
Director
·
Piyush
Semwal - General
Manager
·
Hemanshu
Doshi - Sales
Manager
·
Anoop
Pookote - Financial
Controller
·
T L N Sharma - Production
Manager
Date of Establishment : 22nd
March 1992
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 597
Chamber Member No. : 23562
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Name of Shareholder
(s) Percentage
·
Hitech
Industries Limited 100%
Jersey
Channel Islands
United Kingdom
Activities: Engaged in the manufacture of synthetic
resins and chemicals, including alkyds resins, reactive
polyamides and water based
emulsion.
Import
Countries: Europe and Asia
Brand Name: HITECH
Subject has a
workforce of 66 employees.
Companies
registered in Dubai, 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.
·
Standard
Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
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.60.07 |
|
UK Pound |
1 |
Rs.100.56 |
|
Euro |
1 |
Rs.82.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
|
|
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 |
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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.