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Report No. : |
326204 |
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Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
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Name : |
SURTEC MIDDLE
EAST LLC |
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Registered Office : |
Industrial Area No. 15, P O Box: 23222, 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 : |
08.05.1999 |
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Com. Reg. No.: |
57551 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of
Surface Treatment Chemicals. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
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 |
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Very High |
C1 |
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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 |
Company Name : SURTEC
MIDDLE EAST LLC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 8th
May 1999
Commercial
Registration Number : 57551
Trade Licence
Number : 501192
Chamber Membership
Number : 44684
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 8
Activities :
Manufacturers of surface treatment chemicals
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Naryan Daz,
Finance Manager
SURTEC MIDDLE EAST
LLC
Location : Industrial Area No. 15
PO Box : 23222
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5345390
Facsimile : (971-6) 5345391
Mobile : (971-55) 9879626
Email : nidal@surtecme.ae / info@surtecme.ae
Subject operates
from a small suite of offices and a factory that are rented and located in the
Industrial Area of Sharjah.
Name Nationality Position
·
Magdy
Ahmed Mahmoud Egyptian Managing
Director
·
Othman
Mohamed Shareef Abdullah Emirati Director
·
Nidal
Qadri - Operations
Manager
·
Naryan
Daz - Finance
Manager
Date of Establishment : 8th
May 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 57551
Trade Licence No. : 501192
(Expires 05/05/2016)
Chamber Member No. : 44684
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Othman
Mohamed Shareef Abdullah 60%
·
Surtec
International GmbH 35%
Germany
·
Magdy
Ahmed Mahmoud 5%
Activities: Engaged in the manufacture of surface
treatment chemicals.
Import
Countries: United States of
America, Europe and the Far East
International
Suppliers:
·
Bulk
Chemicals Inc United States
of America
·
Ampere Industries France
·
Chem Star Trading China
·
Krish Enterprises India
·
VHM Chemical Germany
Operating Trend: Steady
Subject has a workforce
of 8 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 12,500,000 UAE Dh 8,200,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Naryan Daz, Finance Manager
·
National
Bank of Sharjah
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints
regarding subject’s payments have been reported.
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.64.15 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
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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 |
-- |
|
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.