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Report No. : |
338619 |
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Report Date : |
02.09.2015 |
IDENTIFICATION DETAILS
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Name : |
FLOWSERVE GULF FZE |
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Registered Office : |
Plot No. S10112, Sheikh Zayed Road, Jebel Ali Free
Zone, South Zone No. 2 PO Box 17678, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
05.09.2006 |
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Com. Reg. No.: |
1385 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Engaged in the manufacture, service and repair of mechanical seals, pumps, gaskets and valves. |
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No. of Employees : |
110 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 of 2008,
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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
FLOWSERVE GULF FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
5th September 2006
Commercial Registration Number :
1385, Dubai
Trade Licence Number :
7284
Chamber Membership Number :
187404
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce : 110
Activities :
Manufacturers of mechanical seals, pumps,
gaskets and valves.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Rajesh Narayan, Purchasing Manager
FLOWSERVE GULF FZE
Registered &
Physical Address
Location : Plot No.
S10112
Street : Sheikh Zayed Road
Area : Jebel Ali
Free Zone, South Zone No. 2
PO Box : 17678
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8104610 / 8104794 / 8104810 / 8153300 / 8104728
Facsimile : (971-4) 8863663 / 8863685
Mobile : (971-50)
5576227 / 6113675
Email : fbadami@flowserve.com
/ ranarayanan@flowserve.com
Premises
Subject operates from a suite of offices and a workshop covering 10,000
square metres that are rented and located in the Jebel Ali Free Zone of Dubai.
Name Position
Feroz Badami General
Manager
Johny Valden Marketing
Manager
S Ramchandran Sales
Manager
Shanker Boujari Human
Resources Manager
Hussain Mohamed Finance
Manager
Rajesh Narayan Purchasing
Manager
Date of Establishment : 5th
September 2006
Legal Form : Free Zone
Establishment – FZE
Commercial Reg. No. : 1385, Dubai
Trade Licence No. : 7284
Chamber Member No. : 187404
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Flowserve Corporation 100%
Texas
United States of America
Flowserve Al Mansouri LLC
Abu Dhabi
Activities: Engaged in the manufacture, service and repair of mechanical seals, pumps, gaskets and valves.
Import Countries: Europe and GCC countries.
Subject has a workforce of 110 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
No complaints regarding subject’s payments have been reported.
Date of transaction July
2013
Credit amount 250,000
Amount overdue 0
Payment terms 90
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.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.