MIRA
INFORM REPORT
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Report Date : |
15th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
LUCY SWITCHGEAR FZE |
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Registered Office : |
Sheikh Zayed Road Jebel Ali Free Zone, 17709 Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
28th June 2000 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Manufacturers of electrical switchgear
equipment |
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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
LUCY SWITCHGEAR FZE |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
28th June 2000 |
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Trade Licence Number |
2642 |
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Membership Number |
57049 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
120 |
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Line of Business |
Manufacturers of electrical switchgear equipment. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
LUCY SWITCHGEAR FZE
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17709
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8813300 / 8818228 / 8811528
Facsimile : (971-4) 8819485 / 8819468
Email : lucyfze@emirates.net.ae
Premises
Subject operates from a large suite of offices and a factory covering an area of 5,000 square metres that are rented and located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Brian John Andrew Urquhart Managing Director
Peter Lymer General Manager
LEGAL FORM & OWNERS
Date of Establishment : 28th June 2000
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 2642 (Expires 27th June 2007)
Membership No. : 57049
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
W Lucy & Co Ltd 100%
Eagle Works
Walton Well Road
Oxford
Oxfordshire OX2 6EE
United Kingdom
Tel : (44-1865) 311411
Fax : (44-1865) 310504
Email : switchgear.sales@wlucy.co.uk
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the manufacture of medium and low voltage electrical switchgear equipment.
Production capacity currently stands at 350 units per month.
The company’s manufacturing operation includes full electrical testing facilities and capabilities to service, re-condition, retrofit and customise a wide range of switchgear equipment.
In 2001, subject signed contracts with the
Federal Electricity & Water Authority (FEWA) in the UAE and Saudi
Consolidated Electricity Co in Riyadh, Saudi Arabia for the supply of
electrical switchgears and components.
Subject is ISO 9002 certified.
Import Countries: United Kingdom
Operating Trend: Steady
Subject has a workforce of approximately 120 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04: Year Ending 31/12/05:
Total Revenue UAE Dh 24,900,000 UAE Dh 26,400,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
HSBC Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 2000, subject is involved in the manufacture of medium and low voltage switchgear and is owned 100% by the United Kingdom company, W Lucy & Co Ltd.
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 and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 250,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |