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Report No. : |
302676 |
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Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
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Name : |
KONE MIDDLE EAST CO LLC |
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Registered Office : |
U Bora Tower, 41st Floor, Al Abraj Street & Al Khaleej
Street, Business Bay, PO Box 21474, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.06.2002 |
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Com. Reg. No.: |
59446 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of lifts and escalators and
related spare parts. |
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No. of Employee : |
110 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
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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 :
KONE MIDDLE EAST CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
2nd June 2002
Commercial Registration Number :
59446, Dubai
Trade Licence Number :
534516
Chamber Membership Number :
69368
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
110
Activities :
Distributors of lifts and escalators and related spare parts
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Soman Niar, Sales Manager
KONE MIDDLE EAST CO LLC
Registered &
Physical Address
Building : U Bora Tower,
41st Floor
Street : Al Abraj
Street & Al Khaleej Street
Area : Business Bay
PO Box : 21474
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2794500
/ 2221393
Facsimile : (971-4)
4254394 / 2226292
Mobile : (971-50)
7060033
Email : dubai@kone.com
/ devis.paul@kone.com
/ jani.palkola@kone.com
/ sonam.niar@kone.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dubai.
Name Position
Samer Halabi Managing
Director
Devies Paul Financial
Controller
Jani Polaka Marketing
Manager
Soman Niar Sales
Manager
Date of Establishment : 2nd
June 2002
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 59446, Dubai
Trade Licence No. : 534516 (Expires
27/05/2015)
Chamber Member No. : 69368
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Gibca Ltd Co LLC 51%
PO Box: 289
Sharjah
Tel: (971-6) 5333333
Fax: (971-6) 5333444
Kone Elevators OY 49%
Keilasatama 3
Espoo 02150
Finland
Tel: (358-0) 204751
Fax: (358-0) 204754496
Activities: Engaged in the import and distribution of lifts and escalators and
related spare parts.
Import Countries: Finland
International Suppliers:
Kone Elevators OY Finland
Operating Trend: Steady
Subject has a workforce of 110 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 36,285,000 UAE Dh
37,110,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
TPT |
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 |
|
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 |
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-- |
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.