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MIRA
INFORM REPORT
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Report No. : |
494477 |
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Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
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Name : |
PARKER MIDDLE EAST FZE |
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Registered Office : |
Jebel Ali Free Zone, JAFZA View 19, Office 2205, PO Box 262193, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.04.2007 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Subject is engaged in the manufacture of aerospace technology products, including air preparation and dryers, cylinders and actuators, filters, separators and purifiers, gas generators, hose, piping, tubing and T-slot framing, medical and dental equipment, motors, drives and controllers, pumps, seals and O-rings, regulators, monitors, sensors and flow control, refrigeration and air conditioning, thermal and power management products. |
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No. of Employees : |
30 |
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 :
PARKER MIDDLE EAST FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
18th April 2007
Trade Licence Number :
7696
Chamber Membership Number :
145087
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
30
Activities :
Manufacturers of aerospace technology products
Financial Condition :
Undetermined
Payments :
No Complaints
COMPANY NAME
PARKER MIDDLE EAST FZE
ADDRESS
Registered &
Physical Address
Location : Jebel Ali Free
Zone, JAFZA View 19, Office 2205
PO Box :
262193
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8127100
/ 8865400
Facsimile : (971-4)
8865401 / 8127101
Email : parkerme.logistics@parker.com
/ mojaheb.hasson@parker.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Position
Nael Sinni General Manager
Biju Sadasivan Financial
Manager
Mojaheb Hasson Distribution
Supervisor
Gary Lakab Customer
Service Supervisor
Venod Kumar Shipping
Officer
LEGAL FORM & OWNERS
Date of Establishment : 18th
April 2007
Legal Form : Free Zone Establishment - FZE
Trade Licence No. : 7696
Chamber Member No. : 145087
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Parker Hannifin 100%
United States of America
OPERATIONS
Activities: Engaged in the manufacture of aerospace technology products, including air preparation and dryers, cylinders and actuators, filters, separators and purifiers, gas generators, hose, piping, tubing and T-slot framing, medical and dental equipment, motors, drives and controllers, pumps, seals and O-rings, regulators, monitors, sensors and flow control, refrigeration and air conditioning, thermal and power management products.
Subject has a workforce of 30 employees.
FINANCIAL DATA
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.
BANKERS
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.85 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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UAE Dh |
1 |
INR 17.75 |
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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PRA |
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Report Prepared
by : |
TPT |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.