|
Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
VOLVO GROUP
MIDDLE EAST |
|
|
|
|
Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, P O Box 261857, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
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|
|
|
Date of Incorporation : |
01.02.2005 |
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|
|
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Com. Reg. No.: |
OVR-5824 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
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|
|
|
Line of Business : |
importer and distributor of lubricants, greases,
refined oil products, heavy equipment and machinery as well as engines and
spare parts. |
|
|
|
|
No of Employees : |
20 |
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 |
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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 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 |
Company Name : VOLVO GROUP MIDDLE EAST
Country of Origin : Malta
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st February 2005
Commercial Registration Number : OVR-5824
Trade Licence Number : 5824
Chamber Membership Number : 103859
Total Workforce : 20
Activities : Distributors of lubricants, greases, refined oil products, heavy
Equipment as well as machinery and engines.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
VOLVO GROUP MIDDLE EAST
Registered &
Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 261857
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8860525 / 8038402 / 8038555
Facsimile : (971-4) 8860520
Email : genevive.fernandes@volvo.com
Premises
Subject operates
from a suite of offices and a warehouse covering 47,500 m2 that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
·
Niranjana
Bose Managing
Director
·
Jan
Magnusson Director
·
Humera
Shaikh Director
Date of Establishment : 1st
February 2005
Legal Form :
Subject is the United Arab
Emirates registered branch of Volvo Group Malta Ltd, a Limited Liability Company
incorporated in Malta.
Volvo Group Middle East 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 Malta.
Commercial Reg. No. : OVR-5824
Trade Licence No. : 5824
(Expires 18/01/2015)
Chamber Member No. : 103859
Activities: Engaged in the import and distribution of
lubricants, greases, refined oil products, heavy equipment and machinery as
well as engines and spare parts.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 20 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.
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
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.60.00 |
|
|
1 |
Rs.102.05 |
|
Euro |
1 |
Rs.81.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.