MIRA
INFORM REPORT
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Report Date : |
23rd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
EMIRATES TRANSFORMERS & SWITCHGEAR
LIMITED |
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Registered Office : |
Sheikh
Zayed Road, Jebel Ali Free Zone, PO Box: 16842, Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
16.02.2004 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged
in the manufacture of transformers and switchgear. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$
100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
EMIRATES TRANSFORMERS & SWITCHGEAR LIMITED |
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Country
of Origin |
Jersey, Channel Islands |
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Legal
Form |
Branch of a Foreign Registered Corporation |
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Registration
Date |
16th February 2004 |
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Trade
Licence Number |
3780 |
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Membership
Number |
83139 |
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Issued
Capital |
UAE Dh 367,800 |
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Paid
up Capital |
UAE Dh 367,800 |
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Total
Workforce |
35 |
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Line
of Business |
Manufacturers of transformers and switchgear. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
EMIRATES
TRANSFORMERS & SWITCHGEAR LIMITED
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 16842
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8816288 / 2224562
Facsimile : (971-4) 8816693 / 2228804
Email :
info@emiratestransformer.ae
Premises
Subject
operates from a small suite of offices and a factory that are rented and
located in the Jebel Ali Free Zone of Dubai.
KEY PRINCIPALS
· Patel Rohit Purshottam General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 16th February 2004
Legal Form : Subject is the United Arab Emirates registered branch of Emirates
Transformers
& Switchgear Limited, a Limited
Liability Company incorporated in Jersey,
Channel Islands.
Emirates Transformers &
Switchgear Limited in the United Arab Emirates,
operates as a Branch of a
Foreign Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in
its own right. Responsibility
for payments lays in the hands of the
company where it is originally
registered.
Under these circumstances, we
strongly advise that any
international trade credit
should only be written under the name of
the main company where the subject
holds its registered office, in
this case Jersey, Channel
Islands.
Trade Licence No. : 3780
Membership No. : 83139
Issued
Capital : UAE Dh 367,800
Paid
up Capital : UAE Dh 367,800
LINE OF BUSINESS
Operations
: Engaged in the
manufacture of transformers and switchgear.
Import
Countries :
Europe and the United States of America.
Subject
has a workforce of 35 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 2004, subject is involved in the manufacture of transformers and switchgear.
During
the course of this investigation nothing detrimental was uncovered regarding
subject’s operating history or the manner in which payments are fulfilled. As
such the business is considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 100,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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