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Report No. : |
340649 |
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Report Date : |
18.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SWISS SINGAPORE
OVERSEAS ENTERPRISES PTE LTD |
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Registered Office : |
Green Corner Building, 5th Floor, Office No. 509, Al Riqqa Road, Bur Dubai, P O Box: 60757, 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 : |
16.05.1991 |
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Com. Reg. No.: |
37022, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and
Distribution of Steel Products, Non Ferrous Metals, Coal and Textiles. |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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United Arab Emirates |
A1 |
A1 |
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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 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 : SWISS
SINGAPORE OVERSEAS ENTERPRISES PTE LTD
Country of Origin : Singapore
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 16th
May 1991
Commercial
Registration Number : 37022,
Dubai
Trade Licence
Number : 227997
Chamber Membership
Number : 40411
Total Workforce :
35
Activities :
Distributors of steel products, non ferrous metals, coal and textiles
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Santi Chand Jain,
Finance Manager
SWISS SINGAPORE
OVERSEAS ENTERPRISES PTE LTD
Building : Green Corner Building,
5th Floor, Office No. 509
Street : Al Riqqa Road
Area : Bur Dubai
PO Box : 60757
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2222720 / 2275062
Facsimile : (971-4) 2276376 / 2230199
Email : ssoedxb@emirates.net.ae / ssoe.dubai@adityabirla.com / dubai@ssoedxb.com
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office
(s)
Location Description
·
Jebel
Ali Free Zone Rented
warehouse premises
PO Box: 61149
Dubai
Tel: (971-4) 8837345 / 4533583
Fax: (971-4) 8837344 / 4463700
Name Position
·
Rajesh
Somani Managing
Director
·
Krishna Kumar Gupta General
Manager
·
Surnider Lahouti Commercial
Manager
·
Santi Chand Jain Finance
Manager
·
Sudair
Demodaran Sales
Manager
Date of Establishment : 16th
May 1991
Legal Form :
Subject is the United Arab
Emirates registered branch of Swiss Singapore
Overseas Enterprises Ltd, a Limited
Liability Company incorporated in
Singapore.
Swiss Singapore Overseas
Enterprises Ltd in the United Arab Emirates,
operates as a Branch of a
Foreign Registered Corporation with its registered
office located at the following
address:
Swiss Singapore Overseas
Enterprises Ltd
48-05/08, OCBC Centre
65 Chulia Street
Singapore 049513
Tel: (65) 2218455
Fax: (65) 2224984
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 Singapore.
Commercial Reg. No. : 37022, Dubai
Trade Licence No. : 227997
Chamber Member No. : 40411
Activities: Engaged in the import and distribution of
steel products, non ferrous metals, coal and textiles.
Import
Countries: The Far East and
South East Asia.
Operating Trend: Steady
Subject has a
workforce of 35 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/13: Year Ending
31/12/14:
Consolidated Total
Sales US$
3,890,000,000 US$
4,200,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of Dubai
Jebel Ali Branch
PO Box: 2668
Dubai
Tel: (971-4) 8818882
Fax: (971-4) 8812252
No complaints
regarding subject’s payments have been reported.
Credit amount 293,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Deutsch
Marks
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.50 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.75.03 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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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.