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Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
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Name : |
EMERSON FZE |
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Formerly Known As : |
EMERSON MIDDLE EAST FZE |
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Registered Office : |
Jebel Ali Free Zone – South 2 PO Box 26383 & 17034 & 2383
Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
11.09.1993 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and distribution of measurement and analytical equipment, valves, regulators, and final control elements, systems, controllers, and software |
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No. of Employees : |
45 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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 : EMERSON FZE
Also Known As : EMERSON MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 11th September 1993
Trade Licence Number : 3388
Chamber Membership Number : 28207
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 45
Activities : Import and distribution of measurement and analytical equipment, valves, regulators, and final control elements, systems, controllers, and software
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
EMERSON FZE
ALSO KNOWN AS: EMERSON MIDDLE
EAST FZE
Location : Jebel Ali
Free Zone – South 2
PO Box : 26383 &
17034 & 2383
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8832828
/ 8118100 / 8835828 / 8118110
Facsimile : (971-4)
8865465
Email : corporate.emerson@emerson.com
Subject operates from a medium sized suite of offices that are rented
and located in the Jebel Ali Free Zone, Dubai.
Name Position
· Paul Smith Vice
President
· David Birks Marketing
Manager
· Bill Kofahl Human
Resources Manager
· Marx Lenin Sales
Manager
· Francis Pinto Commercial
Manager
Date of
Establishment : 11th
September 1993
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 3388
Chamber Member No. : 28207
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
· Emerson Electric
Co 100%
United Kingdom
· Emerson Climate Technology FZE
Jebel Ali Free Zone
Dubai
Tel: (971-4) 8832828
Activities: Engaged in the import and distribution of measurement and analytical equipment,
valves, regulators, and final control elements, systems,
controllers, and software.
Import Countries: United Kingdom, Canada and the United States of
America.
Brand Names: LEROY SOMER, ROSE
MOUNT and FISHER
Subject has a workforce of 45 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.
Please note that Leroy Somer is a brand name of the subject’s and not the
name of a division or the subject’s name.
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.54.30 |
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|
1 |
Rs.82.88 |
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Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.