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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
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Name : |
GENCOR TECHNOLOGY SYSTEMS FZE |
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Registered Office : |
Warehouse No. RA08WF04 Jebel Ali Free Zone (North) PO Box 261398 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
04.04.2013 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject is engaged as an engineering company specialising in power generation
with a scope of services covering the
manufacturing, sales and rental of diesel powered generators, spare parts and
allied equipment |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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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 |
UAE - 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 :
GENCOR TECHNOLOGY SYSTEMS FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
4th April 2013
Trade Licence Number :
136423
Chamber Membership Number :
158314
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
30
Activities :
Providers of power generation equipment
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Wasif Amin Butt, Operations Manager
GENCOR TECHNOLOGY SYSTEMS FZE
Building :
Warehouse No. RA08WF04
Area : Jebel Ali
Free Zone (North)
PO Box : 261398
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8808251
Facsimile : (971-4) 8808785
Email : info@gencortech.com
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 Nationality Position
· Omar Saeed Pakistani Managing
Director
· Wasif Amin Butt - Operations
Manager
· Ravi Kumar - Sales
Manager
· Zakeer Khan - Financial
Controller
Date of
Establishment : 4th
April 2013
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 136423
Chamber Member No. : 158314
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
· Omar Saeed 100%
Activities: Engaged as an engineering company specialising in power generation with
a scope of services covering the
manufacturing, sales and rental of diesel powered generators, spare parts and
allied equipment.
Subject has expertise in the field of assembly and testing of silent and
open type diesel power generators.
Import Countries: Italy, France and the United Kingdom
International Suppliers:
· Perkins United
Kingdom
· CTE Italy
· Mitsubishi France
Brand Names: GENCOR
Subject has a workforce of 30 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
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.61.48 |
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|
1 |
Rs.98.24 |
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Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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.