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Report No. : |
339680 |
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Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
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Name : |
CARESTREAM HEALTH (NEAR EAST) LIMITED |
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Registered Office : |
Asanicor Building, Office No. 401, Roch Bobbis, Al Barsha Area, PO Box 215149, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
24.04.2007 |
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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 photographic equipment,
scientific and laboratory equipment, medical and surgical products. |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Branch of A 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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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. 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 :
CARESTREAM HEALTH (NEAR EAST) LIMITED
Country of Origin :
Jersey, Channel Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
24th April 2007
Trade Licence Number :
594437
Chamber Membership Number :
118601
Total Workforce : 40
Activities :
Distributors of photographic equipment, scientific and laboratory
equipment, medical and surgical products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
CARESTREAM HEALTH (NEAR EAST) LIMITED
Registered &
Physical Address
Building : Asanicor Building, Office No. 401
Street : Roch Bobbis
Area : Al Barsha Area
PO Box : 215149
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4077800
Facsimile : (971-4)
3447059
Email : riyaz.moloo@kodak.com
/ abdulmajeed@carestream.com
Please note that subject’s previous address was, Sheikh Zayed Road, Al
Wasl, Dubai.
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dubai.
Name Position
Maurice Faber General
Manager
Laith Barali Sales
Manager
Samer Omar Assistant
Sales Manager
Maihala Dobara Financial
Controller
Riya Molo Logistics
Manager
Date of Establishment : 24th
April 2007
Legal Form : Subject is the
United Arab Emirates registered branch of Carestream Health Near East Limited,
a Limited Liability Company incorporated in Jersey, Channel Islands.
Carestream Health (Near East) Limited 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 Jersey, Channel Islands.
Trade Licence No. : 594437 (Expires
23/04/2016)
Chamber Member No. : 118601
Activities: Engaged in the import and distribution of photographic equipment,
scientific and laboratory equipment, medical and surgical products.
Import Countries: United Kingdom and the United States of America.
International
Suppliers:
Carestream United
States of America
Carestream United
Kingdom
Subject has a workforce of 40 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.
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.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
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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.