MIRA INFORM REPORT

 

 

Report Date :

25.07.2014

 

IDENTIFICATION DETAILS

 

Name :

FLOWSERVE GULF FZE

 

 

Registered Office :

Plot No. S10112, Sheikh Zayed Road, Jebel Ali Free Zone, South Zone No. 2, P O Box 17678, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

05.09.2006

 

 

Com. Reg. No.:

1385, Dubai

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Engaged in the manufacture, service and repair of mechanical seals, pumps, gaskets and valves.

 

 

No of Employees :

110

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

 

 

 

SUMMARY

 

Company Name                                     : FLOWSERVE GULF FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 5th September 2006

Commercial Registration Number            : 1385, Dubai

Trade Licence Number                            : 7284

Chamber Membership Number                : 187404

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 110

Activities                                               : Manufacturers of mechanical seals, pumps, gaskets and valves.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

FLOWSERVE GULF FZE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Plot No. S10112

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone, South Zone No. 2

PO Box             : 17678

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8104610 / 8104794

Facsimile          : (971-4) 8863663 / 8863685

Mobile               : (971-50) 5576227

Email                : rnarayan@flowserve.com / fbadami@flowserve.com

 

Premises

Subject operates from a suite of offices and a workshop covering 10,000 square metres that are rented and located in the Jebel Ali Free Zone of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Jim Hamilton                                                                                     Managing Director

 

·       Feroz Badami                                                                                   General Manager

 

·       Johny Valden                                                                                    Marketing Manager

 

·       S Ramchandran                                                                                Sales Manager

 

·       Shanker Boujari                                                                                Human Resources Manager

 

·       Wasim Haider                                                                                   Finance Manager

 

·       Rajev Narayan                                                                                   Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 5th September 2006

 

Legal Form                  : Free Zone Establishment – FZE

 

Commercial Reg. No.  : 1385, Dubai

 

Trade Licence No.       : 7284

 

Chamber Member No. : 187404

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Flowserve Corporation                                                            100%

Texas

United States of America

 

 

AFFILIATED COMPANIES

 

·       Flowserve Al Mansouri LLC

Abu Dhabi

 

 

OPERATIONS

 

Activities: Engaged in the manufacture, service and repair of mechanical seals, pumps, gaskets and valves.

 

Import Countries: Europe and GCC countries.

 

Subject has a workforce of 110 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2013

Amount overdue                                     0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

 

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.60.00

UK Pound

1

Rs.102.19

Euro

1

Rs.80.68

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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.