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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ROLLS ROYCE MARINE SINGAPORE PTE LTD |
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|
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Registered Office : |
Oil Fields Supply
Centre, Office No. B-47, Roundabout No. 8, Jebel Ali Free Zone, P O Box 261103, 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 : |
01.02.2003 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the
provision of marine services, including distribution of heavy machinery and
maintenance of equipment. |
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No of Employees : |
35 |
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 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 : ROLLS ROYCE MARINE SINGAPORE PTE LTD
Country of Origin : Singapore
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st February 2003
Trade Licence Number : 626330
Total Workforce : 35
Activities : Providers of marine services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ashish Shah, Financial Controller
ROLLS ROYCE MARINE SINGAPORE PTE LTD
Registered &
Physical Address
Location : Oil Fields Supply Centre, Office
No. B-47, Roundabout No. 8
Area : Jebel Ali Free Zone
PO Box : 261103
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8833881 / 8833891
Facsimile : (971-4) 8833882
Email :
jacob.oommen@rolls-royce.com / ravi.k@rolls-royce.com /
satish.cheemalakonda@rolls-royce.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
Name Position
·
Ravi Kochukunju General
Manager
·
Jacob Oommen Sales
Manager
·
Satish
Cheemalakonda Finance
Manager
·
Ashish
Shah Financial
Controller
Date of Establishment 1st
February 2003
Legal Form Subject is the United Arab Emirates
registered branch of Rolls Royce Singapore Pte Ltd, a Limited Liability
Company incorporated in Singapore.
Rolls Royce Singapore Pte 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 Singapore.
Trade Licence No. 626330
(Expires 20/06/2014)
Activities: Engaged in the provision of marine services,
including distribution of heavy machinery and maintenance of equipment.
Import
Countries: Singapore
Operating Trend: Steady
Subject has a
workforce of 35 employees.
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Revenue UAE Dh 44,046,807 UAE Dh 47,237,079
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ashish Shah, Financial Controller
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
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.