MIRA INFORM REPORT

 

 

Report Date :

12.09.2014

 

IDENTIFICATION DETAILS

 

Name :

ABB INDUSTRIES FZE

 

 

Registered Office :

Dubai Airport Free Zone, Plot No. 368 – 678, Sheikh Zayed Road, 4th Interchange, Al Quoz Industrial Area No. 3, PO Box: 293712, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

28.01.2007

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Subject is engaged in the import, assembly and distribution of power and automation products and systems.

 

 

No of Employees :

100

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 01, 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 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

 

 SUMMARY

 

Company Name                                     : ABB INDUSTRIES FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 28th January 2007

Trade Licence Number                            : 1221

Chamber Membership Number                : 116335

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 100

Activities                                               : Assembly and distribution of power and automation products and  systems

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Abdul Aziz, Commercial Manager

 

 

COMPANY NAME

 

ABB INDUSTRIES FZE

 

 

ADDRESS

 

Registered Address

 

Location        : Dubai Airport Free Zone

 

Town                 : Dubai

Country             : United Arab Emirates

 

Physical Address

 

Building             : Plot No. 368 - 678

Street               : Sheikh Zayed Road, 4th Interchange

Area                 : Al Quoz Industrial Area No. 3

 

PO Box             : 293712

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3147500 / 2993160

Facsimile          : (971-4) 3401541 / 3401771 / 2993159

Email                : abbdubai@emirates.net.ae / abdul.aziz@ae.abb.com / malin.knaur@ae.abb.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Dubai.

 

Branch Offices

 

Location                                                                                                       Description

 

·       Concord Tower, 13th Floor                                                                               Office premises

Dubai Media City

PO Box: 11070

Dubai

Tel: (971-4) 4241900

Fax: (971-4) 4380470

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Derick Andrade Uppinakudru                             Indian                                     Managing Director

 

·       Hans Gallankool                                                   -                                        Director

 

·       Malin Knaur                                                         -                                        Finance Manager

 

·       Abdul Aziz                                                           -                                        Commercial Manager

 

·       Thomas Hogfros                                                   -                                        Legal Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th January 2007

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 1221

 

Chamber Member No. : 116335

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                                       Percentage

 

·       ABB Asea Brown Boveri Ltd                                                   100%

     Affolternstr. 54

     PO Box: 8131

     CH-8050 Zurich

     Switzerland

     Tel: (41-43) 3177111

     Fax: (41-43) 3174420

 

 

AFFILIATED COMPANIES

 

·       ABB International Marketing Ltd

     ENOC Building, 2nd Floor

     PO Box: 11070

     Dubai

     Tel: (971-4) 3179688

     Fax: (971-4) 3342597

 

·       ABB Energy Automation SpA

Al Ghaith Office Tower, 15th Floor

Hamdan Street

PO Box: 45710

Abu Dhabi

Tel: (971-2) 6264062

Fax: (971-2) 6263230

 

·       ABB Transmission & Distribution Ltd

Al Ghaith Office Tower, 15th Floor

Hamdan Street

PO Box: 45710

Abu Dhabi

Tel: (971-2) 6272232

Fax: (971-2) 6273223

 

·       ABB FZ

     Dubai Media City

     Dubai

 

·       ABB Industries LLC

ABB House

Al Quoz Industrial, Interchange No. 4

PO Box: 11070

Dubai

Tel: (971-4) 3401777

Fax: (971-4) 3401530

 

 

OPERATIONS

 

Activities: Engaged in the import, assembly and distribution of power and automation products and systems.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

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.

 

BANKERS

 

·       Emirates National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.92

UK Pound

1

Rs.98.66

Euro

1

Rs.78.64 

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.