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MIRA INFORM REPORT
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Report No. : |
506138 |
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Report Date : |
22.05.2018 |
IDENTIFICATION DETAILS
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Name : |
NEW TECH LLC. |
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Registered Office : |
12 Hofstede Crulllaan, Paramaribo |
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Country : |
Suriname |
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Date of Incorporation : |
16.06.1996 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject specializes in custom design, supply and installation of air
conditioning and ventilation systems and its controls. |
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No. of Employees : |
95 |
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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Maximum Credit Limit : |
USD 40 000 |
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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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Suriname |
B2 |
B2 |
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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 |
SURINAME - ECONOMIC OVERVIEW
Suriname’s economy is dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years. After 99 years of operations, a major US aluminum company recently discontinued its activities in Suriname. Public sector revenues fell, together with exports, international reserves, employment, and private sector investment.
Economic growth declined annually from just under 5% in 2012 to -10.4% in 2016. In January 2011, the government devalued the currency by 20% and raised taxes to reduce the budget deficit. Suriname began instituting macro adjustments between September 2015 and 2016; these included another 20% currency devaluation in November 2015 and foreign currency interventions by the Central Bank until March 2016, after which time the Bank allowed the Surinamese dollar (SRD) to float. By December 2016, the SRD had lost 46% of its value against the dollar. High import price pass-through from depreciation and electricity tariff increases caused inflation to increase 55.5% year-over-year in December 2016.
Suriname's economic prospects for the medium-term will depend on continued commitment to responsible monetary and fiscal policies and on the introduction of structural reforms to liberalize markets and promote competition. The government's over-reliance on revenue from the extractive sector colors Suriname's economic outlook. One credit bureau forecasted that the economy would contract 2% in 2017. Rising international oil prices and higher production by Suriname’s oil company, Staatsolie’s, will lift oil exports. Two new offshore oil exploration wells will draw 100 million dollars in foreign direct investment inflows. Higher gold prices and increased production from the Merian gold mine also will lift exports. However, investment overall is slowing and unemployment is rising, reflecting government spending cuts, weak business confidence, and the completion of large mining infrastructure projects. Fiscal problems, such as a failure to secure sufficient external financing, could result in additional pressure on the exchange rate and inflation.
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Source : CIA |
STATUTORY
INFORMATION
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Legal Name: |
New Tech LLC. |
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Trade Names: |
New Tech |
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ID: |
651137987 |
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Date Created: |
1996 |
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Date Incorporated: |
June 16, 1996 |
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Legal Address: |
12 Hofstede Crulllaan, Paramaribo, Suriname |
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Operative Address: |
12 Hofstede Crulllaan, Paramaribo, Suriname |
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Telephone: |
+597 421350 |
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Fax: |
- |
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Legal Form: |
LIMITED LIABILITY COMPANY |
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Email: |
info@newtech.sr |
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Registered in: |
SURINAME |
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Website: |
www.newtech.sr |
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Contact: |
Jamil Mekdessi - Managing Director |
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Staff: |
95 |
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Activity: |
NAICS code 33341 - Ventilation, Heating, Air-Conditioning,
and Commercial Refrigeration Equipment Manufacturing |
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Banks: |
The company does not disclose its banking details. |
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History
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New Tech was established by Mr. J.M.C. Mekdessi (M.S.E.E. Electrical Engineer)
on June 16, 1996. New Tech started as a small company with five employees and
now has more than ninety team members. |
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PRINCIPAL
ACTIVITY
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New Tech specializes in custom design, supply and installation of air conditioning
and ventilation systems and its controls. |
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Products/Services description: |
The company offers electronic components (DVD, TV, etc.), household
appliances (washing machines, etc.), window and split unit air conditioners, louvers
and its installation services as well. |
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Brands: |
Carrier TOSHIBA CIAC SIEMENS Danfoss KOHLER |
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Sales are: |
Retail |
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Clients: |
Nationaal Archief McDonalds Hermitage mall TBL Cinemas Radiologish Kliniek Princess Casino + hotel BOG Marriott Hotel Hotel Royal Torarica Hermitage Mall MCDonalds hoofdrestaurant Kirpalani Telesur Transmission Uniqa Fernandes Ice-cream Orco Bank Curacao Centro Medico Aruba Radisson Hotel Aruba Setar Aruba |
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Suppliers: |
Inc. Peninsular S.A. De C.V. Gree Electric Appliances,Inc. |
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Operations area: |
National |
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The company imports from |
MEXICO CHINA |
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The subject employs |
95 employees |
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Payments: |
No complaints |
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LOCATION
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Headquarters : |
12 Hofstede Crulllaan, Paramaribo, Suriname |
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Comments on Address: |
- |
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Branches: |
Branch location Zwarte Hovenbrugstraat 246 Suriname |
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Related Companies: |
No related companies were found. |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The company does not disclose information on shareholders. The
following information has been provided by private sources: |
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Management: |
Jamil Mekdessi - Managing Director |
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FINANCIAL
INFORMATION
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The company does not make its financial
statements public. Despite our long search, we were not able
to confirm financial figures for the subject. |
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LEGAL
FILINGS
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PATENTS |
No records found. |
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GOVERNMENT CONTRACTS |
No records found. |
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CASES |
No records found. |
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TRADEMARKS |
No records found. |
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RENEWAL HISTORY |
No records found. |
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UCC |
No records found. |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
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SUMMARY
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Founded in 1996, New Tech LLC is an organization in the Ventilation,
Heating, Air-Conditioning, and Commercial Refrigeration Equipment
Manufacturing Industry headquartered in Suriname. The company has 95 regular employees. It operates nationally, mainly importing
from China and Mexico. It is ACTIVE in business with no negative records. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
No complaints |
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CASH FLOW |
Normal |
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SUGGESTED CREDIT
LINE |
USD 40 000 |
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STATUS |
Active |
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INTERVIEW |
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NAME |
- |
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POSITION |
- |
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COMMENTS |
We called number +597 421350 several times and received no answer. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.09 |
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1 |
INR 91.41 |
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Euro |
1 |
INR 79.93 |
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SRD |
1 |
INR 9.11 |
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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VIV |
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Report Prepared
by : |
SYL |
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
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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.