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Report No. : |
301216 |
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Report Date : |
06.01.2015 |
IDENTIFICATION DETAILS
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Name : |
GRUNDFOS GULF
DISTRIBUTION FZE |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, Plot No MO0411, Gate No. 5, P O Box: 16768, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
13.12.1989 |
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Com. Reg. No.: |
1521, Dubai |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and
Distribution of Pumps, Engines, Valves and Related Spare Parts. |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
United Arab Emirates |
A2 |
A2 |
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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. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. 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. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. 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 : GRUNDFOS GULF DISTRIBUTION FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Free
Zone Establishment - FZE
Registration Date : 13th
December 1989
Commercial
Registration Number : 1521, Dubai
Trade Licence
Number : 1396
Chamber Membership
Number : 17885
Issued Capital : UAE Dh
62,500,000
Paid up Capital : UAE Dh
62,500,000
Total Workforce : 17
Activities :
Distributors of pumps, engines, valves and related spare parts
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
GRUNDFOS GULF
DISTRIBUTION FZE
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone, Plot No
MO0411, Gate No. 5
PO Box : 16768
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8815166
Facsimile : (971-4) 8815136
Email : grundfos@emirates.net.ae
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
·
Fotios Poulopoulos Greek Managing
Director
·
Jaleel
Majed - Public
Relations Officer
Date of Establishment : 13th
December 1989
Legal Form :
Free Zone Establishment -
FZE
Commercial Reg. No. : 1521, Dubai
Trade Licence No. : 1396
Chamber Member No. : 17885
Issued Capital : UAE Dh 62,500,000
Paid up Capital : UAE Dh 62,500,000
·
Grundfos
Handels AG 100%
Switzerland
Activities: Engaged in the import and distribution of
pumps, engines, valves and related spare parts.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 17 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.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints
regarding subject’s payments have been reported.
Please note that we
were unable to contact the subject directly during our investigation.
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.63.39 |
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|
1 |
Rs.96.85 |
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Euro |
1 |
Rs.75.67 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
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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.