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Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
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Name : |
PRECISION INDUSTRIES |
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Registered Office : |
Sheikh Zayed Road Al Quoz Industrial Area No. 4 PO Box 37448 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
25.10.2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturers of electric motors and generators, lighting towers, power modules, fuel tanks, ironmongery and metal chambers |
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No. of Employees : |
80 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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 : PRECISION INDUSTRIES
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 25th October 2005
Trade Licence Number : 574465
Chamber Membership Number : 102873
Invested Capital : UAE Dh 1,500,000
Total Workforce : 80
Activities : Manufacturers of electric motors and generators, lighting towers, power
modules, fuel tanks, ironmongery and metal chambers
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
PRECISION INDUSTRIES
Street : Sheikh Zayed
Road
Area : Al Quoz
Industrial Area No. 4
PO Box : 37448
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3384033
Facsimile : (971-4)
3383997
Mobile : (971-50)
6445678
Email : info@pi-dubai.com
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Dubai.
Name Position
· Motasim Mohamed
Rasheed Al Daour Proprietor
& General Manager
Date of
Establishment : 25th
October 2005
Legal Form : Sole
Proprietorship
Trade Licence No. : 574465 (Expires 24/10/2013)
Chamber Member No. : 102873
Invested Capital : UAE Dh 1,500,000
Mr Motasim Mohamed Rasheed Al Daour is the sole proprietor of the
business.
· Beta Industrial
LLC
PO Box: 50708
Dubai
Tel: (971-4)
7069777
Fax: (971-4)
7069787
· Beta Information
Technology LLC
PO Box: 19085
Dubai
Tel: (971-4)
2868789
Fax: (971-4)
2868443
· Dar Beta IT
PO Box: 19389
Riyadh 11435
Saudi Arabia
Tel: (966-1) 2006066
Fax: (966-1) 2006400
· M M Al Daour
Factory
PO Box: 355671
Riyadh 11383
Saudi Arabia
Tel: (966-1)
3384033
Fax: (966-1)
3383997
Activities: Engaged in the manufacture of electric motors and generators, lighting
towers, power modules, fuel tanks,
ironmongery and metal chambers.
Import Countries: Europe and the Far East.
Brand Names: PERKINS, LEROY SOMER and STAMFORD
Subject has a workforce of 80 employees.
Companies registered in Dubai are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
United Arab Bank
Deira Branch
Dubai
Tel: (971-4)
2220181
·
Arab Bank Plc
Ittihad Street
PO Box: 11364
Dubai
Tel: (971-4)
2228845
Fax: (971-4)
2285974 / 2940847
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.42 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
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.