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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

511008

Report Date :

28.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FEZECO TRADING LLC

 

 

Registered Office :

Al Ghazal Building, 16a Street, Ras Al Khor, PO Box 127328, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

15.03.2012

 

 

Com. Reg. No.:

666950

 

 

Legal Form :

Limited Liability Company 

 

 

Line of Business :

Agents involved in the sale of machinery, industrial equipment, ships and aircraft

 

 

No. of Employees :

16 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

SUMMARY

           

COMPANY NAME

FEZECO TRADING LLC

 

ADDRESS

Building

Street

Area

PO Box

Al Ghazal Building, Ground Floor

16a Street

Nadd Al Hamar, Ras Al Khor

127328

Dubai

TEL/FAX 

Verified Phones: (+971 4) 252 4836 / Fax: (+971 4) 252 4837

EMAIL/WEBSITE

Email: info@fezeco.com / Website: www.fezeco.com

ACTIVITY

NACE 4614 - Agents involved in the sale of machinery, industrial equipment, ships and aircraft; 

PRINCIPAL 

Faizal Uppaladh

Workforce 

Managing Director 

16  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

15/03/2012

666950

LLC 

Active

CAPITAL

CURRENCY

AMOUNT

AED 

300,000 

 

 

IDENTIFICATION

 

CO. NAME

FEZECO TRADING LLC

ALSO KNOWN NAME (S)

FEZECO TRADING L.L.C. / FEZECO Trading

BUILDING

Al Ghazal Building, Ground Floor

STREET

16a Street

AREA

Nadd Al Hamar, Ras Al Khor

POSTAL ADDRESS

127328 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 252 4836 / (+971 50) 574 4121

FAX

(+971 4) 252 4837

VERIFIED EMAIL

info@fezeco.com / sales@fezeco.com

WEBSITE

www.fezeco.com

BUSINESS HOURS (DURING RAMADAN) 

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

08:00-15:00

Without Break

REGISTERED ADDRESS

Al Ghazal Building, 16a Street, Ras Al Khor, PO Box 127328, Dubai, United Arab Emirates

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Faizal Uppaladh

Managing Director 

Basil Kurian

Finance & Admin Controller

WORKFORCE

NO. OF EMPLOYEES

PERIOD

16

05.2018

75 (subject and its affiliates) 

05.2018

 

 

FINANCIAL SUMMARY

 

REVENUE  

31/12/2017

31/12/2018 (Projected)

AED 17,000,000

AED 24,000,000

NET PROFIT / (LOSS)    

Not given but stated to be 5-7% of the sales

FISCAL YEAR-END 

31 December. 

 

 

LEGAL STATUS 

 

INCORPORATION

15/03/2012

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: 666950 (expiry date: 14/03/2019)

Dubai Department of Economic Development

OTHER REGISTRATION NO.     

Federal Reservation No.: 10879535

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

300,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

300,000

AED

BUSINESS HISTORY

The Company was incorporated in Dubai on 15 March 2012. 

LEGAL FORM     

Limited Liability Company 

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Faizal Uppaladh

   Nationality: Indian

 

2. Undisclosed Emirati local  

   sponsor *

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.

49.00%

 

 

51.00%

 

 

OPERATION

 

BANKERS   

1. Emirates NBD Bank (fmly Emirates Bank  

   International)

   Dubai Main Branch

   Baniyas Road

   PO Box 2923

   Dubai

   Telephone: (+971 4) 225 6900

   Fax      : (+971 4) 226 7718

 

2. National Bank of Ras Al Khaimah (P.J.S.C)

  (aka RAK BANK )

   Al Qusais Branch

   Dubai Residential Oasis, Damascus Rd.

   Dubai

   UAE

   Telephone: (+971 4) 213 0000

 

3. Abu Dhabi Commercial Bank (ADCB)

   Business Bay Branch

   Intersection of Al Saada street and Khaleej   

   Al Tejari 1st street, Located in The Bay Gate 

   Tower, Business Bay Area

   PO Box: 33040

   Dubai           

   Telephone: (+971 4) 518 0900

   Fax      : (+971 2) 610 9718 

 

ACTIVITY CODE (NACE)     

4614 - Agents involved in the sale of machinery, industrial equipment, ships and aircraft;

LINE OF BUSINESS    

Trading as importers and wholesalers of industrial insulation, valves, gaskets, pipes fittings, jacketing & accessories as well as stud bolts and sealing products.

 

Subject’s range of products includes:

 

- Polyurethane;

- Polyisocyanurate;

- Polyethylene;

- Polyester;

- Phenolic Form;

- Cellular Glass Insulation;

- Calcium Silicate;

- Ceramic Fiber;

- Rockwool;

- Fibre Glass;

- Perlite Insulation; 

- Bands & Seal (SS304, SS316);

- Blind & Hamering Type Rivets;

- Flat bar, Perforated Pins;

- Wire Mesh (Chicken, Expanded & Welded);

- Stuck up Pins, Tie wire;

- Toggle Clip, Screws & Washers;

- Adhesive & Mastics;

- Aluminium : Plain, Stucco Embossed Corrugated & with Moisture Barrier Aluminized Steel (Type 1 & Type 2);

- Aluzinc;

- Galvanized Steel;

- Stainless Steel Jacketing (304/316 Grade) with Moisture Barrier, Corrugation;

- Pressure / Temperature / Level / Differential pressure transmitters pressure gauges, Temperature gauges, Thermowells;

- Flowmeter, BTU meter, Chart recorders

- Pressure / Safety relief valves, Solenoid valves, Pneumatic control valves, Pressure reducing valves;

- Heating Controllers, Gamma Building Control, Thermostats;

- Damper Acuators, Variable Speed Drives, Sensors & Meters;

- SLMS Pipes & ERW Pipes;

- Valves;

- CS Flanges & Fitting;

- Gaskets;

- Stud Bolts & Nuts.

IMPORT FROM 

Europe, India and China. 

EXPORT TO

GCC countries.

FACILITIES

Leased premises comprising administrative offices and storage facilities located at the heading address. 

RELATED COMPANIES

Subject is a member of FEZECO Group of Companies, which also includes the following companies:

 

Associates

 

1. FEZECO Technologies L.L.C

   PO Box 127328 

   Dubai  

   United Arab Emirates

   Est.: 29/09/2016

   Trade License No.: 767140

 

2. FEZECO Technical Services L.L.C

   PO Box 127328 

   Dubai  

   United Arab Emirates

   Est.: 09/03/2015

   Trade License No.: 728838

 

3. FEZECO Saudi Trading & Cont. Co. Ltd

   Saudi Arabia

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Basil Kurian (Finance & Admin Controller).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.26

UK Pound

1

INR 91.22

Euro

1

INR 79.88

UAE DH

1

INR 10.36

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.