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Report No. : |
328330 |
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Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
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Name : |
POWER SOLUTION INDUSTRIES LLC |
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Registered Office : |
No. 501 A Al Zarouni Building, Sheikh Zayed Road, Al Barsha – 1, PO Box
: 113403, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
14.02.2004 |
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Com. Reg. No.: |
1021821, Dubai |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Subject is engaged in the manufacture of cable management systems |
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No. of Employee : |
150 |
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 : |
Satisfactory |
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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 |
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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 :
POWER SOLUTION INDUSTRIES LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
14th February 2004
Commercial Registration Number :
1021821, Dubai
Trade Licence Number :
553475
Chamber Membership Number :
84390
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
150
Activities :
Manufacturers of cable management systems
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
POWER SOLUTION INDUSTRIES LLC
Building : No. 501 A Al
Zarouni Building
Street : Sheikh Zayed
Road
Area : Al Barsha -
1
PO Box : 113403
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3996671
Facsimile : (971-4)
3996672
Mobile : (971-50)
4552371
Email : sajjad@powersolutionme.com / sales@powersolutionme.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· Sanayya Industrial
Area Factory
& sales office premises
Ajman
Tel: (971-6) 7480666
Fax: (971-6) 7486435
· Riyadh Factory
& sales office premises
Saudi Arabia
· Jeddah Factory
& sales office premises
Saudi Arabia
Name Nationality Position
· Sajjad Hyder Shawl Indian Managing
Director
· Mamoor Elabi
Manzoor Elabi Pakistani Director
· Shaikha Ibrahim
Kajoor Emirati
Director
Date of
Establishment : 14th February
2004
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1021821, Dubai
Trade Licence No. : 553475 (Expires 13/02/2016)
Chamber Member No. : 84390
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Shaikha Ibrahim
Kajoor 51%
· Sajjad Hyder Shawl 25%
· Mamoor Elabi
Manzoor Elabi 24%
Activities: Engaged in the
manufacture of cable management systems.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 150 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 61,000,000 UAE Dh 62,380,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on
estimations by our local sources.
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
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.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
ASH |
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 |
|
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 |
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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.