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Report No. : |
324973 |
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Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
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Name : |
DORMA INDIA
(BRANCH) |
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Registered Office : |
Dorma Building, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box: 17268, 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 : |
24.11.2008 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and
Distribution of Door Controls and Fittings. |
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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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
|
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 : DORMA
INDIA (BRANCH)
Country of Origin : Germany
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 24th
November 2008
Trade Licence
Number : 108979
Chamber Membership
Number : 159787
Total Workforce : 15
Activities :
Import and distribution of door controls and fittings
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ganesh Radhakrishan, Assistant Accounts
Manager
DORMA INDIA
(BRANCH)
Building : Dorma Building
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17268
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8020400 / 8869100 / 8020394 /
8020401 / 8020418
Facsimile : (971-4) 8869101
Email : dorma@dormagulf.com / enquiry@dormaindia.com
Subject operates
from a small suite of offices that are rented and located in the Jebel Ali Free
Zone, Dubai.
Name Position
·
Juan
Vela General
Manager
·
Omar
Hamood Sales
Manager
·
Nasim
Al Yusef Marketing
Manager
·
Sridara
Srinivasan Finance
Manager
·
Satish
Mohan Accounts
Manager
·
Ganesh Radhakrishan Assistant
Accounts Manager
·
Altaf
Afreedi Marketing
Manager
·
Aryan
Halili Human
Resources Officer
Date of Establishment : 24th
November 2008
Legal Form :
Subject is the United Arab
Emirates registered branch of Dorma GmbH & Co KG, a Limited
Liability Company incorporated in Germany.
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 Germany.
Trade Licence No. : 108979
(Expires 14/10/2015)
Chamber Member No. : 159787
·
Dorma Gulf
Doors FZE
Jebel Ali Free Zone
PO Box: 17268
Dubai
United Arab Emirates
Tel: (971-4) 8020400
Activities: Engaged in the import and distribution of
door controls and fittings.
Import
Countries: Germany and
India
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
138,408,165 UAE Dh
145,035,080
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ganesh Radhakrishan,
Assistant Accounts Manager
·
Emirates
Bank International Ltd
Jebel Ali Free Zone Branch
PO Box: 2923
Dubai
Tel: (971-4) 8815551
Fax: (971-4) 8815545
·
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.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
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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 |
|
|
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 |
-- |
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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.