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Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
ENERGY
ENGINEERING INTERNATIONAL FACILITIES SERVICES LLC |
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Registered Office : |
Twin Tower, Penthouse No. 2, Sheikh Khalifa Street, 13702 Ajman |
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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 : |
24.03.2008 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the provision
of inspection, expediting, vendor assessment, audit and technical
consultation for the gas and oil field industry. |
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No. of Employees : |
35 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 :
ENERGY ENGINEERING INTERNATIONAL FACILITIES SERVICES LLC
Country of Origin : Ajman,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 24th
March 2008
Trade Licence
Number : 4678
Chamber Membership
Number : 50703
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
35
Activities :
Providers of inspection, expediting, vendor assessment, audit and technical
consultation for the gas and oil field industry
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Poornima Nair,
Financial Controller
ENERGY ENGINEERING
INTERNATIONAL FACILITIES SERVICES LLC
Building : Twin Tower, Penthouse
No. 2
Street : Sheikh Khalifa Street
PO Box : 13702
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7419328
Facsimile : (971-6) 7419329
Email : info@energyengg.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Ajman.
Name Nationality Position
·
Nadeem
Shareef Indian Managing
Director
·
Ali
Khalifa Ali Yousef Alsha Emirati Director
·
Allan
Billy - General
Manager
·
Anish
Satin - Accounts
Manager
·
Poornima
Nair - Financial
Controller
Date of Establishment : 24th
March 2008
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 4678
(Expires 22/03/2015)
Chamber Member No. : 50703
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Ali
Khalifa Ali Yousef Alsha 51%
·
Nadeem
Shareef 49%
Activities: Engaged in the provision of inspection, expediting,
vendor assessment, audit and technical consultation for the gas and oil field
industry.
Import
Countries: Europe and the
Far East
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 Sales UAE Dh 5,834,709 UAE Dh 6,122,694
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Ms Poornima Nair, Financial Controller
·
HSBC
Bank Middle East
Main Branch
Ajman
Tel: (971-6) 5537222
Fax: (971-6) 5537880
No complaints
regarding subject’s payments have been reported.
Please note that
subject’s correct name is “Energy Engineering International Facilities Services LLC” and not
“Energy Engineering International Services LLC”.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.10 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.