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Report No. : |
328931 |
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Report Date : |
30.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HIMA MIDDLE EAST FZE |
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Registered Office : |
Roundabout No. 8, UC6, Jebel Ali Free Zon, Sheikh Zayed Road, PO Box :
261487, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
16.06.2006 |
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Com. Reg. No.: |
1331, Dubai |
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Legal Form : |
Free Zone
Establishment – FZE |
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Line of Business : |
Subject is engaged in the provision of safety related automation solutions such as the following systems, high integrity pressure protection, burner anagement, emergency shutdown, fire and gas, also turbo machinery control, pipeline automation and protection, logistics and machine safety and rail sector |
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No. of Employee : |
15 |
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) |
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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.
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Source : CIA |
Company Name :
HIMA MIDDLE EAST FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
16th June 2006
Commercial Registration Number :
1331, Dubai
Trade Licence Number :
6953
Chamber Membership Number :
109821
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
15
Activities :
Providers of safety related automation solutions
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Denaish Kamaka, Finance Manager
HIMA MIDDLE EAST
FZE
Building : Roundabout
No. 8, UC6
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 261487
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8834489
Facsimile : (971-4)
8834778
Email : hima_med@emirates.net.ae / info.hme@hima.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Position
· Denise Sanada Managing
Director
· Denaish Kamaka Finance
Manager
· Muntalib Khan Sales
Manager
· Jay Shanker Accountant
Date of
Establishment : 16th
June 2006
Legal Form : Free Zone
Establishment – FZE
Commercial Reg. No. : 1331, Dubai
Trade Licence No. : 6953 (Expires 15/06/2016)
Chamber Member No. : 109821
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Hima Beteiligungen
GMBH 100%
Germany
Activities: Engaged in the provision of safety related automation solutions such as
the following systems, high
integrity pressure protection, burner
management, emergency shutdown, fire and gas, also turbo
machinery control, pipeline automation and
protection, logistics and machine safety and rail sector.
Import Countries: Europe and the Far East.
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 67,650,000 UAE Dh
70,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Denaish Kamaka, Finance Manager
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.91 |
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|
1 |
Rs.100.40 |
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Euro |
1 |
Rs.70.41 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
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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.