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Report No. : |
302980 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
MJB INTERNATIONAL LTD |
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Registered Office : |
Oilfields Supply Centre, Gate No. 7, R/A No. 9, Exit No. 13 Sheikh Zayed
Road Jebel Ali Free Zone PO Box 11931 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 : |
21.10.2000 |
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Com. Reg. No.: |
57676, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of pumps, engines,
valves and spare parts for turbines |
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No. of Employees : |
15 |
RATING & COMMENTS
|
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) |
|
UAE |
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 |
UAE - 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 :
MJB INTERNATIONAL LTD
Also Known As :
MJB INTERNATIONAL TURBINE SERVICES / MASOOD JOHN BROWN
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
21st October 2000
Commercial Registration Number :
57676, Dubai
Trade Licence Number :
521990
Chamber Membership Number :
61017
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce : 15
Activities :
Distributors of pumps, engines, valves and spare parts for turbines
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sinclair Lidel, Operations Manager
MJB INTERNATIONAL LTD
MJB INTERNATIONAL TURBINE SERVICES / MASOOD JOHN
BROWN
Building :
Oilfields Supply Centre, Gate No. 7, R/A No. 9, Exit No. 13
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 11931
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8836319
/ 2959111
Facsimile : (971-4)
8836486 / 2959222
Email : info@mjbi.com
Subject operates from a small suite of offices and a warehouse covering
an area of 8,270 square metres that are rented and located in the Industrial
Area of Dubai.
Branch Office (s)
Location Description
· PO Box: 332 Office
premises
Abu Dhabi
Tel: (971-2)
6418814
Fax: (971-2)
6418815
Name Nationality Position
· Rahman Mohd
Almasaood Almuhairi Emirati Managing
Director
· Brian Waddell - General
Manager
· Graham Boot - Commercial
Manager
· Alistair Melvin - Accounting
Manager
· Tommy Doyle - Technical
Manager
· Sinclair Lidel - Operations
Manager
Date of
Establishment : 21st October
2000
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 57676, Dubai
Trade Licence No. : 521990 (Expires 20/10/2015)
Chamber Member No. : 61017
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Al Masaood &
Sons 51%
Abu Dhabi
Tel: (971-2)
6722300
· Turbine Services
Ltd 49%
United Kingdom
· Adref
· Advanced
Horticulture
· Advanced Rent a
Car
· Advanced Travel
& Tourism
· Al Masaood
Automobiles
· Al Masaood Bergum
· Al Masaood
Industrial Equipment
· Al Masaood
Jewellery
· Al Masaood
Logistics
· Al Masaood Marine
Transportation
· Al Masaood
National General Contracting LLC
· Al Masaood Oil
Industry Supplies & Services Company
· Al Masaood Power
Engineering
· Al Masaood
Projects & Engineering Services
· Al Masaood
Property
· Al Masaood Travel
· Al Masaood Trucks,
Equipment & Marine Engines
· Al Masaood Tyres
& Accessories
· All Seasons
Flowers
· AM Shipyard
· Aquamotion
· Avenue Design
· Avenue Engineering
Consultant
· Berns Brett
Masaood LLC
· Desert Roses
· Ducati
· Emirates for
American & European Cars LLC
· Emirates for
Universal Tires LLC
· Emirates Mushrooms
· Enviromotion
· Equity Power
· Harley Davidson
· Hippy Chick Deli
· Horse & Course
· Humaid Al Masaood
Software Systems
· KSB Service LLC
· Leaders Insurance
Brokers
· LLJ Property
· Marine Essentials
· Marvel Solutions
LLC
· Masaood
Developments
· Masaood Marine
· MTM Marine
· Mugg & Bean
LLC
· Multigolfe UAE LLC
· Nomad Media
· OEL Apix
· OEL Bearing
Technology
· Opera Gallery
· Osborne Training
Services
· Ready Rocks
Quarries
· Renk UAE LLC
· Resorts
International Property
· Revolution
· Semco
· Sharjah Grand
Hotel
· Sheleila Yacht
Charter
· Solutions Hygiene
LLC
· Specialized Sports
Equipment
· Superior Marinas
· Target
· Timco
· Turbo Power
Services
· X System
· Yellow Boats
Activities: Engaged in the import and distribution of pumps, engines, valves and
spare parts for turbines.
Subject offers the following services:
·
Spare and replacement
parts
·
Component repair
·
Component manufacture
·
Aero derivative gas turbine
services
·
Field maintenance and
engineering services
·
Control system retrofits
·
Power systems training
rotor repair and overhaul
·
Turbine blade repair and
coatings
·
Complete gas turbine
refurbishment
·
Engineering technology
and support
·
Compressor services
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 15 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 13,820,000 UAE Dh
14,350,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
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.
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.61.70 |
|
|
1 |
Rs.93.41 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.