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Report No. : |
332450 |
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Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ZF SERVICE MIDDLE
EAST LLC |
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|
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Registered Office : |
Kharbash Investment
Company, Ras Al Khor Road, Ras Al Khor Area, Industrial Area 1, P O Box:
60203 & 76883, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
02.01.2011 |
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Com. Reg. No.: |
1069602, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and distribution of automobile and boat spare parts. Subject
also provides air conditioning, painting, electrical and mechanical repair
services. |
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No. of Employees : |
53 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
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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 : ZF SERVICE
MIDDLE EAST LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 2nd
January 2011
Commercial
Registration Number : 1069602,
Dubai
Trade Licence
Number : 648397
Chamber Membership
Number : 189207
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 53
Activities :
Distribution of automobile and boat spare parts
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
ZF SERVICE MIDDLE EAST
LLC
Building : Kharbash Investment Company
Street : Ras Al Khor Road
Area : Ras Al Khor Area, Industrial
Area 1
PO Box : 60203 & 76883
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3331389 / 3331530
Facsimile : (971-4) 3334165
Email : kristina.spies@zf.com / info.me@zf.com
Subject operates from
a medium sized suite of offices that are rented and located in the Industrial
Area of Dubai.
Branch Office
(s)
Location Description
·
Kuwait Office
premises
·
Qatar Office
premises
Name Nationality Position
·
Omar
Ali Obaid Al Suwaidi Emirati Managing Director
Date of Establishment : 2nd
January 2011
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1069602,
Dubai
Trade Licence No. : 648397
(Expires 01/01/2016)
Chamber Member No. : 189207
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Omar
Ali Obaid Al Suwaidi 51%
·
ZF
Middle East FZE 49%
Germany
Activities: Engaged
in the import and distribution of automobile and boat spare parts. Subject also
provides air
conditioning, painting, electrical
and mechanical repair services.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 53 employees.
Companies
registered in Dubai are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
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|
|
|
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 |
|
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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 |
-- |
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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.