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Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
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Name : |
JOHN CRANE MIDDLE |
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Registered Office : |
Plot No. S-20113, South Zone Jebel Ali Free Zone |
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Country : |
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Date of Incorporation : |
14.08.2002 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Distributors of oilfield and natural gas equipment and related spare parts. |
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No. of Employees : |
35 |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 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 : JOHN CRANE MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 14th August 2002
Trade Licence Number : 3338
Chamber Membership Number : 71011
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 35
Activities : Distributors of oilfield and natural gas equipment and related spare parts.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Bilal Al Samadi, Financial Controller
JOHN CRANE MIDDLE EAST FZE
Location : Plot No.
S-20113, South Zone
Area : Jebel Ali
Free Zone
PO Box : 61040
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8127800
/ 8837766
Facsimile : (971-4)
8862042
Email : jcrane@emirates.net.ae
Subject operates from a medium sized suite of offices covering an area
of 4,000 square metres that are rented and located in the Jebel Ali Free Zone
Area of Dubai.
Name Position
· Ruben Alvarez Managing
Director
· Angela Olson Marketing
Manager
· Daniel Madrid Operations
Manager
· Bilal Al Samadi Financial
Controller
Date of
Establishment : 14th
August 2002
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 3338 (Expires 13/08/2013)
Chamber Member No. : 71011
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· John Crane UK Ltd 100%
Nash Road
Trafford Park
Manchester M17 1SS
United Kingdom
Tel: (44-161)
8722484
Fax: (44-161)
8721654
Activities: Engaged in the import and distribution of oilfield and natural gas
equipment and related spare parts.
Sales, service and refurbishment
of mechanical seals, dry gas seals couplings and associated hardware.
In March 2012 subject opened its new service
and manufacturing facility in Dubai.
Import Countries: Europe and GCC countries.
Subject has a workforce of 35 employees.
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.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.44 |
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1 |
Rs.89.31 |
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Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.