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Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
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Name : |
TEEJAN GENERAL TRADING LLC |
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Registered Office : |
Khansaheb Warehouse No. 3B-2,
Al Qusais Street, Al Qusais Industrial Area No. 1, PO Box: 60970,
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 : |
03.08.1992 |
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Com. Reg. No.: |
25974, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of building and construction materials. |
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No. of Employees : |
30 |
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 |
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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 :
TEEJAN GENERAL TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
3rd August 1992
Commercial Registration Number : 25974,
Trade Licence Number :
228614
Chamber Membership Number :
24728
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
30
Activities :
Distributors of building and construction materials.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Dinesh Upadiya, General Manager
TEEJAN GENERAL TRADING LLC
Registered &
Physical Address
Building : Khansaheb
Warehouse No. 3B-2
Street : Al Qusais
Street
Area : Al Qusais Industrial
Area No. 1
PO Box : 60970
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2674367
/ 2672124
Facsimile : (971-4)
2671518 / 2672123
Mobile : (971-50)
6529858 / (971-55) 1089629
Email : teejante@emirates.net.ae
/ dinesh@teejan.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Dubai.
Name Nationality Position
Ameer Ahmed Indian Managing
Director
Jamal Majed Khalfan Bin Theniyan Emirati Director
Dinesh Upadiya - General
Manager
Shiva Ram - Finance
Manager
Abdul Nazer - Sales
Manager
Date of Establishment : 3rd
August 1992
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 25974, Dubai
Trade Licence No. : 228614 (Expires
28/07/2014)
Chamber Member No. : 24728
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of
Shareholder (s) Percentage
Jamal Majed Khalfan Bin Theniyan 51%
Ameer Ahmed 49%
Activities: Engaged in the import and distribution of solar film protection,
insulation materials, geo-textile and all types of flooring solutions, building
and construction materials, as well as metal and steel products.
Teejan General Trading
is one of the leading distributors of specialized building materials in the
United Arab Emirates since 1992.
Subject exclusively
distribute ESSCOFOAM extruded polystyrene insulation boards in the UAE, which
have been used to insulate in various prestigious products:
Dubai International
Airport
Deira City Center
Dubai International City
Dubai Festival City
Dubai Internet City
Dubai Marina
Emaar Towers
Mall of Emirates Hotel
Dubai World Trade Centre
Hotel
Subject is also a prime
distributor of:
Geotextiles, including non-woven
needle punch Geotextiles, Woven Geotextiles, HDPE liners, EPDM and water
stoppers
Carpet Tiles, Raised
Flooring, Vinyl flooring, Sports and Laminated Flooring.
Rock wool & Glass
wool insulation
Industrial Products -
Compressors & Generators
Water-proofing membranes
Pilipino foods, Jasmine
Rice and other dry foods
Food
Division
Through the
rapidly-expanding Food Division subject also distributes frozen food to leading
chains and supermarkets throughout the UAE. The company are the sole distributor
of Freshly Frozen Foods in the UAE and are the leading distributor of Lamb
Western French Fries.
Import Countries: Oman, China, India and the United States of
America.
Principal
Suppliers:
John Manville Germany
Alyaf Co Abu
Dhabi
Exceed LLC Dubai
Operating Trend: Steady
Subject has a workforce of 30 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 45,750,000 UAE Dh
50,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Dinesh Upadiya, General Manager
Mashreq Bank Plc
Foreign Trade Centre
Al Boorj Avenue
PO Box: 9271
Sharjah
Tel: (971-6) 5351366 / 5354873
Fax: (971-6) 5372903
National Bank of Ras Al Khaimah
Al Maktoum Street
PO Box: 1531
Dubai
Tel: (971-4) 2226291
Fax: (971-4) 2281312
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.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.