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Report No. : |
351743 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
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Name : |
STS PRODUCTS FZE |
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Registered Office : |
Jebel Ali Free Zone, Office/Warehouse No. RA08SB05, 16780, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.02.2015 |
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Legal Form : |
Free
Zone Establishment - FZE |
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Line of Business : |
Subject engaged in the import and distribution of oilfield
and natural gas equipment and related spare parts, including BOP accumulator
units, remote panels, hydraulic tongs, power units, hammer unions, swivel
joints, flanges, spools, tees and crosses, ring joint gaskets, high pressure
test units, manifolds, data headers and pup joints. |
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No. of Employee : |
5 |
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RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New business |
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Payment Behaviour : |
Unknown |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
Company Name : STS PRODUCTS FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 17th February 2015
Trade Licence Number : 139610
Chamber Membership Number : 247385
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Distributors of oilfield and natural gas equipment and related spare
parts.
Financial Condition : Undetermined
Payments : Unknown
STS PRODUCTS FZE
Location :
Jebel Ali Free Zone, Office/Warehouse No. RA08SB05
PO Box :
16780
Town :
Dubai
Country :
United Arab Emirates
Telephone :
(971-4) 8808871
Facsimile : (971-4)
8808981
Email : sts@stsproductsinc.com
/ hamraz.rahiman@stsproductsinc.com
Subject operates from a small suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
· Hamraz
Rahiman General
Manager
Date
of Establishment : 17th
February 2015
Legal
Form : Free
Zone Establishment - FZE
Trade
Licence No. :
139610 (Expires 14/09/2015
Chamber
Member No. :
247385
Issued Capital : UAE
Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
· STS
Products Inc 100%
27260 Oak
Ridge Park Drive
Conroe,
TX 77385
United
States of America
Tel:
(1-832) 3751444
· STS
Products (S) Pte Ltd
21
Tuas Avenue 11
Singapore
639085
Tel:
(65) 68632870
Activities: Engaged in the import and distribution
of oilfield and natural gas equipment and related spare parts,
including BOP accumulator units, remote
panels, hydraulic tongs, power units, hammer unions, swivel
joints, flanges, spools, tees and crosses,
ring joint gaskets, high pressure test units, manifolds, data
headers and pup joints.
Import Countries: Europe and the Far East.
Subject has a workforce of 5 employees.
Subject is a newly formed business and as a result financial
information is not currently available.
·
Commercial Bank of Dubai
Baniyas
Street
Deira
PO
Box: 1709
Dubai
Tel:
(971-4) 2227121 / 2253222
Fax:
(971-4) 2220943 / 2254565
Unknown
In view of subject’s infancy, extensive payment and financial
are not available, therefore dealings are recommended to be on secured terms,
and a close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.80 |
|
|
1 |
Rs.100.49 |
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Euro |
1 |
Rs.72.52 |
|
DH |
1 |
Rs.18.20 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared by
: |
TRU |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
|
-- |
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.