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Report No. : |
354858 |
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Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MTU MIDDLE EAST
FZE |
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|
|
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Registered Office : |
Jebel Ali Free Zone, Plot No. S3B5SR06, P O Box: 61141, Dubai |
|
|
|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.08.2014 |
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|
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Legal Form : |
Free Zone Establishment - FZE |
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|
|
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Line of Business : |
Import and distribution
of engines and machinery spare parts. |
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|
|
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No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 : MTU MIDDLE
EAST FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 19th
August 2014
Trade Licence
Number : 140560
Chamber Membership
Number : 238773
Issued Capital : UAE Dh
1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce : 20
Activities :
Distributors of engines and machinery spare parts
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
MTU MIDDLE EAST FZE
Location : Jebel Ali Free Zone, Plot No.
S3B5SR06
PO Box : 61141
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8042900 / 8808804 / 4375757
Facsimile : (971-4) 8800105 / 8808805
Subject operates from
a medium sized / large suite of offices and a warehouse that are rented and
located in the Industrial Area of Dubai.
Name Position
·
Douglas
Paul Managing
Director
Date of Establishment : 19th
August 2014
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 140560
(Expires 31/12/2015)
Chamber Member No. : 238773
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Rolls-Royce Power
Systems AG 100%
Germany
Activities: Engaged in the import and distribution of
engines and machinery spare parts.
MTU Middle East is
to support distributors and business partners of MTU, MTU Onsite Energy and
Bergen Engines in 21 countries in the Middle East and North Africa. The goal is
to achieve an even more tightly knit sales and service network. In this region,
high-speed and medium-speed large diesel and gas engines, drive systems and
on-site power generation systems are mainly deployed in electrical power
generation, the oil and gas industry, and to drive trains and agricultural
machinery. MTU, MTU Onsite Energy and Bergen Engines are part
of Rolls-Royce Power Systems within the Land & Sea division
of Rolls-Royce.
Import Countries: Germany and the United Kingdom
Subject has a
workforce of 20 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
Unknown
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of subject’s
business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
UAE Dh |
1 |
Rs.18.08 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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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 |
|
|
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.