|
|
|
MIRA INFORM REPORT
|
Report No. : |
484888 |
|
Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Emerson Building,
Jebel Ali Free Zone – South 2, Gate No. 5, P O Box: 26383 & 17034 &
2383, Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
11.09.1993 |
|
|
|
|
Legal Form : |
Free Zone
Establishment - FZE |
|
|
|
|
Line of Business : |
Import and distribution
of measurement and analytical equipment, valves, regulators, and final
control elements, systems, controllers and software. |
|
|
|
|
No. of Employees : |
45 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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. 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.
|
Source
: CIA |
SUMMARY
Company Name : EMERSON
FZE
Also Known As : EMERSON
MIDDLE EAST FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 11th
September 1993
Trade Licence
Number : 3388
Chamber Membership
Number : 28207
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce :
45
Activities :
Distributors of measurement and analytical equipment, valves,
regulators, and final control elements,
systems, controllers,
and software
Financial Condition : Good
Payments :
Regular
Person Interviewed : Pankaj Dayal,
Finance Manager
COMPANY
NAME
EMERSON FZE
ALSO
KNOWN AS
EMERSON MIDDLE EAST
FZE
ADDRESS
Registered & Physical
Address
Location : Emerson Building, Jebel Ali Free
Zone – South 2, Gate No. 5
PO Box : 26383 & 17034
& 2383
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8118454 / 8832828 / 8118100 /
8835828 / 8118110
Facsimile : (971-4) 8865465
Email : corporate.emerson@emerson.com /
farz.khan@emersin.com / pankaj.dayal@emerson.com
Please note that
the correct PO Box number is 17034 and not 1734.
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Jebel
Ali Free Zone, Dubai.
KEY
PRINCIPALS
Name Position
·
Andrew
Graham White Managing
Director
·
David
Birks Marketing
Manager
·
Marx
Lenin Sales
Manager
·
Francis
Pinto Commercial
Manager
·
Ms
Renelou Corporate
Officer
·
Pankaj
Dayal Finance
Manager
·
Farz
Khan Public
Relations Officer
LEGAL
FORM & OWNERS
Date of Establishment : 11th
September 1993
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 3388
(Expires 17/02/2018)
Chamber Member No. : 28207
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Emerson
Electric Co 100%
United Kingdom
AFFILIATED
COMPANIES
·
Emerson
Climate Technology FZE
Jebel Ali Free Zone
Dubai
Tel: (971-4) 8832828
OPERATIONS
Activities: Engaged in the import and distribution of
measurement and analytical equipment, valves, regulators, and final
control elements, systems, controllers and software.
Import
Countries: United Kingdom,
Canada and the United States of America
Brand Names: LEROY SOMER, ROSE MOUNT and FISHER
Subject has a
workforce of 45 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16:
Total Revenue UAE Dh 550,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Pankaj Dayal, Finance Manager
BANKERS
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
PAYMENT
HISTORY
Regular
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.83 |
|
|
1 |
INR 86.28 |
|
Euro |
1 |
INR 76.14 |
|
UAE Dh |
1 |
INR 17.33 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
Promoters
/ Management background
·
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.