MIRA INFORM REPORT

 

 

Report No. :

351940

Report Date :

30.11.2015

 

IDENTIFICATION DETAILS

 

Name :

CME TECHNOLOGIES FZC

 

 

Registered Office :

RAK Free Zone PO Box : 16111, Ras Al Khaimah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

15.05.2014

 

 

Legal Form :

Free Zone Company  - FZC

 

 

Line of Business :

Subject is engaged in the import and distribution of audio visual and broadcasting equipment.

 

 

Employees:

3

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Business

Payment Behaviour :

Unknown

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

 

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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

 

SUMMARY

 

Company Name                                    : CME TECHNOLOGIES FZC

Country of Origin                                   : Ras Al Khaimah, United Arab Emirates

Legal Form                                           : Free Zone Company - FZC

Registration Date                                  : 15th May 2014

Trade Licence Number                           : 5010911

Issued Capital                                       : UAE Dh 200,000

Paid up Capital                                     : UAE Dh 200,000

Total Workforce                         : 3

Activities                                               : Distributors of audio visual and broadcasting equipment.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Manish Kabra, Business Development Manager

 

 

COMPANY NAME

 

CME TECHNOLOGIES FZC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : RAK Free Zone

PO Box            : 16111

Town                : Ras Al Khaimah

Country : United Arab Emirates

 

Mobile              : (971-50) 6558481

Email                : shaila@cineom.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Free Trade Zone of Ras Al Khaimah.

 

 

KEY PRINCIPALS

 

Name                                       Nationality                                Position

 

Shailesh Parab                          Indian                                       Managing Director

 

Venyak Deo                              Indian                                       Director

 

Manish Kabra                                 -                                          Business Development Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th May 2014

 

Legal Form                  : Free Zone Company  - FZC

 

Trade Licence No.        : 5010911

 

Issued Capital              : UAE Dh 200,000

 

Paid up Capital            : UAE Dh 200,000

 

Name of Shareholder (s)

 

Shailesh Parab

 

Venyak Deo

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of audio visual and broadcasting equipment.

 

CME offers several services around three core areas of Broadcasting/AV Post/ Films, Audio-Video systems, Security and IT Solutions.

 

Broadcasting:
- Entertainment Channel
- News Channel
- Audio- Video Post-Production
- Film Post Production
- Film Acquisition

Audio Visuals:

 - Conferencing and Streaming
- Digital Signage
- Video Walls and Large format display
- Presentation Systems
- Control Systems and Automation

 

Clients:

 

Al Rayyan for Media & Marketing Co

Mustafa Sultan Enterprises

Almana Group

Asianet News

Sun TV Network

Kairali

 

Partners:

 

Arri

Codex

AMS Neve

Kander Media

Editshare

O’connor

Evertz

Lectrosonics

Tiffen

 

Subject has a workforce of 3 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

National Bank of Ras Al Khaimah

NBRAK Building

PO Box: 5300

Ras Al Khaimah

Tel: (971-7) 2221127

Fax: (971-7) 2224202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.100.68

Euro

1

Rs.70.88

Uae Dh

1

Rs.18.19

Note : Above are approximate rates obtained from sources believed to be correct

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.