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Report No. : |
305454 |
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Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SUPPLIES DEPOT
FZE |
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Registered Office : |
Al Dhaid Road, Saif Zone, Warehouse No. P6-136, P O Box: 9439, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
07.03.2003 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject’s operations
are performed through the following divisions: ·
Cabling Division Engaged in the import and distribution of
cables for Power, Telecom, Building Management, Data, Security, RF, Access
Control, Structured Cabling, Industrial, Fire Alarm, Audio, Video and
Wireless applications. ·
Electrical / Wiring Division This division specialises in the
distribution of Wiring Devices, Electrical Supplies, Lighting Products,
Explosion Proof Fittings, Marine Products, Junction Boxes for different
applications and Switchgear. ·
Building Automation Division Under this division the
company offers Occupancy / Vacancy sensors and Lighting Control products. ·
Imaging Supplies Division Engaged in the import and distribution of
raw material and machinery to the re-manufacturing industry of printing
consumables |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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. 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 : SUPPLIES
DEPOT FZE
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 7th
March 2003
Trade Licence
Number : 02818,
Saif Zone
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 10
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing
detrimental uncovered
Operating Trend : Steady
Person Interviewed : Zubair Mohamed, Operations Manager
SUPPLIES DEPOT FZE
Street : Al Dhaid Road
Area : Saif Zone, Warehouse No.
P6-136
PO Box : 9439
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5573273
Facsimile : (971-6) 5573272
Mobile : (971-50) 5532808
Email : contact@suppliesdepot.ae
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
Name Nationality Position
·
Mahdi
Shariat Panhi American Managing Director
·
Zubair Mohamed - Operations
Manager
Date of Establishment : 7th
March 2003
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 02818,
Saif Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Mahdi
Shariat Panhi 100%
Activities: Subject’s operations are performed through
the following divisions:
·
Cabling Division
Engaged in the import and distribution of
cables for Power, Telecom, Building Management, Data, Security, RF, Access
Control, Structured Cabling, Industrial, Fire Alarm, Audio, Video and Wireless
applications.
·
Electrical / Wiring Division
This division specialises in the
distribution of Wiring Devices, Electrical Supplies, Lighting Products,
Explosion Proof Fittings, Marine Products, Junction Boxes for different
applications and Switchgear.
·
Building Automation Division
Under this division the
company offers Occupancy / Vacancy sensors and Lighting Control products.
·
Imaging Supplies Division
Engaged in the import and distribution of
raw material and machinery to the re-manufacturing industry of printing
consumables
Import
Countries: United States of
America
International
Suppliers:
·
Hubbel United States of America
·
Superior
Essex United States of America
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
31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 18,775,000 UAE Dh 21,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Zubair
Mohamed, Operations Manager.
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
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.61.76 |
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|
1 |
Rs.93.13 |
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Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
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-- |
NB |
New Business |
-- |
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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.