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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
PENTAIR VALVES & CONTROL MIDDLE EAST INC |
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Registered Office : |
Warehouse No. KA6 & KA7, Blue Shed Sheikh Zayed Road Jebel Ali
Free Zone |
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Country : |
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Date of Incorporation : |
25.02.1997 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of pumps, engines, valves and related spare parts. |
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No. of Employees : |
45 |
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 : |
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 – 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 : PENTAIR VALVES & CONTROL MIDDLE EAST INC
Country of Origin : United States of America
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 25th February 1997
Trade Licence Number : 1088
Chamber Membership Number : 37390
Issued Capital : UAE Dh 3,700
Paid up Capital : UAE Dh 3,700
Total Workforce : 45
Activities : Distributors of pumps, engines, valves and related spare parts.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Khaja Shujauddin, Administration Executive
PENTAIR VALVES & CONTROL MIDDLE EAST INC
Building : Warehouse
No. KA6 & KA7, Blue Shed
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 61213
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8833599
/ 8132888
Facsimile : (971-4)
8833620 / 8864476
Email : keystone@emirates.net.ae
/ khaja.shujauddin@pentair.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
· Andrew John Hoxley British Managing
Director
· Gopi Babu - Financial
Controller
· Khaja Shujauddin - Administration
Executive
Date of
Establishment : 25th
February 1997
History : Subject was
originally called “Tyco Valves & Control Middle East”. However in early
2013 it
changed its name to “Pentair Valves &
Control Middle East Inc”,
Legal Form : Subject is the
United Arab Emirates registered branch of Pentair Valves & Control Inc, a
Limited Liability
Company incorporated in the United States of America.
Pentair Valves & Control Middle East Inc 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 the United States of
America.
Trade Licence No. : 1088
Chamber Member No. : 37390
Issued Capital : UAE Dh 3,700
Paid up Capital : UAE Dh 3,700
Activities: Engaged in the import and distribution of pumps, engines, valves and
related spare parts.
Import Countries: Europe and the United States of America.
Subject has a workforce of 45 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.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
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.60.10 |
|
|
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
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.