MIRA INFORM REPORT
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Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ALFA LAVAL MIDDLE EAST LTD |
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Registered Office : |
Plot No. 518B, Building
No. 13, Sheikh Zayed Road, Al Quoz Industrial Area P O Box 21467,
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 : |
07.08.1994 |
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Com. Reg. No.: |
42967, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors, repairers and maintainers of refrigeration, sanitary and marine equipment |
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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 : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 : ALFA LAVAL MIDDLE EAST LTD
Country of Origin : Cyprus
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 7th August 1994
Commercial Registration Number : 42967, Dubai
Trade Licence Number : 235345
Chamber Membership Number : 31581
Issued Capital : UAE Dh 10,000
Paid up Capital : UAE Dh 10,000
Total Workforce : 35
Activities : Distributors, repairers and maintainers of refrigeration, sanitary and
marine equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ALFA LAVAL MIDDLE EAST LTD
Registered &
Physical Address
Location : Plot No. 518B, Building No. 13
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 21467
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3471200
Facsimile : (971-4) 3471601
Email : alme.marketing@alfalaval.com / ali.kariyil@alfalaval.com
Premises
Subject operates from
a medium sized suite of offices and a warehouse that are rented and located in
the Industrial Area of Dubai.
Name Position
·
Marios
Eepetrou General
Manager
·
Suhail
Dakkak Human
Resources Manager
·
Ali
Kariyil Administration Executive
Date of Establishment : 7th
August 1994
Legal Form :
Subject is the United Arab
Emirates registered branch of Alfa Laval Middle East
Ltd, a Limited Liability Company incorporated in Cyprus.
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 Cyprus.
Commercial Reg. No. : 42967, Dubai
Trade Licence No. : 235345
(Expires 01/08/2012)
Chamber Member No. : 31581
Issued Capital : UAE Dh 10,000
Paid up Capital : UAE Dh 10,000
Activities: Engaged in the import, distribution, repair
and maintenance of comfort & refrigeration equipment, sanitary equipment, OEM equipment, marine & diesel
equipment, food technology, energy &
technology, process industry technology, biotech and pharmaceutical
technology and desalinization technology.
Import
Countries: Europe and the
United States of America.
Operating Trend: Steady
Subject has a
workforce of 35 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 9,750,000 UAE Dh 10,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local 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.56.74 |
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UK Pound |
1 |
Rs.88.53 |
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Euro |
1 |
Rs.75.20 |
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 |
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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.