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Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SHARP MIDDLE EAST FZE |
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|
|
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Registered Office : |
Sheikh Zayed Road,
Jebel Ali Free Zone, P O Box 17115, Dubai |
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|
|
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Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
15.12.1996 |
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|
|
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Com. Reg. No.: |
303, Dubai |
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|
|
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Legal Form : |
Free Zone Establishment |
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|
|
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Line of Business : |
importer and
distributor of electrical
appliances, including air conditioning equipment, audio- equipment, office
equipment, refrigerators, washing machines, solar energy systems,
purification devices and calculators. |
|
|
|
|
No. of Employees : |
120 |
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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|
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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 |
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 : SHARP MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 15th December 1996
Commercial Registration Number : 303, Dubai
Trade Licence Number : 830
Chamber Membership Number : 45537
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Total Workforce : 120
Activities : Distributors of electrical appliances.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SHARP MIDDLE EAST
FZE
Registered &
Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17115
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8815311 / 8808066 / 8129200
Facsimile : (971-4) 8816692
Email : contact@smef.sharp-world.com / zahid@smef.sharp-world.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Jebel
Ali Free Zone Area of Dubai.
Name Position
·
Furmio Yamaguchi Managing Director
·
Manu
Mahdi Sales
Manager
·
Narayan
Krishna Murthy Logistic
and Operations Manager
·
Masashi
Murano Accounts
Manager
Date of Establishment : 15th
December 1996
Legal Form :
Free Zone Establishment –
FZE
Commercial
Reg. No. : 303, Dubai
Trade Licence No. : 830
(Expires 07/04/2014)
Chamber Member No. : 45537
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Name of Shareholder
(s) Percentage
·
Sharp
Corporation 100%
Japan
Activities: Engaged in the import and distribution of
electrical appliances, including air conditioning equipment, audio- equipment,
office equipment, refrigerators, washing machines, solar energy systems,
purification devices and calculators.
Import
Countries: Europe and Japan
Subject has a
workforce of 120 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.69 |
|
UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
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.