MIRA INFORM REPORT

 

 

Report Date :

29.05.2013

 

IDENTIFICATION DETAILS

 

Name :

KONE MIDDLE EAST LLC

 

 

Registered Office :

Gibca Building, 3rd Floor, Office No. 031, Khalifa Street, Abu Dhabi

 

 

Country :

United Arab Emirates  

 

 

Date of Incorporation :

08.02.2003

 

 

Com. Reg. No.:

52385, Abu Dhabi

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors and installers of elevators and escalators and related spare parts

 

 

No. of Employees :

50

 

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

 

Status :

Satisfactory 

 

 

Payment Behaviour :

No  Complaints

 

 

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

 

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

SUMMARY

 

Company Name                                    : KONE MIDDLE EAST LLC

Country of Origin                                   : Abu Dhabi, United Arab Emirates

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 8th February 2003

Commercial Registration Number           : 52385, Abu Dhabi

Trade Licence Number                           : 1049205

Chamber Membership Number               : 96265

Issued Capital                                       : UAE Dh 150,000

Paid up Capital                                     : UAE Dh 150,000

Total Workforce                                     : 50

Activities                                               : Distributors and installers of elevators and escalators and related spare

                                                              parts.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

KONE MIDDLE EAST LLC

 

 

Company ADDRESS

 

Registered & Physical Address

Building            : Gibca Building, 3rd Floor, Office No. 031

Street               : Khalifa Street

Town                : Abu Dhabi

Country             : United Arab Emirates

Telephone         : (971-2) 6265226

Facsimile          : (971-2) 6262051

Email                : moufid.hilal@kone.com

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Abu Dhabi.

 

 

KEY PRINCIPALS

 

     Name                                                                                                           Position

·       Mofeed Hilal                                                                                                 General Manager

·       Fadi Doleh                                                                                                   Commercial Manager

·       Tamer Raslan                                                                                               Technical Manager

·       Rajesh Moorkath                                                                                           Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 8th February 2003

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 52385, Abu Dhabi

 

Trade Licence No.        : 1049205

 

Chamber Member No.  : 96265

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)

 

·       Gibca Co Ltd

Abu Dhabi

 

·       Kone Elevators OY

Keilasatama 3

Espoo 02150

       Finland

       Tel: (358-0) 204751

Fax: (358-0) 204754496

 

 

AFFILIATED COMPANIES

 

·       Kone Middle East Co LLC

Al Salemiya Tower

Baniyas Road

Rigga Al Bateen

PO Box: 21474

Dubai

Tel: (971-4) 2221393

Fax: (971-4) 2226292

 

 

OPERATIONS

 

Activities: Engaged in the import, distribution and installation of elevators and escalators and related spare parts.

 

Import Countries: Finland

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

Companies registered in Abu Dhabi, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Abu Dhabi

Sheikh Khalifa Street

PO Box: 4

Abu Dhabi

Tel: (971-2) 6345777 / 6327113 / 6335262

Fax: (971-2) 6336078

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.55.74

UK Pound

1

Rs.84.17

Euro

1

Rs.72.03

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.