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Report No. : |
320640 |
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Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Jebel Ali Free Zone, 66546 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
30.01.2006 |
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Legal Form : |
Free Zone Company – FZCO |
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Line of Business : |
Engaged in the import and distribution of engineering products including pipes, flanges, fittings, steam accessories, valves, water treatment products, electrical goods, heating, ventilation and air conditioning equipment. |
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No of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UAE 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 : TECHNICAL PARTS CO FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 30th January 2006
Trade Licence Number : 6711
Chamber Membership Number : 105390
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 25
Activities : Distributors of engineering products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
TECHNICAL PARTS CO
FZCO
Location : Jebel Ali Free Zone
PO Box : 66546
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4550600
Street : Airport Road
Area : Garhoud Area
PO Box : 5071
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2137888
Facsimile : (971-4) 2823078
Email : tpcfze@tpcdubai.com / arun@tosc.ae
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Manish
Bhagwandas Bhatia Managing
Director
·
Virmati
Bhagwandas Karani Director
Date of Establishment : 30th
January 2006
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 6711
Chamber Member No. : 105390
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Manish
Bhagwandas Bhatia 80%
·
Virmati
Bhagwandas Karani 20%
Activities: Engaged in the import and distribution of
engineering products including pipes, flanges, fittings, steam
accessories, valves, water treatment products, electrical goods,
heating, ventilation and air conditioning
equipment.
Import
Countries: Europe and GCC
countries.
Subject has a
workforce of 25 employees.
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
·
National
Bank of Fujairah
PO Box: 2979
Dubai
Tel: (971-4) 3971700 / 5078300
Fax: (971-4) 3979100 / 3973922
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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 63.51 |
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|
1 |
Rs. 95.95 |
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Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared by
: |
DPT |
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 |
-- |
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.