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Report No. : |
324011 |
|
Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
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Name : |
TASK FZC |
|
|
|
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Registered Office : |
Plot No. L8-001 Saif Zone 7919 Sharjah |
|
|
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
1991 |
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|
|
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Legal Form : |
Free Zone Company
- FZC |
|
|
|
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Line of Business : |
Engaged in the manufacture
of steel, wood products and engineered doors. |
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|
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No. of Employee : |
48 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
|
Very High |
C1 |
|
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 : TASK FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Start Date :
1991
Registration Date : 6th
January 1999
Trade Licence Number : 00488
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 48
Activities :
Manufacturers of steel, wood products and engineered doors
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shahan Jameel,
Purchasing Officer
TASK FZC
Building : Plot No. L8-001
Area : Saif Zone
PO Box : 7919
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5572786 (ext 116)
Facsimile : (971-6) 5572411
Mobile : (971-50) 6261946
Email : task@eim.ae
Subject operates from
a medium sized suite of offices and a factory that are rented and located in
the Saif Zone Area of Sharjah.
Name Nationality Position
·
Shafaqat
Sandra Porwala Indian Managing
Director
·
Kashmira
Sandra Porwala Indian Director
·
Lesley
Joseph - Accounts
Manager
·
Shan
Majeed - Sales
Manager
·
Shahan
Jameel - Purchasing
Officer
Date of Establishment : Subject's
operations date back to 1991, however it was registered on 6th
January 1999
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 00488
(Expires 07/12/2015)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Shafaqat
Sandra Porwala
·
Kashmira
Sandra Porwala
Activities: Engaged in the manufacture of steel, wood
products and engineered doors.
Subject is ISO 9001:2008
accredited
Import
Countries: Europe and GCC
countries.
Suppliers:
·
Odice SAS France
·
Danoub Building Materials Dubai
·
Charbos International Dubai
Brand Names: TRANKUIL, BULLET RESIST, BLAST SHIELD,
ARORA, PRESSURE ROOF, GRANDEUR,
CORONA, REGAL,
REGENCIA, MADERA, REGENTE, STALWART, TIARA, MAJESTIC, VICTOR,
CRESTA, LARES, STANLEY,
PHI and BEST
Operating Trend: Steady
Subject has a
workforce of 48 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 14,750,000 UAE Dh
15,120,000
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
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.63.95 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.