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MIRA INFORM REPORT
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Report No. : |
503096 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
TECHNICAL METALLIC PROFILES
FACTORY LLC |
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Registered Office : |
New Industrial Area PO Box 6559 Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
24.03.2003 |
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Com. Reg. No.: |
25332 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the manufacture and processing of
metal profiles |
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No. of Employees : |
150 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United Arab Emirates |
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : TECHNICAL METALLIC PROFILES FACTORY LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 24th March 2003
Commercial Registration Number : 25332, Ajman
Trade Licence Number : 35109
Chamber Membership Number : 3090
VAT Number : 100229990500003
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
Total Workforce : 150
Activities : Manufacture and processing of metal profiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : K B Subish, Accounts Manager
COMPANY
NAME
TECHNICAL METALLIC PROFILES
FACTORY LLC
ADDRESS
Registered &
Physical Address
Location :
New Industrial Area
PO Box :
6559
Town :
Ajman
Country :
United Arab Emirates
Telephone :
(971-6) 7482220
Facsimile :
(971-6) 7482225
Mobile :
(971-55) 4680121
Email : info@tmpf.ae
Premises
Subject operates from a large suite of offices that are
rented and located in the Industrial Area of Ajman.
KEY
PRINCIPALS
Name Nationality Position
· Fayez Ali Heba Dominican Managing
Director
· Sheikh Mohamed Rashid Emirati Director
· K B Subish - Accounts
Manager
· Vishwa Jeeth - Commercial
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 24th
March 2003
Legal
Form : Limited
Liability Company - LLC
Commercial
Reg. No. : 25332, Ajman
Trade
Licence No. : 35109
Chamber
Member No. : 3090
VAT No. : 100229990500003
Issued Capital : UAE
Dh 400,000
Paid up Capital :
UAE Dh 400,000
Name of Shareholder (s) Percentage
· Sheikh Mohamed Rashid 51%
· Fayez Ali Heba 49%
AFFILIATED
COMPANIES
· Al Alaa Contracting & Metal Construction LLC
OPERATIONS
Activities: Engaged in the manufacture and
processing of metal profiles.
Export Countries: Oman,
Qatar and Saudi Arabia
Subject has a workforce of 150 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/17:
Total Sales UAE
Dh 74,000,000
Local sources consider subject’s financial condition to be
Fair.
The above figures were provided by K B Subish,
Accounts Manager
BANKERS
·
HSBC Bank Middle East
Main
Branch
Ajman
Tel:
(971-6) 5537222
Fax:
(971-6) 5537880
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United
Nations Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
According to local sources, subject enjoys a good reputation
for the quality of its products with nothing detrimental uncovered regarding
the manner in which operations are conducted. As such the company is considered
to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.13 |
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1 |
INR 92.51 |
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Euro |
1 |
INR 80.59 |
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UAE DH |
1 |
INR 17.79 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.