MIRA INFORM REPORT

 

 

Report No. :

346710

Report Date :

28.10.2015

 

IDENTIFICATION DETAILS

 

Name :

M TECH INTERNATIONAL LLC

 

 

Registered Office :

Suite No. 2905, 29th Floor, ETA Star’s, Al Manara Building Al Abraj Street Business Bay, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

13.01.2011

 

 

Com. Reg. No.:

1070129, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Engaged in the import and distribution power quality and conversion solution products medium voltage pad mounted transformers, medium voltage switchgear, low voltage switchgear, variable speed drives, voltage and current regulated DC power supplies, motor control centers and customized panels.

 

 

No. of Employees :

40

 

 

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

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Company Name

 

M TECH INTERNATIONAL LLC

 

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

M TECH INTERNATIONAL LLC

 

2) Registered Address:

Address

:

Suite No. 2905, 29th Floor, ETA Star’s , Al Manara Building Al Abraj Street Business Bay

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

30373 & 61012

Phone (s)

:

(971-4) 3218471

Facsimile

:

(971-4) 3218472

Email

:

info@mtechintl.com

 

 

info.uae@mtechintl.com

Mobile

:

(971-50) 7079929

 

 

971-56 7079929

 

 

971-56 1615393

 

3) Operational Address & Contact Details:

Address

:

Suite No. 2905, 29th Floor, ETA Star’s , Al Manara Building Al Abraj Street Business Bay

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

30373 & 61012

Phone (s)

:

(971-4) 3218471

Facsimile

:

(971-4) 3218472

Email

:

info@mtechintl.com

 

 

info.uae@mtechintl.com

Mobile

:

(971-50) 7079929

 

 

971-56 7079929

 

 

971-56 1615393

 

Legal Form - Category

:

Limited Liability Company - LLC

Date of Registration

:

13th January 2011

Trade License Number

:

648838

Expiry Date

:

01/12/2016

Commercial Registration Number

:

1070129, Dubai

 

 

QUALITY CERTIFICATIONS

 

Certificate

:

Subject is ISO 9001:2008 accredited.

 

 

OTHER REGISTRATION/ MEMBERSHIPS

 

Chamber Membership Number

:

189455

 

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Fair

Primary Business Activity

:

Distributors power quality and conversion solution products. (1)

Number of Employees

:

40

Capital

:

UAE Dh 300,000

Note: 1

Engaged in the import and distribution power quality and conversion solution products medium voltage pad mounted transformers, medium voltage switchgear, low voltage switchgear, variable speed drives, voltage and current regulated DC power supplies, motor control centers and customized panels.

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

UAE Dh 300,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

UAE Dh 300,000

 

 

FINANCIAL DATA

 

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 Revenue

UAE Dh 19,516,154

UAE Dh 20,378,610

Local sources consider subject’s financial condition to be Fair.

The above figures were provided by Mr Hasnain Shaker, Commercial Manager

 

 

BRANCH OFFICES

 

Subject has branch offices located in under below contries.

Sr.No

Coutry Name

1

Pakistan

2

Afghanistan

3

Iraq

 

 

BANKER

 

1

Name

Citibank

 

Address

Khalid Bin Waleed Street Bur Dubai

 

PO Box

749 Dubai

 

Tel

(971-4) 2522100

 

Fax

(971-4) 2524942

 

 

SHAREHOLDERS

 

Sr.No

Name of Shareholders

Nationaliity

No. of Shares

1

Hafedh Jalal Abdoh Ahmad Khadshi

Emirati

51%

2

Masood Haider

Pakistani

49%

Total Share

100%

 

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Dsignation

1

Masood Haider

Pakistani

Managing Director

2

Hafedh Jalal Abdoh Ahmad Khadshi

Emirati

Director

3

Asif Glozar

n/a

Finance Manager

4

Mohamed Shahid

n/a

Technical Manager

5

Hasnain Shaker

n/a

Commercial Manager

 

 

AFFILIATED COMPANIES

 

1

Name

M Tech Pvt Ltd

 

Country

Pakistan

 

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.

No

Country

Activity

1

India

Import

2

United States

Import

3

America

Import

 

 

International Suppliers

Sr.No

Name

 

 

 

 

 

Country

 

 

1

Ercon Composite

India

 

 

2

Triset Corporation

United States of America

 

3

Aircon FZE

Sharjah

 

 

4

Rasheed Hussain Electric Ware

Sharjah

 

 

 

PREMISES

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Dubai.

 

PAYMENT

 

No complaints regarding subject’s payments have been reported.

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

 

INVESTIGATOR'S COMMENTS

 

Person Interviewed   : Hasnain Shaker, Commercial Manager

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.96

UK Pound

1

Rs.99.73

Euro

1

Rs.71.84

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.