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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ABB INDUSTRIES FZE |
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Registered Office : |
Dubai Airport Free Zone Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
28.01.2007 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Assembly and distribution of power and automation products and systems |
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No. of Employees : |
100 |
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 |
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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 (31.03.2011) |
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 country 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. 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 : ABB INDUSTRIES FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 28th January 2007
Trade Licence Number : 1221
Chamber Membership Number : 116335
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 100
Activities : Assembly and distribution of power and automation products and systems
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ABB INDUSTRIES FZE
Town : Dubai
Country : United Arab Emirates
Building : Plot No. 368
- 678
Street : Sheikh Zayed
Road, 4th Interchange
Area : Al Quoz
Industrial Area No. 3
PO Box : 293712
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3147500
Facsimile : (971-4)
3401541
Email : abbdubai@emirates.net.ae
Subject operates from a medium sized suite of offices and a warehouse that
are rented and located in the Industrial Area of Dubai.
Name Nationality Position
· Derick Andrade
Uppinakudru Indian Managing
Director
Date of
Establishment : 28th
January 2007
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 1221 (Expires 27/01/2014)
Chamber Member No. : 116335
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· ABB Asea Brown
Boveri Ltd
Affolternstr.
54
PO Box:
8131
Switzerland
Tel:
(41-43) 3177111
Fax:
(41-43) 3174420
· ABB International
Marketing Ltd
ENOC
Building, 2nd Floor
PO Box:
11070
Dubai
Tel:
(971-4) 3179688
Fax:
(971-4) 3342597
· ABB Energy
Automation SpA
Al Ghaith Office Tower, 15th
Floor
Hamdan Street
PO Box: 45710
Abu Dhabi
Tel: (971-2) 6264062
Fax: (971-2) 6263230
· ABB Transmission
& Distribution Ltd
Al Ghaith Office Tower, 15th
Floor
Hamdan Street
PO Box: 45710
Abu Dhabi
Tel: (971-2) 6272232
Fax: (971-2) 6273223
· ABB FZ
Dubai Media City
Dubai
· ABB Industries LLC
ABB House
Al Quoz
Industrial, Interchange No. 4
PO Box: 11070
Dubai
Tel: (971-4) 3401777
Fax: (971-4) 3401530
Activities: Engaged in the import, assembly and distribution of power and
automation products and systems.
Import Countries: Europe and the Far East.
Subject has a workforce of 100 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.
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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.