MIRA INFORM REPORT
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Report No. : |
319374 |
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Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRIUNE OILFIELD
& INDUSTRIAL SUPPLIES FZC |
|
|
|
|
Registered Office : |
Office EOC LOB No. E2-106G 14 Hamriyah Free Zone 52060 Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
09.02.2010 |
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Legal Form : |
Free Zone Company
- FZC |
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Line of Business : |
Engaged in the import and distribution of industrial machinery and spare parts for the gas and oilfield industry |
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No. of Employee : |
4 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 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. 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 and ultimately a $20 billion
bailout from the UAE Central Bank and Abu Dhabi-emirate government that was
refinanced in March 2014. 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 : TRIUNE
OILFIELD & INDUSTRIAL SUPPLIES FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 9th
February 2010
Trade Licence
Number : 6004,
Hamriyah Free Zone
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce :
4
Activities :
Distributors of industrial machinery and spare parts.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Edward George,
Sales Manager
COMPANY
NAME
TRIUNE OILFIELD
& INDUSTRIAL SUPPLIES FZC
ADDRESS
Registered Address
Building : Office EOC LOB No.
E2-106G 14
Area : Hamriyah Free Zone
PO Box : 52060
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 3930172
Physical Address
Building : Office No. 122, Nakha
Building
Area : Naif Area
PO Box : 378924
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2346041 / 2215287
Facsimile : (971-4) 2385103
Mobile : (971-50) 1814676 / (971-55)
7489871
Email : sales@triuneme.com
Please note that
subject’s previous address was, Office No. 5, Block A, Al Kuwaiti Building,
Naif Area, Dubai.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Harindaz
Singh Mahal Indian Managing
Director
·
Enoch
Pawar Indian Director
·
Edward
George - Sales
Manager
·
Vincent
D’Souza - Accountant
LEGAL
FORM & OWNERS
Date of Establishment : 9th
February 2010
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 6004,
Hamriyah Free Zone
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of
Shareholder (s)
·
Harindaz
Singh Mahal
·
Enoch
Pawar
OPERATIONS
Activities: Engaged in the import and distribution of industrial
machinery and spare parts for the gas and oilfield
industry.
Import
Countries: Europe and the
Far East.
Principal Suppliers:
·
Gulf Mechanical Dubai
·
P E Energy United
States of America
Brand Names: SHELL, CALTEX, BUXTON, CLARION, CAT, SULLAIR,
CUMMINS, HOUGHTON, MECHANIX, 3M
and REVATA
Operating Trend: Steady
Subject has a
workforce of 4 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 4,000,000 UAE Dh 4,600,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Edward George, Sales Manager
BANKERS
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that the
correct name of the subject is “Triune Oilfield & Industrial Supplies FZC”
and not “Triune Oilfield & Industrial Supplies FZE”.
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.63.61 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.