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Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
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Name : |
CARRIER MIDDLE EAST LIMITED |
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|
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free
Zone, PO Box: 61249, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.11.1995 |
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Com. Reg. No.: |
LOC-1125 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and
distribution of air conditioning units and refrigeration equipment |
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No. of Employees : |
12 |
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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|
|
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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) |
|
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 |
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 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 :
CARRIER MIDDLE EAST LIMITED
Country of Origin :
Bermuda
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
1st November 1995
Commercial Registration Number :
LOC-1125
Trade Licence Number :
1125
Chamber Membership Number :
36032
Total Workforce :
12
Activities :
Import and distribution of air conditioning units and refrigeration equipment
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
CARRIER MIDDLE EAST LIMITED
Registered &
Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali
Free Zone
PO Box : 61249
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8864909
/ 8818068
Facsimile : (971-4)
8864915 / 8818075
Email : carrier@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Jebel Ali Free Zone, Dubai.
Name Nationality Position
Sathya Moorthi Indian General
Manager
Date of Establishment : 1st
November 1995
Legal Form : Subject is the United
Arab Emirates registered branch of Carrier Middle East Limited, a Limited
Liability Company incorporated in Bermuda.
Carrier Middle East 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. : LOC-1125
Trade Licence No. : 1125 (Expires 31/05/2014)
Chamber Member No. : 36032
Activities: Engaged in the import and distribution of air conditioning units and
refrigeration equipment.
Import Countries: United States of America and India
Subject has a workforce of 12 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.
Habib Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
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.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
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 |
|
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.