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Report No. : |
328429 |
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Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
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Name : |
TECHNICAL METAL EST |
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Registered Office : |
Industrial Area No. 2, P O Box: 1098, 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 : |
18.01.1988 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturers
of piping studs, hook bolts,
foundation bolts, U bolts, nuts, bolts and washers. |
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No. of Employees : |
95 |
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 – 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, 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 : TECHNICAL
METAL EST
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 18th
January 1988
Trade Licence
Number : 3323
Chamber Membership
Number : 19156
Invested Capital : UAE Dh 250,000
Total Workforce : 95
Activities :
Manufacturers of piping studs, hook
bolts, foundation bolts, U bolts,
nuts, bolts and washers.
Financial Condition : Fair
Payments : Nothing
detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hussain Eddine Juzer, General Manager
TECHNICAL METAL EST
Location : Industrial
Area No. 2
PO Box : 1098
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5424243
/ 5333800
Facsimile : (971-6) 5424440
Mobile : (971-50) 7181396
Email : info@tmegulf.com
Subject operates from
a suite of offices and a factory covering an area of 75,000 ft2 that
are owned and located in the Industrial Area of Sharjah.
Name Position
·
Hamad
Sultan Abdullah Al Owais Proprietor
·
Hussain Eddine Juzer General
Manager
Date of Establishment : 18th
January 1988
Legal Form :
Sole Proprietorship
Trade Licence No. : 3323
Chamber Member No. : 19156
Invested Capital
: UAE Dh 250,000
Mr Hamad Sultan Abdullah
Al Owais is the sole proprietor of the business.
Activities: Engaged in the manufacture of fasteners, piping
studs, hook bolts, foundation bolts,
U bolts, nuts, bolts and washers.
Subject
is ISO 9002-2002 certificated.
Import Countries: Taiwan, India,
South Africa, Belgium, Germany, Italy and Turkey.
International
Suppliers:
·
Tailin Taiwan
·
Jepson Taiwan
·
Zinga Belgium
·
Mathys Belgium
Export
Countries: Germany, United Kingdom, Netherlands, and Iran
Operating Trend: Steady
Subject has a
workforce of 95 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 20,760,000 UAE
Dh 22,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Hussain Eddine Juzer,
General Manager
·
National
Bank of Sharjah
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.66 |
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|
1 |
Rs.100.50 |
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Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.