|
Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAKER HUGHES EHO LIMITED |
|
|
|
|
Registered Office : |
Block No. B18,
Jebel Ali Free Zone, P O Box 567,
Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
01.01.1971 |
|
|
|
|
Com. Reg. No.: |
46952, Dubai |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Distributors of extracting and drilling equipment and machinery rental |
|
|
|
|
No. of Employees : |
20 |
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 : BAKER HUGHES EHO LIMITED
Country of Origin : Bermuda
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st January 1971
Commercial Registration Number : 46952, Dubai
Trade Licence Number : 219340
Chamber Membership Number : 2303
Issued Capital : UAE Dh 12,000,000
Paid up Capital : UAE Dh 12,000,000
Total Workforce : 20
Activities : Distributors of extracting and drilling equipment and machinery rental
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
BAKER HUGHES EHO
LIMITED
Registered &
Physical Address
Location : Block No. B18
Area :
Jebel Ali Free Zone
PO Box : 567
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8082200 / 8114000 / 8082300
Facsimile : (971-4) 8836487 / 8114010
Email : bakerhughes@inteq.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
·
Mike
Rasmuson Vice
President
·
Deirdre
Fraser Office
Manager
Date of Establishment : 1st
January 1971
Legal Form :
Subject is the United Arab
Emirates registered branch of Baker Hughes EHO Limited, a
Limited Liability Company
incorporated in Bermuda.
Baker Hughes EHO Limited in the
United Arab Emirates, operates as a Branch of a Foreign Registered
Corporation.
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 Bermuda.
Commercial Reg. No. : 46952, Dubai
Trade Licence No. : 219340
(Expires 19/03/2014)
Chamber Member No. : 2303
Issued Capital : UAE Dh 12,000,000
Paid up Capital : UAE Dh 12,000,000
Activities: Engaged in the import and distribution of
extracting and drilling equipment and machinery rental.
Import
Countries: Europe and the
United States of America.
Subject has a
workforce of 20 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.
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
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.62.34 |
|
UK Pound |
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.