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Report No. : |
337564 |
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Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
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Name : |
LEGNANO
TEKNOELECTRIC COMPANY MIDDLE EAST FZCO |
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Registered Office : |
Jebel Ali Free
Zone, Plot No: S30803, P O Box: 262887, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
29.04.2009 |
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Com. Reg. No.: |
125090, Dubai |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Manufacture of
Power Transformers and Processors of Electrical Steel. |
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No. of Employees : |
200 |
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 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 |
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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : LEGNANO
TEKNOELECTRIC COMPANY MIDDLE EAST FZCO
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date : 29th
April 2009
Commercial
Registration Number : 125090,
Dubai
Trade Licence
Number : 116057
Chamber Membership
Number : 198887
Issued Capital : UAE Dh
1,500,000
Paid up Capital : UAE Dh
1,500,000
Total Workforce : 200
Activities :
Manufacturers of power transformers and processors of electrical steel
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
LEGNANO
TEKNOELECTRIC COMPANY MIDDLE EAST FZCO
Location : Jebel Ali Free Zone, Plot No:
S30803
PO Box : 262887
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8163500
Facsimile : (971-4) 8163590
Email : info@ltcme.ae
Subject operates from
a large suite of offices and a factory that are rented and located in the Jebel
Ali Free Zone Area of Dubai.
Name Position
·
Mauro
Mereghetti General
Manager
·
Rossella Farronato Finance
Manager
Date of Establishment : 29th
April 2009
Legal Form :
Free Zone Company - FZCO
Commercial Reg. No. : 125090,
Dubai
Trade Licence No. : 116057
Chamber Member No. : 198887
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
·
Legnano
Teknoelectric Company SpA 100%
Via Roma 3
20010 San Giorgio su Legnano
Milan
Italy
Tel: (39-331) 413700
Fax: (39-331) 413790
Activities: Engaged in the manufacture of power transformers
and processors of electrical steel.
Import
Countries: Europe and GCC
counties.
Subject has a
workforce of approximately 200 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
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
No complaints
regarding subject’s payments have been reported.
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.65.25 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
NIT |
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 |
|
|
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.