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Report Date : |
23.02.2013 |
IDENTIFICATION DETAILS
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Name : |
ETA MELCO ELEVATOR CO LLC |
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Registered Office : |
ETA Star House Salahuddine Street Al Mateena, Deira PO Box 11058 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1975 |
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Com. Reg. No.: |
40884, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import, distribution, installation, maintenance and repair of elevators and escalators |
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No. of Employees : |
1,750 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 UAE 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. The economy is expected to continue a slow rebound.
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 : ETA MELCO ELEVATOR CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1975
Registration Date : 5th October 1981
Commercial Registration Number : 40884, Dubai
Trade Licence Number : 206731
Chamber Membership Number : 8451
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Total Workforce : 1,750
Activities : Import, distribution, installation, maintenance and repair of elevators and escalators
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Salem Khan, Assistant Finance Manager
ETA MELCO ELEVATOR CO LLC
Building : ETA Star
House
Street : Salahuddine
Street
Area : Al Mateena,
Deira
PO Box :
11058
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2359595
Facsimile : (971-4)
2725121 / 2359783 / 2359782
Mobile : (971-50)
2885196
Email : etamelco@eta-ascon.com
/ etamelco@etamelcom.com
Subject operates from a large suite of offices and a warehouse that are
leased and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
· Gulf Air Building Office
premises
PO Box: 11058
Dubai
Tel: (971-4)
2716655 / 2715109
· PO Box: 3967 Office
premises
Abu Dhabi
Tel: (971-2)
6349534
Fax: (971-2)
6347282
Name Nationality Position
· Sayed Mohamed
Salahuddin Indian Managing
Director
· Abdullah Bin Ahmed
Al Ghurair Emirati Director
· Ahmed Miran Emirati Director
· S Shankran - General
Manager
· Khaja Moeen Eddine - Finance
Manager
· Natrajan Shanker - Marketing
Manager
· Abdulaziz Mohamed - Maintenance
Manager
· Shiva Kumar
- Installations
Manager
· Salem Khan - Assistant
Finance Manager
· Ahmed Kabir - Human
Resources Manager
Date of
Establishment : Subject’s
operations date back to 1975, however it was registered on 5th
October 1981
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 40884, Dubai
Trade Licence No. : 206731 (Expires 21/09/2012)
Chamber Member No. : 8451
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
· ETA Ascon Group Co LLC 70%
Dubai
· Mitsubishi Corp
Ltd 30%
Japan
Activities: Engaged in the import and distribution of elevators, escalators and
related spare parts.
Subject
is sole agents for Mitsubishi Elevators & Escalators.
Subject also offers installation,
maintenance and repair of elevators and escalators. It has approximately 8,000
elevators under comprehensive maintenance contracts.
The company's installations at the Emirates Tower, Burj Al Arab and the new terminal at the Dubai International Airport were rated among the world's best projects by the top international elevators mgazine "The Elevator World."
800 units per year are being sold in the UAE
by ETA-Melco and the company has a market share of around 55 percent.
Subject obtained
the prestigious ISO-9001 Certificate in 1999.
Import Countries: Japan, Germany and Sweden
International Suppliers:
· Mitsubishi
Electric Corporation Japan
· Alcan Singen GmbH Germany
· Besam AB Sweden
Export Countries: Qatar, Oman, Kuwait, Turkey, Sri Lanka, Maldives,
India, Bangladesh and Russia.
Operating Trend: Steady
Subject has a workforce of approximately 1,750 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 1,070,128,124 UAE Dh
1,119,611,693
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Salem Khan, Assistant Finance
Manager
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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
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Currency |
Unit
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Indian
Rupees |
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US Dollar |
1 |
Rs.54.42 |
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UK Pound |
1 |
Rs.83.20 |
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Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.