MIRA INFORM REPORT

 

 

Report No. :

334639

Report Date :

05.08.2015

 

IDENTIFICATION DETAILS

 

Name :

TECHNICAL SUPPLIES & SERVICES CO LLC

 

 

Registered Office :

Industrial Area No. 10, PO Box 1818, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

25.11.1975

 

 

Com. Reg. No.:

244212

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import, fabrication and distribution of doors, cladding, refrigeration systems and windows.

 

 

No. of Employees :

250

 

 

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 :

No Complaints

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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                                     : TECHNICAL SUPPLIES & SERVICES CO LLC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 25th November 1975

Commercial Registration Number            : 244212, Sharjah

Trade Licence Number                            : 12999

Chamber Membership Number                : 1831

Issued Capital                                        : UAE Dh 800,000

Paid up Capital                                      : UAE Dh 800,000

Total Workforce                                     : 250

Activities                                               : Fabricators and distributors of doors, cladding, refrigeration systems

  and windows

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

TECHNICAL SUPPLIES & SERVICES CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Industrial Area No. 10

PO Box             : 1818

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5341344

Facsimile          : (971-6) 5341686

Email                : info@tsscuae.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                                          Description

 

Industrial Area 13                                                                                               Office premises

Sharjah

Tel: (971-6) 5582875

Fax: (971-6) 5341686

 

Dubai Investment Park                                                                                        Office premises

PO Box: 77031

Dubai

Tel: (971-4) 8850474

Fax: (971-4) 8850343

 

PO Box: 43135                                                                                                  Office premises

Abu Dhabi

Tel: (971-2) 6768748

Fax: (971-2) 3773726

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                               Position

 

Ahmed Khalifa Khalaf Al Mazroui             Emirati                                      Managing Director

 

Amjad Mohamed Yousri Mahmoud                      Emirati                                      Director

 

Basil Khatim Al Bahar                                        American                                  Director

 

Harjoot Singh                                                           -                                         Accounts Manager

 

Adeel Mohamed                                           -                                         Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th November 1975

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 244212, Sharjah

 

Trade Licence No.       : 12999

 

Chamber Member No. : 1831

 

Issued Capital              : UAE Dh 800,000

 

Paid up Capital            : UAE Dh 800,000

 

Name of Shareholder (s)                                          Percentage

 

Ahmed Khalifa Khalaf Al Mazroui                         51%

 

Amjad Mohamed Yousri Mahmoud                                  13%

 

Basil Khatim Al Bahar                                                    12%

           

Khaleej Invsetment Est                                                   12%

United Arab Emirates

 

Harwal Group Ltd                                                           12%

Cyprus

 

 

AFFILIATED COMPANIES

 

Interplast

 

Cosmoplast

 

Intermetal

 

Emirates Recycling LLC

 

Harwal Container Manufacturing

 

US Polymers Inc

 

Interpolymer

 

SETCO

 

Technomec

 

 

OPERATIONS

 

Activities: Engaged in the import, fabrication and distribution of doors, cladding, refrigeration systems and windows.

 

Subject is ISO 9001:2008 accredited.

 

Import Countries: Europe and the Far East

 

Brand Names: FIRESPAN, ALUSION, DURAMAX, CELSIUS and SMARTSHIELD

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 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 70,250,000                   UAE Dh 72,400,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Sharjah Islamic Bank

Al Boorj Avenue

PO Box: 4

Sharjah

Tel: (971-6) 5547747

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Technical Supplies & Services Co LLC” and not “Techni Supplies And Services Co LLC”.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.93

UK Pound

1

Rs.99.82

Euro

1

Rs.70.05

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TPT

 

               

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%)

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