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Report No. : |
328173 |
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Report Date : |
26.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ALFA LAVAL MIDDLE
EAST LTD |
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Registered Office : |
Plot No. 518B, Building No. 13, Sheikh Zayed Road, Street No. 6, Al Quoz Industrial Area, P O Box: 21467, 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 : |
07.08.1994 |
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Com. Reg. No.: |
42967, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import,
distribution, repair and maintenance of comfort & refrigeration
equipment, sanitary equipment, OEM equipment, marine & diesel equipment,
food technology, energy & environment technology, process industry
technology, biotech and pharmaceutical technology and desalinization
technology. |
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No. of Employees : |
35 |
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 : |
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 |
|
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 : ALFA LAVAL
MIDDLE EAST LTD
Country of Origin : Cyprus
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 7th
August 1994
Commercial
Registration Number : 42967,
Dubai
Trade Licence
Number : 235345
Chamber Membership
Number : 31581
Issued Capital : UAE Dh
10,000
Paid up Capital : UAE Dh
10,000
Total Workforce : 35
Activities : Distributors, repairers and maintainers of
refrigeration, sanitary
and marine equipment.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Masood Ahmed, Assistant Finance Manager
ALFA LAVAL MIDDLE
EAST LTD
Location : Plot No. 518B, Building No. 13
Street : Sheikh Zayed Road, Street No. 6
Area : Al Quoz Industrial Area
PO Box : 21467
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3471200
Facsimile : (971-4) 3471601
Email : alme.marketing@alfalaval.com / ali.kariyil@alfalaval.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
·
Ananda Padmanabhan General
Manager
·
John
Batmanian Human
Resources Manager
·
Eugenia Luckuk Finance
Manager
·
Masood Ahmed Assistant
Finance Manager
·
Marwan
Beg Sales
Manager
·
Ali
Kariyil Administration
Executive
Date of Establishment : 7th
August 1994
Legal Form :
Subject is the United Arab
Emirates registered branch of Alfa Laval Middle East
Ltd, a Limited Liability Company incorporated in Cyprus.
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 Cyprus.
Commercial Reg. No. : 42967, Dubai
Trade Licence No. : 235345
(Expires 01/08/2015)
Chamber Member No. : 31581
Issued Capital : UAE Dh 10,000
Paid up Capital : UAE Dh 10,000
·
Alfa Laval
Al Gurg
Dubai
Activities: Engaged in the import, distribution, repair
and maintenance of comfort & refrigeration equipment, sanitary equipment,
OEM equipment, marine & diesel equipment, food technology, energy &
environment technology, process industry technology, biotech and pharmaceutical
technology and desalinization technology.
Import
Countries: Europe and the
United States of America.
Operating Trend: Steady
Subject has a
workforce of 35 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
11,460,000 UAE Dh
12,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
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.63.61 |
|
|
1 |
Rs.99.79 |
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Euro |
1 |
Rs.71.17 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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.