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Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
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Name : |
KSB MIDDLE EAST FZE |
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Registered Office : |
Plot No. S30202, Sheikh Zayed Road, Jebel Ali Free Zone South, PO Box
18315, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
25.01.2004 |
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Com. Reg. No.: |
757 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Distributors and servicers of pumps, engines, valves and related spare
parts. |
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No. of Employees : |
25 |
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 |
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab Emirates |
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 :
KSB MIDDLE EAST FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
25th January 2004
Commercial Registration Number :
757, Dubai
Trade Licence Number :
4264
Chamber Membership Number :
82726
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
25
Activities :
Distributors and servicers of pumps, engines, valves and related spare
parts.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
KSB MIDDLE EAST FZE
Registered & Physical
Address
Building : Plot No.
S30202
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone South
PO Box : 18315
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8035000
Facsimile : (971-4)
8807800
Email : dubai@ksb.com
/ ksb@ksbme.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
Tonjes Cerovsky Managing
Director
Raymond Hiel General
Manager
Ali Hasan Sales
Engineer
Date of Establishment : 25th
January 2004
Legal Form : Free Zone
Establishment – FZE
Commercial Reg.
No. : 757, Dubai
Trade Licence No. : 4264 (Expires
28/01/2013)
Chamber Member No. : 82726
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
KSB (Germany) 100%
9 Johann Klein Strasse
Frankenthal 67227
Germany
Tel: (49-6233) 863702
Fax: (49-6233) 863456
KSB Service LLC
PO Box: 322
Abu Dhabi
Tel: (971-2) 5549451
Fax: (971-2) 5549419
KSB Resident Office
PO Box: 107145
Abu Dhabi
Tel: (971-2) 6720770
Fax: (971-2) 6727539
Activities: Engaged in the import, distribution and service of pumps, engines,
valves and related spare parts.
Subject is ISO 9001:2008 accredited.
Import Countries: Europe and the Far East.
Brand Names: AMRI, SISTO, GIW,
MIL, KSB ITUR and KAGEMA
Operating Trend: Steady
Subject has a workforce of 25 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/10: Year Ending 31/12/11:
Total Sales UAE
Dh 11,450,000 UAE Dh
12,100,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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.54.29 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.