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Report No. : |
321098 |
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Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
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Name : |
BLUE STAR MIDDLE EAST |
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Registered Office : |
Unit No. 1710, Jumeirah Bay - X3 Tower, Jumeirah Lake Towers, PO Box
103803, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
25.12.2011 |
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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 chillers with screw and hermetic
scroll compressors, a wide range of air handling and fan coil units, ductable
packaged and ductable split air conditioners including the heat pump version,
window and split air conditioners, deep freezers, cold rooms, water coolers
and specialized air conditioners for precision control applications, Variable
Refrigerant Flow (VRF) Systems with digital scroll technology and process
chillers with frequency modulation. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Branch of Foreign Registered Corporation |
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Payment Behaviour : |
Unknown |
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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 |
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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 :
BLUE STAR MIDDLE EAST
Country of Origin :
India
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
25th December 2011
Trade Licence Number :
JLT 67879
Total Workforce :
6
Activities :
Distributors of fans, chillers and air conditioning equipment
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Vishal Aulakar, Technical Supervisor
BLUE STAR MIDDLE EAST
Registered & Physical
Address
Location : Unit No. 1710,
Jumeirah Bay - X3 Tower, Jumeirah Lake Towers
PO Box : 103803
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4576728
Facsimile : (971-4)
4576738
Mobile : (971-55)
3230240
Email : hdudani@bluestarindia.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Position
Hassopartabrai Dudani General
Manager
Joy George Sales
Executive
Vishal Aulakar Technical
Supervisor
Date of Establishment : 25th
December 2011
Legal Form : Subject is the
United Arab Emirates registered branch of Blue Star Ltd, a Limited
Liability Company incorporated in India.
Blue
Star Middle East 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 India.
Trade Licence No. : JLT 67879
Activities: Engaged in the import and distribution of chillers with screw and
hermetic scroll compressors, a wide range of air handling and fan coil units,
ductable packaged and ductable split air conditioners including the heat pump
version, window and split air conditioners, deep freezers, cold rooms, water
coolers and specialized air conditioners for precision control applications,
Variable Refrigerant Flow (VRF) Systems with digital scroll technology and
process chillers with frequency modulation.
Import Countries: Europe and India
Brand Names: BLUE STAR
Subject has a workforce of 6 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
Unknown
Date of transaction April
2014
Credit amount 29,000
Amount overdue 0
Payment terms 45
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.63.88 |
|
|
1 |
Rs.97.21 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.