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Report Date : |
26.06.013 |
IDENTIFICATION DETAILS
|
Name : |
SIEMENS MIDDLE EAST LTD |
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Registered Office : |
Masdar City, Ground Floor, Number 6 SAFF2, PO Box: 135066, Abu Dhabi |
|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
16.08.2012 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of medical products. |
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|
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No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
---- |
NB |
New Business |
---- |
|
Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 :
SIEMENS MIDDLE EAST LTD
Country of Origin :
Germany
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
16th August 2012
Trade Licence Number :
11232
Chamber Membership Number :
575127
Total Workforce :
5
Activities :
Distributors of medical products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
SIEMENS MIDDLE EAST LTD
Registered &
Physical Address
Location : Masdar City,
Ground Floor, Number 6 SAFF2
PO Box : 135066
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6393666
/ 6219288
Facsimile : (971-2)
6393666
Email : siemens@siemens.com
/ sualiha.iqbal@siemens.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
Branch Office (s)
Location Description
Gallery Building No. 2, 8th Floor Office premises
Jebel Ali Free Zone
PO Box: 2154
Dubai
Tel: (971-4) 3660000
Fax: (971-4) 3660500
Name Position
Zwingen Berger Chief
Executive Officer
Refael Herok Business Development Manager
Date of Establishment : 16th
August 2012
Legal Form : Subject is the
United Arab Emirates registered branch of Siemens AG, a Limited Liability
Company incorporated in Germany.
Siemens Middle East Ltd in the United Arab
Emirates, operates as a Branch of a Foreign Registered Corporation with
its registered office located at the following address:
Siemens AG
Wittelsbacherplatz 2
80333 Munich
Germany
Tel:
(49-89) 63600
Fax:
(49-89) 63634242
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 Germany.
Trade Licence No. : 11232
Chamber Member No. : 575127
Siemens LLC
Abu Dhabi
Tel: (971-2) 6165100 / 6165101
Activities: Engaged in the
import and distribution of medical products.
Import Countries: Germany
Subject has a workforce of 5 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
National Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
No complaints regarding subject’s payments have been reported.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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.