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Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ENERGY SOLUTIONS |
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Registered Office : |
Sheikh Zayed Bin Al Nahyan Building, Mezzanine Floor No.1 Passport
Road PO Box-2094 Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.05.2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and distribution of electrical equipment, power
generation and transmission instruments. |
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No. of Employees : |
25 |
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 – 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 |
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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 : ENERGY SOLUTIONS
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 25th May 2005
Trade Licence Number : 1071866
Chamber Membership Number : 112686
Invested Capital : UAE Dh 100,000
Total Workforce : 25
Activities : Import and distribution of electrical equipment, power generation and
transmission instruments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ENERGY SOLUTIONS
Building : Sheikh Zayed
Bin Al Nahyan Building, Mezzanine Floor No.1
Street : Passport
Road
PO Box : 2094
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6320800
Facsimile : (971-2)
6320801
Email : sales@energysolutionsad.com
Please note that subject’s previous address was, Sheikh Tahnoon
Building, Office No. 1508, Corniche Road, Abu Dhabi.
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
Name Position
· Majid Salim Khamis
Majid Al Bas Al Suwaidi Proprietor
· Mostafa Sulaiman General
Manager
· Mahesh Elangovan Commercial
Manager
· May Gratetio Financial
Controller
Date of Establishment : 25th May 2005
Legal Form : Sole
Proprietorship
Trade Licence No. : 1071866 (Expires 06/08/2013)
Chamber Member No. : 112686
Invested Capital : UAE Dh 100,000
Mr Majid Salim Khamis Majid Al Bas Al Suwaidi is the sole proprietor of
the business.
Activities: Engaged in the import and distribution of electrical equipment, power
generation and transmission
instruments, including cables and accessories, switchgear and
transformers.
Import Countries: Italy, Germany, United Kingdom, Korea, India,
Egypt and Japan.
International
Suppliers:
· Alcon Italy
· Hyundai Heavy
Industries South Korea
· El Sewedy Cable Egypt
Export Countries: Libya, Sudan and Yemen.
Operating Trend: Steady
Subject has a workforce of 25 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 10,270,000 UAE Dh
10,440,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box: 939
Abu Dhabi
Tel: (971-2) 6962222 / 6962222
Fax: (971-2) 6776499 / 6776499
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.58.27 |
|
|
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
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.