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Report No. : |
325409 |
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Report Date : |
05.06.2015 |
IDENTIFICATION DETAILS
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Name : |
CANDELA TECHNOLOGIES FZC |
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Registered Office : |
Office No. 1, Building L2, Saif Zone, PO Box 121218, 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 : |
31.07.2007 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Engaged in the import and distribution of architectural and commercial
lighting products, including lighting for car parks malls, hospitals,
government projects, industrial, cold, cathode, street and LED lighting,
landscape, sports, flood and area lighting, energy efficient lighting for
green buildings. |
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No. of Employees : |
02 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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, 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.
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Source
: CIA |
Company Name :
CANDELA TECHNOLOGIES FZC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
31st July 2007
Trade Licence Number :
05193
Issued Capital :
UAE Dh 400,000
Paid up Capital :
UAE Dh 400,000
Total Workforce :
2
Activities :
Distributors of architectural and commercial lighting products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Suresh Babu, Financial Manager
CANDELA TECHNOLOGIES FZC
Registered &
Physical Address
Building : Office No. 1,
Building L2
Area : Saif Zone
PO Box : 121218
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5571050
Facsimile : (971-6)
5571660
Mobile : (971-50)
6267516
Email : info@candelatec.com
/ suresh@candelatec.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Saif Zone, Sharjah.
Name Nationality Position
Koshi Vendod Indian Managing
Director
Thomas Varghese Indian Director
Suresh Babu - Financial
Manager
Ajay Rammamdi - Sales
Manager
Date of Establishment : 31st
July 2007
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 05193
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
Name of Shareholder (s)
Koshi Vendod
Thomas Varghese
Activities: Engaged in the import and distribution of architectural and commercial
lighting products, including lighting for car parks malls, hospitals,
government projects, industrial, cold, cathode, street and LED lighting,
landscape, sports, flood and area lighting, energy efficient lighting for green
buildings.
Import Countries: Netherlands and the United Kingdom
International Suppliers:
Philips Netherlands
Thorn United
Kingdom
Brand Names: DAVID MORGAN ASSOCIATES, DERUNGS, ES-SYSTEM,
FEELUX, FC LIGHTING, INSTA,
PROLED, RADIANT, SSL and WALDMAN
Operating Trend: Steady
Subject has a workforce of 2 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 8,230,000 UAE Dh
9,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.17 |
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|
1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
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.