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MIRA
INFORM REPORT
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Report No. : |
505548 |
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Report Date : |
28.04.2018 |
IDENTIFICATION DETAILS
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Name : |
TEKNODOME TRADING LLC |
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Registered Office : |
Office/Warehouse No. 1, Ahmed Abdullah Hussain Lootah Building,
Damascus Street, Al Qusais 2, PO Box 29475, Dubai |
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Country : |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
20.11.2008 |
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Com. Reg. No.: |
1038190, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of household
electrical appliances, mobile phones, computer equipment, photographic and air
conditioning equipment. |
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No. of Employees : |
7 |
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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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
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 :
TEKNODOME TRADING LLC
Country of Origin :
Legal Form :
Limited Liability Company – LLC
Registration Date :
20th November 2008
Commercial Registration Number :
1038190,
Trade Licence Number :
619482
Chamber Membership Number :
159988
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
7
Activities :
Distributors of household electrical appliances, mobile phones,
photographic and air conditioning equipment
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
COMPANY NAME
TEKNODOME TRADING LLC
ADDRESS
Registered &
Physical Address
Location :
Office/Warehouse No. 1,
Street :
Area : Al Qusais 2
PO Box : 29475
Town :
Country :
Telephone : (971-4) 2289955
/ 8876442
Facsimile : (971-4)
2289966
Email : tdllc@eim.ae
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Ekta Srivastava Indian Managing
Director
Saket Ghourav Shio Schinker Indian Director
Bassem Mohamed Abdulla Rashid Emirati Director
Ajay Ghourav Shio - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 20th
November 2008
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1038190,
Trade Licence No. : 619482 (Expires
19/11/2018)
Chamber Member No. : 159988
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Bassem Mohamed Abdulla Rashid 51%
Ekta Srivastava 25%
Saket Ghourav Shio Schinker 24%
Notes to the legal Form The LLC
requires a minimum of two and a maximum of 50 members. The minimum share
capital required is UAE Dh 300,000. Shareholders are only liable up to the
extent of the value of their shares. This type of company may engage in any
form of legitimate business, with the exception of insurance, banking and
investment of funds. The company is not obliged to publish its accounts. The
participation of non-Emirati in a trade or business in the
AFFILIATED COMPANIES
TeknoDome Trading LLC (FZ Branch)
Office LB07 G22,
Jebel Ali Free Zone,
PO Box: 29475
Dubai
Tel: (971-4) 8876442
Fax: (971-4) 8876443
Tekmir Electronics Trading LLC
Shop No.17
Al Wahida Hotel Building
Al Sabka
Deira
PO Box: 29475
Dubai
Tel: (971-4) 2955100
Fax: (971-4) 2955101
OPERATIONS
Activities: Engaged in the import and distribution of household electrical
appliances, mobile phones, computer equipment, photographic and air
conditioning equipment.
Import Countries:
International
Suppliers:
LG Kazakhstan
LG South
Korea
Sony Gulf Dubai
Toshiba Gulf Dubai
Toshiba El Arabi Egypt
Brand Names: TOSHIBA, SONY, LG, SANYO, PIONEER, KENWOOD,
NIKON, ACER, ASUS, CANON, DELL,
HITACHI, LENCO, MOSER, MOULINEX, OLYMPUS,
PANASONIC, PHILIPS, SANDISK, TEFAL,
TRANSCEND, WHIRLPOOL and SAMSUNG
Operating Trend: Steady
Subject has a workforce of 7 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Revenue
Year Ending 31/12/15: UAE
Dh 11,000,000
Year Ending 31/12/16: UAE
Dh 11,485,000
Year Ending 31/12/17: UAE
Dh 12,000,000
Local sources consider subject’s financial condition to be Fair.
Note: According to local
Commercial Law, only publicly listed companies are required to publish their
financial information. Financial information on
other legal forms can only be obtained from the companies / businesses directly
BANKERS
Bank of
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course of this investigation the following sources were
consulted:
- Internal database
- Journals, directories, media
& web searches
- Local Registry office
- Interview with Mr Ajay Ghourav
Shio, Sales Manager
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
COUNTRY OUTLOOK
The economy continues to experience a
slowdown in economic growth as a result of low oil prices. Real GDP achieved
sustained growth of over 6 % per year in recent decades, with oil surpluses
invested into the non-oil economy. In particular, the country has managed to
develop the Dubai financial and real-estate centres, international airline hubs
in Dubai and Abu Dhabi, and sports-tourism in a number of Emirates as well as
light manufacturing and transport and retail trade services. However, since
June 2014, it has been affected by the plummeting of global oil prices which
has resulted in a drop-in hydrocarbon exports and revenues. While it managed to
sustain growth rates of 4.6% in 2014, growth in 2015 is estimated to have
declined to 3.4%.
Fiscal and external balances are
deteriorating and macro-financial risks are increasing. A drop-in hydrocarbon
revenues coupled with expansionary fiscal policy has pushed the fiscal balance
down from a surplus of 10.4% of GDP in 2013 to a 5% surplus in 2014 and to an
estimated deficit of -4.3% of GDP by end-2015. The fiscal deficit of 2015 is
the first since the financial crisis of 2009 when the real estate bubble in
Dubai burst. The current account surplus fell from 18.4% of GDP in 2013 to
13.7% of GDP in 2014 and to a mere 0.2% of GDP by end-2015.
Monetary policy is tightening, as is
liquidity in the banking system. The Central Bank raised the interest rate on
its certificates of deposit by 25 basis points in December 2015 in response to
the
The growth outlook is one of slow recovery,
averaging 2.5 % between 2016 and 2018. Oil production will increase as a result
of investment in oilfield development. Non-hydrocarbon growth will rise as
megaproject implementation ramps up ahead of Dubai’s hosting of Expo 2020, and
as the lifting of sanctions on Iran translates into increased commerce, trade,
and investment between Iran and the UAE (particularly Dubai). These
developments will jointly help to narrow the current account deficit from an
estimated deficit of –1.7% of GDP in 2016 to a forecasted deficit of -0.2% of
GDP in 2018.
Fiscal policy will continue to tighten, but
ensuring fiscal sustainability will require additional policy measures to cut
spending, develop new revenue streams, and manage fiscal risks. The UAE
government has reported that it will
be implementing a value-added tax (VAT) at
the latest by 2018, along with other GCC countries. It is also considering the
introduction of a corporate tax. This will help improve the fiscal balance.
Other consolidation measures are needed, including a reduction in electricity
and water subsidies and a gradual slowdown in the implementation of GRE’s
(Government Related Entities) megaprojects.
Key Economic
Indicators 2014 2015 2016* 2017*
Real GDP Growth (%) 4.6
3.4 2.0 2.4
Inflation Rate (%) 2.3
4.1 3.1 3.4
Fiscal Balance (% of GDP) 5.0 -4.3 -5.2 -2.1
Current Account Balance (% of GDP) 13.7 0.2 -1.7 -0.4
* Forecast
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.78 |
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1 |
INR 92.89 |
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Euro |
1 |
INR 80.74 |
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UAE DH |
1 |
INR 18.15 |
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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DIV |
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Report Prepared
by : |
TPT |
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
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Promoters
/ Management background
·
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.