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Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
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Name : |
CATERPILLAR SARL |
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Registered Office : |
Jebel Ali Free Zone South 3, PO Box: 262147, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
25.07.2011 |
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Com. Reg. No.: |
147796 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of construction equipment and machinery, engines and used
heavy equipment. |
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No. of Employees : |
45 |
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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB
EMIRATES - 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 :
CATERPILLAR SARL
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
25th July 2011
Commercial Registration Number : 147796, Dubai
Trade Licence Number :
129914
Chamber Membership Number :
205414
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
45
Activities :
Distributors of construction equipment and machinery, engines and used heavy
equipment.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Chithra Menon, Financial Controller
CATERPILLAR SARL
Registered &
Physical Address
Location : Jebel Ali
Free Zone South 3
PO Box : 262147
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8169804
/ 8106464 / 8106565 / 8106416
Facsimile : (971-4)
8838026
Email : barretto_donwil@cat.com
/ menon_chithra@cat.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
Name Position
Corne Timmermans Managing
Director
Chithra Menon Financial
Controller
Donwill Barretto Human
Resources Manager
Dale Carr Distribution
Centre Manager
Date of Establishment : 25th
July 2011
Legal Form : Subject is the
United Arab Emirates registered branch of Caterpillar Sarl, a Limited
Liability Company
incorporated in Switzerland.
Caterpillar Sarl in the United Arab
Emirates, operates as a Branch of a Foreign Registered Corporation with
its registered office located at the following address:
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 Switzerland.
Commercial Reg. No. : 147796, Dubai
Trade Licence No. : 129914 (Expires
15/02/2014)
Chamber Member No. : 205414
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Activities: Engaged in the import and distribution of construction equipment and
machinery, engines and used heavy equipment.
Import Countries: Europe and the Far East.
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.
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.