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Report Date : |
06.10.2012 |
IDENTIFICATION DETAILS
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Name : |
MHI ENGINE SYSTEM MIDDLE |
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Registered Office : |
Saif Zone, Plot No. Q4-44, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.01.2010 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and Distribution of Mitsubishi Generator Sets and Spare Parts. |
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No. of Employees : |
15 |
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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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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UAE- 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 based on oil and gas output to 25%. Since the
discovery of oil in the UAE more than 30 years ago, the UAE 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. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with
Source : CIA
Company Name :
MHI ENGINE SYSTEM MIDDLE
Country of Origin :
Legal Form :
Free Zone Establishment - FZE
Registration Date :
15th January 2010
Trade Licence Number :
08265
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
15
Activities :
Distributors of Mitsubishi generator sets and spare parts.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
MHI ENGINE SYSTEM MIDDLE
Location : Saif Zone,
Plot No. Q4-44
PO Box : 121801
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5489295
Facsimile : (971-6)
5489294
Email : dai_murayama@ae.mhiesa.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Saif Zone Area of Sharjah.
Name Position
· Dai Marayuma Managing
Director
· Cherline Parades Financial
Controller
Date of
Establishment : 15th January
2010
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 08265 (Expires 14/06/2013)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· MHI Engine System
No
Tel: (65) 68622202
Fax: (65) 68625728
Activities: Engaged in the import and distribution of Mitsubishi generator sets and
spare parts.
Import Countries:
Subject has a workforce of 15 employees.
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/11:
Total Sales UAE
Dh 12,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Sharjah
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.51.61 |
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|
1 |
Rs.83.57 |
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Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.