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Report No. : |
338165 |
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Report Date : |
26.08.2015 |
IDENTIFICATION DETAILS
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Name : |
VOESTALPINE
BOHLER WELDING MIDDLE EAST FZE |
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Registered Office : |
Showroom No. S3A2SR04, Jebel Ali South, P O Box: 262840, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
04.03.2009 |
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Com. Reg. No.: |
122568, Dubai |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and
distribution of basic steel products, construction chemicals and welding
accessories. |
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No. of Employees : |
30 |
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 |
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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 |
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 :
VOESTALPINE BOHLER WELDING MIDDLE EAST FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Free
Zone Establishment - FZE
Registration Date : 4th
March 2009
Commercial
Registration Number : 122568,
Dubai
Trade Licence
Number : 114491
Chamber Membership
Number : 173250
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 30
Activities :
Distributors of basic steel products, construction chemicals and welding
accessories
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
VOESTALPINE BOHLER WELDING
MIDDLE EAST FZE
Location : Showroom No. S3A2SR04
Area : Jebel Ali South
PO Box : 262840
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8870704
Facsimile : (971-4) 8870705
Email : info@bwgme.com
/ welding.middle-east@veostalpinepine.com
Please note that
subject’s previous address was, LOB 16, 4th Floor, Office No. 414,
Sheikh Zayed Road, Jebel Ali Free Zone, Dubai.
Subject operates
from a small suite of offices that are rented and located in the Jebel Ali Free
Zone Area of Dubai.
Name Nationality Position
·
Anders
Andersson Swedish Managing Director
·
Salian
Sandish - Technical
Manager
·
Mobeen
Tirmizey - Finance
Manager
·
Sharjeel
Muhammad - Accounting
Manager
·
Irfan
Ahmed Syed - Senior
Accountant
·
Pradeep
Joshi - Commercial
Manager
·
Muhammad
Usman - Administration
Executive
·
Roxsannie
Profugo - Administration
Assistant
Date of Establishment : 4th
March 2009
Legal Form :
Free Zone Establishment –
FZE
Commercial
Reg. No. : 122568, Dubai
Trade Licence No. : 114491
Chamber Member No. : 173250
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Voestalpine
Bohler Welding GmbH 100%
Germany
Activities: Engaged in the import and distribution of
basic steel products, construction chemicals and welding
accessories.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 30 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.
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
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.66.71 |
|
|
1 |
Rs.105.10 |
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Euro |
1 |
Rs.77.11 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.