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Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
DRESSER RAND MATERIALS CENTER |
|
|
|
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Registered Office : |
Showroom No. FZS SR B2 08, Jebel Ali Free Zone, PO Box 17141, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
31.07.2011 |
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|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
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|
|
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Line of Business : |
Distributors of oilfield and natural gas equipment and spare parts |
|
|
|
|
No. of Employees : |
17 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Branch of Foreign Registered Corporation |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
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 :
DRESSER RAND MATERIALS CENTER
Country of Origin :
United States of America
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
31st July 2011
Trade Licence Number :
126945
Chamber Membership Number :
195529
Total Workforce :
17
Activities :
Distributors of oilfield and natural gas equipment and spare parts
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Nicy Sreegith, Human Resources Manager
DRESSER RAND MATERIALS CENTER
Building : Showroom No.
FZS SR B2 08
Area : Jebel Ali
Free Zone
PO Box : 17141
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8049000 / 8049070 / 8049045 / 8049071
Facsimile : (971-4) 8007668 / 8808668
Email : kkamat@dresser-rand.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
· Jeff Wood General
Manager
· Maan Cabbad Regional
Manager
· Ketan Kamat Supply
Chain Manager
· Nicy Sreegith Human
Resources Manager
· Viral Sanganthi Finance
Manager
Date of
Establishment : 31st
July 2011
Legal Form : Subject is the United
Arab Emirates registered branch of Dresser Rand, a Limited Liability
Company
incorporated in the United States of America.
Dresser Rand Materials Center in the United Arab Emirates, operates as a
Branch of a
Foreign
Registered Corporation with its registered office located at the following
address:
Dresser Rand
West 8 Tower, Suite 1000
10205 Westheimer Road
Houston
TX 77042
United States of America
Tel: (1-713) 3546100
Fax: (1-713) 3546110
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 the United States of
America.
Trade Licence No. : 126945 (Expires 30/07/2013)
Chamber Member No. : 195529
· Dresser Rand ME LLC
Abu Dhabi
Tel: (971-2) 5014200
Activities: Engaged in the import and distribution of oilfield and natural gas
equipment and spare parts.
Import Countries: Europe and GCC countries.
Subject has a workforce of 17 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.
·
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4) 2524942
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.66.57 |
|
UK Pound |
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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.