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Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
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Name : |
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE LTD |
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Registered Office : |
Green Corner
Building, 5th Floor, Office No. 509, Al Riqqa Road, Bur Dubai, P O
Box 60757, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.05.1991 |
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Com. Reg. No.: |
37022, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
importer and distributor of steel products, non
ferrous metals, coal and textiles. |
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No. of Employees : |
35 |
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 : |
Branch of a Foreign Registered Corporation |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
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 |
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 : SWISS SINGAPORE OVERSEAS ENTERPRISES PTE LTD
Country of Origin : Singapore
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 16th May 1991
Commercial Registration Number : 37022, Dubai
Trade Licence Number : 227997
Chamber Membership Number : 40411
Total Workforce : 35
Activities : Distributors of steel products, non ferrous metals, coal and textiles
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Santi Chand Jain, Finance Manager
SWISS SINGAPORE
OVERSEAS ENTERPRISES PTE LTD
Registered &
Physical Address
Building : Green Corner Building, 5th
Floor, Office No. 509
Street : Al Riqqa Road
Area : Bur Dubai
PO Box : 60757
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2222720 / 2275062
Facsimile : (971-4) 2276376 / 2230199
Email : ssoedxb@emirates.net.ae / ssoe.dubai@adityabirla.com / dubai@ssoedxb.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
·
Jebel
Ali Free Zone Rented
warehouse premises
PO Box: 61149
Dubai
Tel: (971-4) 8837345
Fax: (971-4) 8837344
Name Position
·
Rajesh
Somani Managing
Director
·
Krishna Kumar Gupta General
Manager
·
Surnider Lahouti Commercial
Manager
·
Santi Chand Jain Finance
Manager
·
Sudair
Demodaran Sales
Manager
Date of Establishment : 16th
May 1991
Legal Form :
Subject is the United Arab
Emirates registered branch of Swiss Singapore
Overseas Enterprises Ltd, a Limited
Liability Company incorporated in
Singapore.
Swiss Singapore Overseas Enterprises
Ltd in the United Arab Emirates,
operates as a Branch of a
Foreign Registered Corporation with its registered
office located at the following
address :
Swiss Singapore Overseas
Enterprises Ltd
14-01 Shenton House
3 Shenton Way
Singapore 049513
Tel: (65) 2218455
Fax: (65) 2224984
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 Singapore.
Commercial Reg. No. : 37022, Dubai
Trade Licence No. : 227997
Chamber Member No. : 40411
Activities: Engaged in the import and distribution of
steel products, non ferrous metals, coal and textiles.
Import
Countries: The Far East and
South East Asia.
Operating Trend: Steady
Subject has a
workforce of 35 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Consolidated Total
Revenue US$ 3,420,000,000 US$ 3,890,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Santi Chand Jain, 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.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Deutsch
Marks
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
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 |
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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 |
|
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.