MIRA INFORM REPORT
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Report Date : |
22.05.2013 |
IDENTIFICATION DETAILS
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Name : |
GE WATER & PROCESS TECHNOLOGIES MIDDLE
EAST FZE |
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Registered Office : |
Plot No. S20143, Sheikh
Zayed Road, Jebel Ali Free Zone, P O Box 261939, Dubai |
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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 : |
09.11.2005 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Import and distribution of water filtration equipment (membranes), water recycling & pre-treatment, water softening and conditioning equipment, water treatment equipment and supplies |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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United Arab
Emirates |
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 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.
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Source : CIA |
Company Name : GE WATER & PROCESS TECHNOLOGIES MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 9th November 2005
Trade Licence Number : 6435
Chamber Membership Number : 102239
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 60
Activities : Import and distribution of water filtration equipment (membranes), water
recycling & pre-treatment, water softening and conditioning equipment,
water treatment equipment and supplies.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shanker Kuppu Swamy, Finance Manager
GE WATER &
PROCESS TECHNOLOGIES MIDDLE EAST FZE
Registered &
Physical Address
Building : Plot No. S20143
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 261939
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8101700 / 8101777
Facsimile : (971-4) 8101888
Email : gewater.uae@ge.com
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Jebel Ali
Free Zone, Dubai.
Name Position
·
Robert
Hultz Vice
President
·
Walid
Khoury General
Manager
·
Shanker
Kuppu Swamy Finance
Manager
·
Ali Bin
Hag Hamida Regional
Manager
·
Jawad
Olmari Procurement
Manager
·
Mike
Johnson Sales
Manager
Date of Establishment : 9th
November 2005
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 6435
Chamber Member No. : 102239
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
GE
Europe NV 100%
Netherlands
Activities: Engaged in the import and distribution of water
filtration equipment (membranes), water recycling & pre- treatment, water
softening and conditioning equipment, water treatment equipment and supplies.
Import
Countries: Netherlands and
the United States of America
Operating Trend: Steady
Subject has a
workforce of 60 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue US$ 48,300,000 US$ 51,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Shanker Kuppu Swamy, Finance Manager
·
Commercial
Bank of Dubai
Jebel Ali Branch
PO Box: 2668
Dubai
Tel: (971-4) 8818882
Fax: (971-4) 8812252
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.55.04 |
|
UK Pound |
1 |
Rs.83.95 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.