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Report No. : |
342888 |
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Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
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Name : |
HITECH INDUSTRIES FZE |
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Registered Office : |
Plot No. WWA 130 & 45, Sheikh Zayed Road, Jebel Ali Free Zone, PO
Box 16819, Dubai |
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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 : |
22.03.1992 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Engaged in the manufacture of synthetic resins and chemicals,
including alkyds resins, reactive polyamides and water based emulsion. |
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No. of Employees : |
66 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – 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 |
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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 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 |
Company Name :
HITECH INDUSTRIES FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
22nd March 1992
Trade Licence Number :
597
Chamber Membership Number :
23562
Issued Capital :
UAE Dh 4,000,000
Paid up Capital :
UAE Dh 4,000,000
Total Workforce :
66
Activities :
Manufacturers of synthetic resins and chemicals.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person
Interviewed :
Anup Pookote Madhom, Financial Controller
HITECH INDUSTRIES FZE
Registered &
Physical Address
Building :
Plot No. WWA 130 & 45
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 16819
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8835181
Facsimile : (971-4)
8835611
Mobile : (971-50)
5543779
Email : hitech98@emirates.net.ae
/ info@hitechresins.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Jebel Ali Free Zone.
Branch Offices
Location Description
Ajman Office
premises
Tel: (971-6) 7446551
Fax: (971-6) 7446550
Name Nationality Position
Pradeep Kaushikary Buch Indian Managing
Director
Anupam Misra - Chief
Executive Officer
Anup Pookote
Madhom - Financial
Controller
Jiten Desai - Production
Manager
Dr Vasant
Belgaonkar - Technical
Manager
Gurav Soni - Sales
Manager
Date of Establishment : 22nd
March 1992
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 597
Chamber Member No. : 23562
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Name of
Shareholder (s) Percentage
Hitech Industries Limited 100%
Jersey
Channel Islands
United Kingdom
Activities: Engaged in the manufacture of synthetic resins and chemicals, including
alkyds resins, reactive polyamides and water based emulsion.
Import Countries: Europe and Asia
International
Suppliers:
SABIC Saudi
Arabia
Petrochemical Middle East Dubai
Brand Name: HITECH
Operating Trend: Steady
Subject has a workforce of 66 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 155,335,000 UAE Dh
162,820,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Anup Pookote
Madhom, Financial Controller
Standard Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
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.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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 |
|
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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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.