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Report No. : |
310818 |
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Report Date : |
10.03.2015 |
IDENTIFICATION DETAILS
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Name : |
SAINT GOBAIN ABRASIVES |
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Registered Office : |
Office No. 2106, Fortune Tower, Cluster C, Jumeirah Lakes Towers, PO Box
643706, 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 : |
14.04.2005 |
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Legal Form : |
Branch of A Foreign Registered Corporation |
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Line of Business : |
Engaged in the import and distribution of coated and bonded abrasives,
building materials, workshop equipment and machinery. |
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No. of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of 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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. 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. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. 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 :
SAINT GOBAIN ABRASIVES
Country of Origin :
France
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
14th April 2005
Trade Licence Number :
JLT-67006
Total Workforce :
13
Activities :
Distributors of coated and bonded abrasives, building materials,
workshop equipment and machinery.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Murad Ramzan Ali, Finance Manager
SAINT GOBAIN ABRASIVES
Registered &
Physical Address
Location : Office No.
2106, Fortune Tower, Cluster C, Jumeirah Lakes Towers
PO Box :
643706
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4315154
Facsimile : (971-4)
4315434
Mobile : (971-50)
6515205
Email : george.jenten@saint-gobian.com
/ murad.ramzanali@saint-gobian.com
Please note that the subject was previously located at LOB 17, Office
No. 404/405, Jebel Ali Free Zone, PO Box 18260, Dubai.
Premises
Subject operates from a small suite of offices that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
Name Position
Georges Bernard Jentcen General
Manager
Murad Ramzan Ali Finance
Manager
Raja Tanna Sales
Manager
Asif Aziz Accountant
Date of Establishment : 14th
April 2005
Legal Form : Subject is the
United Arab Emirates registered branch of Saint Gobain Abrasifs, a Limited
Liability Company incorporated in France.
Saint Gobain Abrasives in the
United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
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 France.
Trade Licence No. : JLT-67006
Activities: Engaged in the import and distribution of coated and bonded abrasives,
building materials, workshop equipment and machinery.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 13 employees.
Financial highlights provided by local sources are given below:
Currency: Euros (EUR)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales EUR
8,125,000 EUR
8,639,657
Local sources consider subject’s financial condition to be Fair.
The above financial figures were given by Mr Murad Ramzan Ali, Finance
Manager.
Arab Bank Plc
Ittihad Street
PO Box: 11364
Dubai
Tel: (971-4) 2228845
Fax: (971-4) 2285974 / 2940847
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.62.62 |
|
|
1 |
Rs.94.39 |
|
Euro |
1 |
Rs.67.96 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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|
|
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Report Prepared
by : |
TPT |
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 |
|
|
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 |
|
|
<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.