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Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Dhafir Switchgear LLC |
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|
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Registered Office : |
Villa No. 6,
Street No. 10, P O Box 62192, 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 : |
13.10.2008 |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Manufacturers of
low voltage switchgear panels. |
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No. of Employees : |
95 |
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) |
|
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 : DHAFIR
SWITCHGEAR LLC
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 13th
October 2008
Industrial Licence
Number : 1570
Chamber Membership
Number : 384173
Issued Capital : UAE Dh
250,000
Paid up Capital : UAE Dh 250,000
Total Workforce : 95
Activities :
Manufacturers of low voltage switchgear panels.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abhay Vidwan, Projects Manager
DHAFIR SWITCHGEAR
LLC
Building : Villa No. 6
Street : Street No. 10
PO Box : 62192
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6735000
Facsimile : (971-2) 6412888
Email : info@dhafirswitchgear.ae
Please note that
subject’s previous address was, Dhafir Tower, Electra Street, Abu Dhabi.
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Branch Office
(s)
Location Description
·
Mussafah
Industrial Area Factory
premises
Abu Dhabi
Tel: (971-2) 5557900
Fax: (971-2) 5557899
Name Nationality Position
·
Abdulrahman
Riziq Barjas American Managing
Director
·
Sultan
Abdullah Mohamed Al Hamili Emirati Director
·
S
Charles - Finance
Manager
·
Abhay
Vidwan - Projects
Manager
·
Manoj Jacoub - Assistant
Finance Manager
·
Ammar Hamdan - Chief
Executive Officer
Date of Establishment : 13th
October 2008
Legal Form :
Limited Liability Company -
LLC
Industrial Licence No. : 1570 (Expires 10/11/2013)
Chamber Member No. : 384173
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
·
Sultan
Abdullah Mohamed Al Hamili 51%
·
Abdulrahman
Riziq Barjas 49%
·
Dhafir
General Trading
Abu Dhabi
Lic No. 10012152
·
Dhafir
Engineering Co
Abu Dhabi
Lic No. 1032566
·
Dhafir
Switchgear LLC
Al Emadi Business Center
C Ring Road
PO Box: 16268
Doha
Qatar
Tel: (974) 44763878
Fax: (974) 44763887
Activities: Engaged
in the manufacture of low voltage switchgear panels.
Import
Countries: Europe and GCC counties.
Brands: LEGRAND, SCHNEIDER ELECTRIC and CLIPSAL
Operating Trend: Steady
Subject has a
workforce of 95 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 65,000,000 UAE Dh 67,000,000
Local sources
consider subject’s financial condition to be Fair.
·
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.
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.54.28 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.