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Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
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Name : |
JOHN CRANE MIDDLE EAST FZE |
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Registered Office : |
Plot No. S-20113, South Zone, Jebel Ali Free Zone, PO Box 61040, 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 : |
14.08.2002 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Engaged in the import and distribution of oilfield and natural gas
equipment and related spare parts. |
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No. of Employees : |
36 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source : CIA |
Company Name :
JOHN CRANE MIDDLE EAST FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
14th August 2002
Trade Licence Number :
3338
Chamber Membership Number :
71011
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
36
Activities :
Distributors of oilfield and natural gas equipment and related spare parts.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Deepak Karal, Chief Financial Officer
JOHN CRANE MIDDLE EAST FZE
Location : Plot No.
S-20113, South Zone
Area : Jebel Ali
Free Zone
PO Box : 61040
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8127800
/ 8837766
Facsimile : (971-4)
8862042
Email : jcrane@emirates.net.ae / middle-east.sales@johncrane.co.uk
Subject operates from a medium sized suite of offices covering an area
of 4,000 square metres that are rented and located in the Jebel Ali Free Zone
Area of Dubai.
Name Position
· Stefano Rossisi Managing
Director
· Angela Olson Marketing
Manager
· Daniel Madrid Operations
Manager
· Bilal Al Samadi Quality
Control Manager
· Deepak Karal Chief
Financial Officer
Date of
Establishment : 14th
August 2002
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 3338 (Expires 13/08/2014)
Chamber Member No. : 71011
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· John Crane UK Ltd 100%
Nash Road
Trafford Park
Manchester M17 1SS
United Kingdom
Tel: (44-161)
8722484
Fax: (44-161)
8721654
Activities: Engaged in the import and distribution of oilfield and natural gas
equipment and related spare parts.
Sales,
service and refurbishment of mechanical seals, dry gas seals couplings and
associated hardware.
In March 2012 subject opened its new service and manufacturing facility
in Dubai.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 36 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 269,700,000 UAE Dh
278,400,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Deepak Karal, Chief Financial
Officer
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
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.62.52 |
|
UK Pound |
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
<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.