|
Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIEMENS MIDDLE EAST LTD |
|
|
|
|
|
|
Registered Office : |
Masdar City, Ground Floor, Number 6 SAFF2 Abu Dhabi |
|
|
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
|
|
Date of Incorporation : |
16.08.2012 |
|
|
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
|
|
Line of Business : |
Distributors of medical products. |
|
|
|
|
|
|
No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New Business |
|
Payment Behaviour : |
Unknown |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US, however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound.
Dependence on oil, a large expatriate workforce, and growing inflation
pressures are significant long-term challenges. The UAE''s strategic plan for
the next few years focuses on diversification and creating more opportunities
for nationals through improved education and increased private sector
employment.
Source : CIA
Company Name : SIEMENS MIDDLE EAST LTD
Country of Origin : Germany
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 16th August 2012
Trade Licence Number : 11232
Chamber Membership Number : 575127
Total Workforce : 5
Activities : Distributors of medical products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SIEMENS MIDDLE EAST LTD
Location : Masdar City,
Ground Floor, Number 6 SAFF2
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6393666
/ 6219288
Facsimile : (971-2)
6393666
Email : siemens@siemens.com
/ sualiha.iqbal@siemens.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
Branch Office (s)
Location Description
· Gallery Building
No. 2, 8th Floor Office
premises
PO Box: 2154
Jebel Ali Free
Zone
Dubai
Tel: (971-4)
3660000
Fax: (971-4)
3660500
Name Position
· Zwingen Berger Chief
Executive Officer
· Refael Herok Business Development Manager
Date of
Establishment : 16th
August 2012
Legal Form : Subject is the
United Arab Emirates registered branch of Siemens AG, a Limited Liability
Company incorporated
in Germany.
Siemens Middle East Ltd in the United Arab Emirates, operates as a Branch
of a Foreign
Registered
Corporation with its registered office located at the following address:
Siemens AG
Wittelsbacherplatz 2
80333 Munich
Germany
Tel:
(49-89) 63600
Fax:
(49-89) 63634242
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 Germany.
Trade Licence No. : 11232
Chamber Member No. : 575127
· Siemens LLC
Abu Dhabi
Tel: (971-2)
6165100 / 6165101
Activities: Engaged in the import and distribution of medical products.
Import Countries: Germany
Subject has a workforce of 5 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
National Bank of Abu Dhabi
Sheikh Khalifa
Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
No complaints regarding subject’s payments have been reported.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a close
monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.37 |
|
|
1 |
Rs.83.99 |
|
Euro |
1 |
Rs.67.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.