MIRA INFORM REPORT

 

 

Report Date :

11.01.2012

 

IDENTIFICATION DETAILS

 

Name :

LG ELECTRONICS GULF FZE

 

 

Registered Office :

Sheikh Zayed Road, Jebel Ali Free Zone, PO Box: 61445, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

21.04.1997

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Distributors of air conditioning, audio visual and recording equipment, household electrical appliances, mobile phones, computer and data processing requisites.

 

 

No. of Employees :

20

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : LG ELECTRONICS GULF FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 21st April 1997

Trade Licence Number                            : 1473

Chamber Membership Number                : 43116

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 20

Activities                                               : Distributors of air conditioning, audio visual and recording equipment,

                                                             household electrical appliances, mobile phones, computer and data

                                                             processing requisites.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

LG ELECTRONICS GULF FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone

PO Box             : 61445

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8812191

Facsimile          : (971-4) 8813995

Email                : meast@lge.com / infoae@lge.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone.

 

 

KEY PRINCIPALS

 

            Name                                       Nationality                               Position

 

Hyun Shik Paik                                      Korean                                      Managing Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment    : 21st April 1997

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 1473 (Expires 31/03/2012)

 

Chamber Member No. : 43116

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

 

 

Name of Shareholder (s)                                                      Percentage

 

LG Electronics                                                                           100%

South Korea

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of air conditioning, audio visual and recording equipment, household electrical appliances, mobile phones, computer and data processing requisites.

 

Import Countries:         Europe and the Far East.

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

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

 

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 company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.22

UK Pound

1

Rs.80.84

Euro

1

Rs.66.80

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

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.