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Report No. : |
331203 |
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Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
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Name : |
HONEYWELL AUTOMATION INDIA LIMITED |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box : 17713 & 262263,
Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
26.08.2007 |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the provision of automation and control
solutions |
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No. of Employee : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of a foreign registered corporation |
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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, 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 diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : HONEYWELL
AUTOMATION INDIA LIMITED
Country of Origin : India
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 26th August
2007
Trade Licence Number : 7839
Chamber Membership
Number : 123114
Total Workforce : 30
Activities :
Providers of automation and control solutions.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
HONEYWELL
AUTOMATION INDIA LIMITED
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 17713 &
262263
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8068600
Facsimile : (971-4)
8863797
Subject operates from a medium sized suite of offices that are rented
and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
· Jayant Dhirnindar Managing
Director
· Manik Goel Marketing
Manager
Date of
Establishment : 26th
August 2007
Legal Form : Subject is the
United Arab Emirates registered branch of Honeywell Automation India
Limited, a Limited Liability Company
incorporated in India
A Branch
of a Foreign Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays in the hands of the company where it is
originally
registered.
Under these circumstances, we strongly advise that any international
trade credit should
only
be written under the name of the main company where the subject holds its
registered
office, in this case India.
Trade Licence No. : 7839
Chamber Member No. : 123114
Activities: Engaged in the provision of automation and control solutions.
Import Countries: India
Subject has a workforce of 30 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.
·
Habib Bank Ltd
Trade Service
Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
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.63.57 |
|
|
1 |
Rs.98.22 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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 |
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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 |
|
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.