|
Report No. : |
312146 |
|
Report Date : |
18.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
JOHN CRANE MIDDLE EAST FZE |
|
|
|
|
Registered Office : |
Plot No. S-20113, South Zone, Jebel Ali Free Zone, PO Box 61040, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
14.08.2002 |
|
|
|
|
Legal Form : |
Free Zone Establishment |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of oilfield and natural gas
equipment and related spare parts. |
|
|
|
|
No. of Employees : |
36 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 :
JOHN CRANE MIDDLE EAST FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
14th August 2002
Trade Licence Number :
3338
Chamber Membership Number :
71011
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
36
Activities :
Distributors of oilfield and natural gas equipment and related spare
parts.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Deepak Karal, Chief Financial Officer
JOHN CRANE MIDDLE EAST FZE
Registered &
Physical Address
Location : Plot No.
S-20113, South Zone
Area : Jebel Ali
Free Zone
PO Box : 61040
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8127800
/ 8837766
Facsimile : (971-4)
8862042
Email : jcrane@emirates.net.ae
/ middle-east.sales@johncrane.co.uk
Premises
Subject operates from a suite of offices covering an area of 4,000
square metres that are rented and located in the Jebel Ali Free Zone Area of
Dubai.
Name Position
Stefano Rossisi Managing
Director
Paul Kandeje Operations
Manager
Bilal Al Samadi Quality
Control Manager
Deepak Karal Chief
Financial Officer
Date of Establishment : 14th
August 2002
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 3338 (Expires 13/08/2015)
Chamber Member No. : 71011
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
John Crane UK Ltd 100%
Nash Road
Trafford Park
Manchester M17 1SS
United Kingdom
Tel: (44-161) 8722484
Fax: (44-161) 8721654
Activities: Engaged in the import and distribution of oilfield and natural gas
equipment and related spare parts.
Sales, service and refurbishment of mechanical
seals, dry gas seals couplings and associated hardware.
In March 2012 subject opened its new service and manufacturing facility
in Dubai.
Import Countries: Europe and GCC countries.
Clients:
Takreer Dubai
ADNOC Abu Dhabi
ADAMA Abu Dhabi
Operating Trend: Steady
Subject has a workforce of 36 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 308,580,000 UAE Dh
324,300,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Deepak Karal, Chief Financial
Officer
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.62.69 |
|
|
1 |
Rs.92.99 |
|
Euro |
1 |
Rs.66.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
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 |
|
|
-- |
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.