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Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
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Name : |
BLUE STAR MIDDLE EAST |
|
|
|
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Registered Office : |
Unit No. 1710, Jumeirah Bay - X3 Tower, Jumeirah Lake Towers, 103803,
Dubai |
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|
Country : |
United Arab Emirates |
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|
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Date of Incorporation : |
25.12.2011 |
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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 chillers with screw and hermetic
scroll compressors, a wide range of air handling and fan coil units, ductable
packaged and ductable split air conditioners including the heat pump version,
window and split air conditioners, deep freezers, cold rooms, water coolers
and specialized air conditioners for precision control applications, Variable
Refrigerant Flow (VRF) Systems with digital scroll technology and process
chillers with frequency modulation. |
|
|
|
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No of Employees : |
06 |
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 : |
Branch of a Foreign Registered Corporation |
|
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 – 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 : BLUE STAR
MIDDLE EAST
Country of Origin : India
Legal Form : Branch
of a Foreign Registered Corporation
Registration Date : 25th
December 2011
Trade Licence
Number : JLT
67879
Total Workforce : 6
Activities :
Distributors of fans, chillers and air conditioning equipment
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Shalish Wag,
Sales Executive
BLUE STAR MIDDLE
EAST
Location : Unit No. 1710,
Jumeirah Bay - X3 Tower, Jumeirah Lake Towers
PO Box : 103803
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4576728
Facsimile : (971-4)
4576738
Mobile : (971-55)
3230240
Email : hdudani@bluestarindia.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Position
· Hassopartabrai
Dudani General
Manager
· Shalish Wag Sales
Executive
Date of
Establishment : 25th
December 2011
Legal Form : Subject is the
United Arab Emirates registered branch of Blue Star Ltd, a Limited
Liability Company
incorporated in India.
Blue
Star 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 India.
Trade Licence No. : JLT 67879 (Expires 25/12/2014)
Activities: Engaged in the import and distribution of chillers with screw and
hermetic scroll compressors, a wide range of air handling and fan coil units,
ductable packaged and ductable split air conditioners including the heat pump
version, window and split air conditioners, deep freezers, cold rooms, water
coolers and specialized air conditioners for precision control applications,
Variable Refrigerant Flow (VRF) Systems with digital scroll technology and
process chillers with frequency modulation.
Import Countries: Europe and India
Subject has a workforce of 6 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.
·
Commercial Bank of Dubai
Baniyas Street
PO Box: 1709
Deira
Dubai
Tel: (971-4)
2227121 / 2253222
Fax: (971-4)
2220943 / 2254565
No complaints regarding subject’s payments have been reported.
Credit amount 29,000
Amount overdue 0
Payment terms 45
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.61.36 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.