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Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
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Name : |
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE LTD |
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Registered Office : |
Green Corner Building, 5th Floor, Office No. 509, Al Riqqa Road,
Bur Dubai, PO Box 60757, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.05.1991 |
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Com. Reg. No.: |
37022 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of steel products, non ferrous metals, coal and textiles. |
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No. of Employees : |
35 |
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 : |
Branch of a Foreign Registered Corporation |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 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 : SWISS SINGAPORE OVERSEAS
ENTERPRISES PTE LTD
Country of Origin :
Singapore
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
16th May 1991
Commercial Registration Number : 37022, Dubai
Trade Licence Number : 227997
Chamber Membership Number :
40411
Total Workforce :
35
Activities :
Distributors of steel products, non ferrous metals, coal and textiles.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Santi Chand Jain,
Finance Manager
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE LTD
Registered &
Physical Address
Building : Green Corner
Building, 5th Floor, Office No. 509
Street : Al Riqqa
Road
Area : Bur Dubai
PO Box : 60757
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2222720
/ 2275062
Facsimile : (971-4)
2276376 / 2230199
Email : ssoedxb@emirates.net.ae
/ ssoe.dubai@adityabirla.com / dubai@ssoedxb.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Jebel Ali Free Zone Rented
warehouse premises
PO Box: 61149
Dubai
Tel: (971-4) 8837345
Fax: (971-4) 8837344
Name Position
Rajesh Somani Managing
Director
Krishna Kumar Gupta General
Manager
Surnider Lahouti Commercial
Manager
Santi Chand Jain Finance
Manager
Sudair Demodaran Sales
Manager
Date of Establishment : 16th
May 1991
Legal Form : Subject is the United
Arab Emirates registered branch of Swiss Singapore Overseas Enterprises Ltd, a
Limited Liability Company incorporated in Singapore.
Swiss Singapore Overseas Enterprises Ltd in the United Arab Emirates,
operates as a Branch of a Foreign Registered Corporation with its
registered office located at the following address :
Swiss Singapore Overseas
Enterprises Ltd
14-01 Shenton House
3 Shenton Way
Singapore 049513
Tel: (65) 2218455
Fax: (65) 2224984
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 Singapore.
Commercial Reg. No. : 37022, Dubai
Trade Licence No. : 227997
Chamber Member No. : 40411
Activities: Engaged in the import and distribution
of steel products, non ferrous metals, coal and textiles.
Import Countries: The
Far East and South East Asia.
Operating Trend: Steady
Subject has a workforce of 35 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 31/12/11:
Consolidated Total Slaes US$
2,900,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Santi Chand Jain,
Finance Manager
Commercial Bank of Dubai
Jebel Ali Branch
PO Box: 2668
Dubai
Tel: (971-4) 8818882
Fax: (971-4) 8812252
No complaints regarding subject’s payments have been reported.
Date of transaction August
2001
Credit amount 293,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Deutsch
Marks
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.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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.