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Report No. : |
320638 |
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Report Date : |
04.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ECONOSTO MID EAST B.V. |
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Registered Office : |
Dubai Investment Park No. 1, PO Box 60789, 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 : |
23.11.1993 |
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Com. Reg. No.: |
41245 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the manufacture and distribution of tubes, pipes
and fittings, valves, gauges, filters & strainers, pressure and
temperature gauges, gaskets and sealing products, hoses and couplings,
engineering plastics, emission control systems, rubber products, expansion
joints and pipe support systems. Subject also provides onshore and offshore
oilfield services. |
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No. of Employees : |
140 |
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 : |
Brach of a 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) |
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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.
|
Source
: CIA |
Company Name :
ECONOSTO MID EAST B.V.
Country of Origin :
Netherlands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
23rd November 1993
Commercial Registration Number :
41245, Dubai
Trade Licence Number :
232609
Chamber Membership Number :
2804
Issued Capital :
UAE Dh 200,000
Paid up Capital :
UAE Dh 200,000
Total Workforce : 140
Activities :
Manufacture and distribution of industrial supplies.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Gopal Vijay, Finance Manager
ECONOSTO MID EAST B.V.
Registered &
Physical Address
Location : Dubai
Investment Park No. 1
PO Box : 60789
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8062800
/ 8854500
Facsimile : (971-4)
8854501 / 8854502
Mobile : (971-50)
6460429 / 4814846
Email : econosto@econosto.ae
/ vijayg@econosto.ae
Premises
Subject operates from a medium sized suite of offices, a warehouse and a
factory that are rented and located in the Industrial Area of Sharjah.
Branch Office (s)
Econosto Mid East B.V. also operates from the following sites in the
United Arab Emirates:
PO Box: 70187
Abu Dhabi
Tel: (971-2) 6334500
Fax: (971-2) 6334501
Mob: (971-50) 6265935
Email: econauh@emirates.net.ae
PO Box: 3115
Sharjah
Tel: (971-6) 5686471
Fax: (971-6) 5686472
Name Position
Obaid Mohamed Al Shamsy Local
Sponsor
Christiano Frietman General
Manager
Christine Murthy Chief
Financial Officer
Gopal Vijay Finance
Manager
Premi Martis Administration
Manager
N Shrinath Product
Manager
Riyaz Chota Logistics
Manager
Fabian Hoehn Purchasing
Manager
Savio Lewis Quality
Control Manager
Debra Benadi Human
Resources Manager
Rami Jabali Regional
Manager
Date of Establishment : 23rd
November 1993
Legal Form : Subject is the
United Arab Emirates registered branch of S H V Holdings NV, a Limited Liability Company incorporated in the
Netherlands.
Econosto Mid East B.V. in the
United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation
with its registered office located at the following address:
S H V Holdings NV
Rijnkade 1
3511 LC Utrecht
The Netherlands
Tel: (31-30) 2338833
Fax: (31-30) 2338304
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 the Netherlands.
Commercial Reg. No. : 41245, Dubai
Trade Licence No. : 232609 (Expires
22/11/2015)
Membership No. : 2804
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Activities: Subject is engaged in the manufacture and distribution of tubes, pipes
and fittings, valves, gauges, filters & strainers, pressure and temperature
gauges, gaskets and sealing products, hoses and couplings, engineering
plastics, emission control systems, rubber products, expansion joints and pipe
support systems. Subject also provides onshore and offshore oilfield services.
The company’s clients are based in the following sectors: HVAC, Plumbing
and fire fighting, oil and gas, chemical and petrochemical, shipbuilding and
repair, mechanical engineering, water and wastewater management.
Subject has been awarded certification to ISO 9002.
Import Countries: Switzerland, Spain, Italy, the Netherlands, Germany,
the United Kingdom and the United States of America
International Suppliers:
Straub Switzerland
Bac Spain
Bonetti Italy
Vovosider Italy
Grassair The
Netherlands
Vankleeuwen The
Netherlands
Tower Engineering The
United States of America
Brand Names: ECON, HOFLAND, NOVUS and ECONGRAPH
Operating Trend: Steady
Subject has a workforce of approximately 140 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 267,694,756 UAE Dh
236,448,860
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Gopal Vijay, Finance Manager
ABN Amro Bank
Al Zayani Building
PO Box: 1971
Sharjah
Tel: (971-6) 5355021
Royal Bank of
Scotland
Client Services Dept, 4th Floor
Khalid Bin Waleed Road
Bur Dubai
Dubai
No complaints regarding subject’s payments have been reported.
Date of
transaction November
2001 February 2002 February 2003
Credit amount 185,000 300,000 300,000
Amount overdue 0 0 0
Payment terms 60
days 90
days 90
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record No
Complaints No Complaints Still pending
Currency Deutsch
Marks US Dollars US Dollars
Econosto Mid East B.V. has been trading since 1985 and is engaged in the
manufacture and distribution of a wide range of industrial supplies.
According to local sources, subject has gained a good reputation for the
quality of its products and is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.97.99 |
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Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.