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Report No. : |
334088 |
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Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
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Name : |
LUCY MIDDLE EAST FZE |
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|
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, Plot No. MO161, PO Box : 17335 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
06.12.1997 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject is engaged in the import and distribution of power generation,
transmission and wireless equipment |
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No. of Employee : |
23 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 :
LUCY MIDDLE EAST FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
6th December 1997
Trade Licence Number : 1828
Chamber Membership Number : 47555
Issued Capital :
UAE Dh 15,000
Paid up Capital :
UAE Dh 15,000
Total Workforce :
23
Activities :
Distribution of power generation, transmission and wireless equipment
Financial Condition :
Undetermined
Payments :
Unknown
LUCY MIDDLE EAST
FZE
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone, Plot No. MO161
PO Box :
17335
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8818228
/ 8129999 / 8832110
Facsimile : (971-4)
8819468 / 8129900 / 8832113
Email : admin@lucyme.ae / salesme@lucyswitchgear.com
Subject operates from a suite of offices and a training facility,
covering 600m2 that are rented and located in the Jebel Ali Free Zone Area of
Dubai.
Name Position
· Ahmed Abdullah General
Manager
· Bassam Hakim Sales
Manager
· Shalaish Shenoy Accounts
Manager
Date of
Establishment : 6th
December 1997
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 1828 (Expires 16/06/2016)
Chamber Member No. : 47555
Issued Capital : UAE Dh 15,000
Paid up Capital : UAE Dh 15,000
· Lucy Switchgear
Limited 100%
Howland Road
Thame
United Kingdom
Tel: (44-1844)
267267
· Lucy Switchgear
Arabia Co Ltd
Saudi Arabia
· Lucy South Africa
South Africa
· Lucy Asia Pacific
Sdn Bhd
Malaysia
· Lucy Electric
(Beijing) Co Ltd
China
Activities: Engaged in the import and distribution of power generation,
transmission and wireless equipment.
Import Countries: Europe and the Far East.
Subject has a workforce of 23 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.
·
Arab Bank for Investment & Foreign Trade
PO Box: 5549
Dubai
Tel: (971-4)
2220151
Fax: (971-4)
2223431
Unknown
According to local sources, subject enjoys a good reputation for the quality
of its products with nothing detrimental uncovered regarding the manner in
which operations are conducted. As such the company is considered to be a fair
trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.96 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
ASH |
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.