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Report No. : |
324957 |
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Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
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Name : |
SAMSUNG GULF ELECTRONICS FZE |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box : 61247, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
24.03.1996 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Subject is engaged in the import and distribution of household electrical
products, including refrigerators, washing machines, air conditioning
systems, computer equipment, audio visual equipment and mobile telephones. |
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No. of Employee : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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Source : CIA |
Company
Name :
SAMSUNG GULF ELECTRONICS FZE
Country
of Origin :
Dubai, United Arab Emirates
Legal
Form :
Free Zone Establishment - FZE
Registration
Date : 24th
March 1996
Trade
Licence Number :
7171
Chamber
Membership Number : 34472
Issued
Capital :
UAE Dh 4,000,000
Paid
up Capital :
UAE Dh 4,000,000
Total
Workforce : 25
Activities :
Distributors of household electrical products.
Financial
Condition :
Good
Payments :
Nothing detrimental uncovered
Operating
Trend :
Steady
Person
Interviewed :
Nadeen Alkar, Finance Manager
SAMSUNG GULF
ELECTRONICS FZE
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 61247
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8838416
/ 4406000 / 8065200 / 8123200
Facsimile : (971-4)
8813215 / 4406015
Email : sge1@emirates.net.ae / nadeem.a@samsung.com
Subject operates from a medium sized suite of offices that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
Branch Offices
Location Description
· Dubai Media City Office
premises
Dubai
Tel: (971-4) 4406000
Fax: (971-4) 4406015
Name Position
· Young Soo Kim President
· Chang Jing Kan Managing
Director
· Nadeen Alkar Finance
Manager
· Rajesh Ravendinath Logistics
Manager
Date of
Establishment : 24th
March 1996
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 7171
Chamber Member No. : 34472
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
· Samsung
Electronics 100%
1320-10 Seocho 2
Dong
Seocho-gu
Seoul 137857
South Korea
Tel: (82-2)
22550114
Fax: (82-2)
22550117
Activities: Engaged in the import and distribution of household electrical
products, including refrigerators, washing machines, air conditioning systems,
computer equipment, audio visual equipment and mobile telephones.
Import Countries: South Korea
Operating Trend: Steady
Subject has a workforce of 25 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 348,000,000 UAE Dh
360,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Nadeen Alkar, Finance Manager
·
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
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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 |
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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 |
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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 |
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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 |
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<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.