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MIRA INFORM REPORT
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Report No. : |
504425 |
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Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
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Name : |
DENSO SALES
MIDDLE EAST & NORTH AFRICA FZE |
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Registered Office : |
Showroom No. S3A2SR02,
Sheikh Zayed Road, Jebel Ali Free Zone, P O BOX: 261986, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
17.10.2010 |
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Com. Reg. No.: |
140793, Dubai |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Import and
Distribution of Automotive Spare Parts. |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : DENSO
SALES MIDDLE EAST & NORTH AFRICA FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Free
Zone Establishment - FZE
Registration Date : 17th
October 2010
Commercial
Registration Number : 140793,
Dubai
Trade Licence
Number : 124465
Chamber Membership
Number : 192902
Issued Capital : US$
300,000
Paid up Capital : US$
300,000
Total Workforce :
20
Activities : Distributors of
automotive spare parts
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
DENSO SALES MIDDLE
EAST & NORTH AFRICA FZE
ADDRESS
Registered & Physical
Address
Building : Showroom No. S3A2SR02
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 261986
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8807789
Facsimile : (971-4) 8807790
Email : may@denso.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
KEY
PRINCIPALS
Name Position
·
Sivekavu Kumano General
Manager
·
Naoyuki Okuya Sales
Manager
·
Sobahan Bhari Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 17th
October 2010
Legal Form :
Free Zone Establishment -
FZE
Commercial
Reg. No. : 140793, Dubai
Trade Licence No. : 124465
Chamber Member No. : 192902
Issued Capital : US$ 300,000
Paid up Capital : US$ 300,000
Name of Shareholder (s) Percentage
·
Denso
International Asia Pte (DIAS) 100%
Singapore
OPERATIONS
Activities: Engaged in the import and distribution of automotive
spare parts.
Import
Countries: Europe and the
Far East
International
Suppliers:
· PT Denso Indonesia Indonesia
Operating Trend: Steady
Subject has a
workforce of 20 employees.
FINANCIAL
DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/16: Year Ending
31/12/17:
Total Sales UAE Dh
104,700,000 UAE Dh
106,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Sharjah
Islamic Bank
PO Box: 13006
Tel: (971-4) 2954456
Fax: (971-4) 2953463
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions, Australian
Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions List and
UK Financial Sanctions List and nothing adverse could be found on the exact
names listed within the report.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.78 |
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1 |
INR 93.42 |
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Euro |
1 |
INR 81.39 |
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UAE DH |
1 |
INR 17.98 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.