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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL ENERGY TECHNOLOGIES LTD |
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Registered Office : |
Sheikh Zayed Road Jebel Ali Free Zone, Plot No. MA-4 PO Box 17490
Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.09.1998 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subjects operations are performed through
the following divisions: ·
Power Distribution Division ·
Turbo Machinery
Division ·
Automation Services
Division ·
Renewable Energy
Division |
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No. of Employees : |
80 |
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 : |
Branch of a foreign registered corporation |
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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 |
|
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 : GLOBAL ENERGY TECHNOLOGIES LTD
Country of Origin : Isle of Man, United Kingdom
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st September 1998
Trade Licence Number : 2030
Chamber Membership Number : 53102
Issued Capital : UAE Dh 2,254,029
Paid up Capital : UAE Dh 2,254,029
Total Workforce : 80
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
GLOBAL ENERGY TECHNOLOGIES LTD
Street : Sheikh Zayed
Road
Area : Jebel Ali Free
Zone, Plot No. MA-4
PO Box : 17490
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8813414
/ 8831797
Facsimile : (971-4)
8813417 / 8831822
Email : getl@emirates.net.ae / info@gblenergy.com
Subject operates from a medium sized suite of offices that are rented
and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
· Naseem Akhtar Indian Managing
Director
Date of
Establishment : 1st
September 1998
Legal Form : Subject is the
United Arab Emirates registered branch of Global Energy Technologies Ltd, a Limited Liability Company incorporated
in Isle of Man, United Kingdom.
Global Energy Technologies Ltd in the United Arab Emirates, operates as
a Branch of a
Foreign
Registered Corporation.
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 Isle of Man, United
Kingdom.
Trade Licence No. : 2030 (Expires 31/08/2014)
Chamber Member No. : 53102
Issued Capital : UAE Dh 2,254,029
Paid up Capital : UAE Dh 2,254,029
· Al Mostajed
Technologies Co LLC
Dubai
· United Power and
Technology Co WLL
Abu Dhabi
Activities: Subjects operations are performed through the following divisions:
·
Power Distribution Division
Engaged in the import
and division of power distribution equipment.
·
Turbo Machinery Division
Engaged in the
import, installation and servicing of turbo machinery.
·
Automation Services Division
Engaged in
the provision of automation solutions.
·
Renewable Energy Division
Engaged in the
provision of renewable energy solutions.
Import Countries: Europe and the Far East
Subject has a workforce of 80 employees.
Companies registered in Dubai, 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.
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
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.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.