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Report No. : |
353389 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SOJITZ MIDDLE EAST FZE |
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Registered Office : |
Jafza View-18 (Tower 8), Office No.1608, Jebel Ali Free
Zone, 17178, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.08.1993 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Subject engaged in the import and distribution of
automotive spare parts, including tyres and batteries, agricultural equipment
and electrical fans. |
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No. of Employee : |
9 |
RATING & COMMENTS
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : SOJITZ MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 3rd August 1993
Commercial Registration Number : 69, Dubai
Trade Licence Number : 7119
Chamber Membership Number : 35036
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 9
Activities : Distributors of automotive spare parts, agricultural equipment and
electrical fans.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SOJITZ MIDDLE EAST
FZE
Building :
JAFZA View-18 (Tower 8), Office No.1608
Area :
Jebel Ali Free Zone
PO Box :
17178
Town :
Dubai
Country :
United Arab Emirates
Telephone : (971-4)
8848556 / 8865383 / 8816289
Facsimile :
(971-4) 8848557 / 8865393 / 8816651
Mobile : (971-50) 6564315
Email : ainel.aloysius@sojitz.com
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
· Toru
Fujita Japanese Chief
Executive Officer
· Ainel
Al Oysius - Finance
Manager
· Anksha
Rajwani - Administration
Manager
· Mansour
Rafiq - Sales
Manager
Date
of Establishment : 3rd
August 1993
Legal
Form : Free
Zone Establishment – FZE
Commercial Reg. No. : 69, Dubai
Trade
Licence No. : 7119
(Expires 31/08/2016)
Chamber
Member No. : 35036
Issued Capital : UAE
Dh 2,000,000
Paid up Capital :
UAE Dh 2,000,000
· Sojitz
Corporation 100%
Japan
Activities: Engaged in the import and distribution
of automotive spare parts, including tyres and batteries, agricultural
equipment and electrical fans.
Import Countries: Europe and the Far East
Subject has a workforce of 9 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.
·
Sumitomo Mitsui Banking Corporation
Building
One, 5th Floor
Gate
Precinct
Dubai
International Financial Centre
PO
Box: 506559
Dubai
Tel:
(971-4) 4288000
No complaints regarding subject’s payments have been
reported.
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.66.80 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.72.52 |
|
DH |
1 |
Rs.18.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
AMT |
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|
|
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Report Prepared
by : |
TRU |
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.