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Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
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Name : |
TECHNOFIT ME FZCO |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box : 32186, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
29.10.2006 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Subject is engaged in the import and distribution of
pipes, valves, fittings, flanges, gaskets and stud bolts. |
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No. of Employees : |
10 |
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 |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 :
TECHNOFIT ME FZCO
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
29th October 2006
Trade Licence Number :
7392
Chamber Membership Number :
131765
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
10
Activities :
Distributors of pipes, valves, fittings, flanges, gaskets and stud bolts.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Vishwanath Shetty, Branch Manager
TECHNOFIT ME FZCO
Registered &
Physical Address
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 32186
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8809750
Facsimile : (971-4)
8809250
Mobile : (971-50)
5528650 / 1540471 / 8502350
Email : techfit@emirates.net.ae / sadiq@technofitme.com / shetty@technofitme.com
info@technofitme.com / admin@technofit.com
Premises
Subject operates from a small suite of offices that are rented and located
in the Jebel Ali Free Zone Area of Dubai.
Name Position
Mohamed Sadiq General Manager
Vishwanath Shetty Branch
Manager
Mohamed Rizwan Sales
Manager
Date of Establishment : 29th October 2006
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 7392 (Expires 22/03/2015)
Chamber Member No. : 131765
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of
Shareholder (s) Percentage
Technofit Trading LLC 100%
PO Box: 639
Ruwi 112
Muscat
Oman
Tel: (968) 26893308
Fax: (968) 26893302
Activities: Engaged in the import and
distribution of pipes, valves, fittings, flanges, gaskets and stud bolts.
Subject
is ISO 9001:2000 accredited.
Import Countries: Spain
and Italy.
International
Suppliers:
Ulma Spain
Malasi Italy
OMR Italy
DHV Italy
Operating Trend: Steady
Subject has a workforce of 10 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE
Dh 94,700,000 UAE Dh
100,500,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Vishwanath Shetty, Branch Manager
ABN Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4) 3512200
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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 |
|
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.