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Report No. : |
325506 |
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Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ATLAS COPCO
SERVICES MIDDLE EAST OMC – DUBAI BRANCH |
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Registered Office : |
Warehouse No. 2, Hasa Road, Street 8, Al Quoz Industrial Area No.3, Plot No. 368/471, P O Box: 122778, 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 : |
09.08.2009 |
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Com. Reg. No.: |
1047416, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and
Distribution of Construction Equipment and Machinery. |
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No. of Employees : |
22 |
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 : |
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) |
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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.
|
Source
: CIA |
Company Name : ATLAS
COPCO SERVICES MIDDLE EAST OMC – DUBAI BRANCH
Country of Origin : Bahrain
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 9th
August 2009
Commercial
Registration Number : 1047416,
Dubai
Trade Licence
Number : 627972
Chamber Membership
Number : 175995
Issued Capital : UAE Dh
50,000
Paid up Capital : UAE Dh
50,000
Total Workforce : 22
Activities :
Distributors of construction equipment and machinery.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
ATLAS COPCO
SERVICES MIDDLE EAST OMC – DUBAI BRANCH
Building : Warehouse No. 2
Street : Hasa Road, Street 8
Area : Al Quoz Industrial Area No.3,
Plot No. 368/471
PO Box : 122778
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 7040111
Facsimile : (971-4) 7040294
Mobile : (971-50) 2200935
Email : atlascopco.uae@bhatlascopco.com
Subject operates from
a medium sized suite of offices and a warehouse that are rented and located in
the Industrial Area of Dubai.
Name Position
·
Jean Marincamp Regional
General Manager
·
Mohamed Reda Regional
Business Controller
Date of Establishment : 9th
August 2009
Legal Form :
Subject is the United Arab
Emirates registered branch of Atlas COPCP Services Middle
East, a Limited Liability Company incorporated in Bahrain.
Atlas COPCP Services Middle East
in the United Arab Emirates, operates as a Branch of a
Foreign Registered
Corporation with its registered office located at the following address:
Atlas COPCP Services Middle East
NBB
Tower, 14th Floor
Government Avenue
PO
Box: 2960
Manama 316
Bahrain
Tel:
(973-17) 221551 / 221552
Fax:
(973-17) 229566
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 Bahrain.
Commercial Reg. No. : 1047416,
Dubai
Trade Licence No. : 627972
(Expires 08/08/2015)
Chamber Member No. : 175995
Issued Capital : UAE Dh 50,000
Paid up Capital : UAE Dh 50,000
Activities: Engaged in the import and distribution of construction
equipment and machinery.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 22 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 16,310,000 UAE Dh 16,900,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Arab
Bank for Investment & Foreign Trade
PO Box: 5549
Dubai
Tel: (971-4) 2220151
Fax: (971-4) 2223431
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.63.90 |
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|
1 |
Rs.97.98 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
-- |
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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.