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Report Date : |
14.11.2014 |
IDENTIFICATION DETAILS
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Name : |
UNIVERSAL PARTNERS CORPORATION (LABUAN) |
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|
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Registered Office : |
Hamriyah Free Zone, 52467, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
14.01.2013 |
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Com. Reg. No.: |
10256 |
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|
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the import and distribution of machinery and spare parts for
the oilfield and gas industry as well as general foodstuffs. |
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No of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
Branch of a Foreign Registered Corporation |
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Payment Behaviour : |
Unknown |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 :
UNIVERSAL PARTNERS CORPORATION (LABUAN)
Country of Origin :
Malaysia
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
14th January 2013
Trade Licence Number :
10256
Total Workforce :
5
Activities :
Distributors of machinery and spare parts for the oilfield and gas industry as
well as general foodstuffs
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
R S Emiliano, General Manager
UNIVERSAL PARTNERS CORPORATION (LABUAN)
Registered &
Physical Address
Location : Hamriyah Free
Zone
PO Box : 52467
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5734933
/ 5726616
Facsimile : (971-6)
5736533
Email : upcl@upcl.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Hamriyah Free Zone Area of Dubai.
Name Position
R S Emiliano General
Manager
Abdul Hameed Reza Mazhari Administration
Manager
Date of Establishment : 14th
January 2013
Legal Form : Subject is the United
Arab Emirates registered branch of Universal Partners Corporation
(Labuan), a
Limited Liability Company incorporated in Malaysia.
Universal Partners Corporation
(Labuan) 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 Malaysia.
Trade Licence No. : 10256 (Expires
31/01/2015)
Activities: Engaged in the import and distribution of machinery and spare parts for
the oilfield and gas industry as well as general foodstuffs.
Import Countries: Europe and the Far East
Local Suppliers:
TSC International Dubai
Century International Oil Supply Sharjah
Subject has a workforce of 5 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
Standard Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
Unknown
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a close
monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.56 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.76.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.