MIRA INFORM REPORT

 

 

Report Date :

21st June 2006

 

IDENTIFICATION DETAILS

 

Name :

SERCK SERVICES (GULF) LTD

 

 

Registered Office :

Al Qasimia Street, Sharjah Industrial Area No. 12

5834, Sharjah, United Arab Emirates

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31/12/2005

 

 

Date of Incorporation :

13th September 1977

 

 

Com. Reg. No.:

1420, Sharjah

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Providers of heat exchanger services

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 500,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

SUMMARY

 

Company Name

SERCK SERVICES (GULF) LTD

Country of Origin

Sharjah, United Arab Emirates

Legal Form

Limited Liability Company - LLC

Registration Date

13th September 1977

Commercial Registration Number

1420, Sharjah

Trade Licence Number

3114

Membership Number

3874

Issued Capital

UAE Dh 5,000,000

Paid up Capital

UAE Dh 5,000,000

Total Workforce

125

Line of Business

Providers of heat exchanger services.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

SERCK SERVICES (GULF) LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Qasimia Street

Area                 : Sharjah Industrial Area No. 12

PO Box             : 5834

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5582607 / 5582601

Facsimile          : (971-6) 5582734

Email                : serckltd@emirates.net.ae

                          serckgro@emirates.net.ae

 

Premises

 

Subject operates from a medium size suite of offices and a workshop that are rented and located in the Industrial Area of Sharjah.

 

Branch Office (s)

 

Location                                                                        Description

 

PO Box: 4439                                                                Sales office

Abu Dhabi

Tel: (971-2) 5553108

Fax: (971-2) 5553110

 

Sanaeyah Industrial Area                                                Sales office & warehouse

PO Box: 15750

Al Ain

Tel: (971-3) 7215048

Fax: (971-3) 7553110

 

 

KEY PRINCIPALS

 

Joe Conlin                                                                     General Manager

 

Mark Stanhope                                                              Regional Manager

 

Mel Gosney                                                                   Sales Manager

 

Yezdi Chikhliwala                                                           Financial Manager

 

Bipin Raja                                                                     Manufacturing Manager

 

Mel Gosney                                                                   Service Manager

 

Billy Tyrrell                                                                    Abu Dhabi Branch Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th September 1977

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 1420, Sharjah

 

Trade Licence No.       : 3114 (Valid until 12/10/2006)

 

Membership No.          : 3874

 

Issued Capital              : UAE Dh 5,000,000

 

Paid up Capital            : UAE Dh 5,000,000

 

Name of Shareholder (s)                                     Percentage

 

Bin Hamoodah Trading & general Services Co                       51%

Bin Hamoodah Building

Sheikh Khalifa Street

PO Box : 203

Abu Dhabi

Tel : (971-2) 6211366

Fax : (971-2) 6322260

 

Serck Services International (England) Ltd                             49%

Westerham Road

Keston

Kent

United Kingdom

Tel : (44-207) 2421644

Fax : (44-207) 3790099

 

Note to the Legal Form  

A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with

not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.

 

The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less

than UAE Dh 150,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.

 

This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.

 

 

AFFILIATED COMPANIES

 

Serck Services (Oman) LLC

PO Box: 1056

Muscat 112

Oman

Tel: (968) 697785 / 600674

Fax: (968) 699438

Email: oman@serckgulf.com

 

 

LINE OF BUSINESS

 

Operations : Engaged in the provision of a wide range of heat exchanger services, including condenser

manufacture, retubing and restoration, condenser cleaning, eddy current tube testing, and the manufacture and retubing of air coolers.

 

Subject is also engaged in the production, distribution, installation and maintenance of radiators, industrial heat exchangers, oil coolers, boilers, air-conditioning condensers, clutches, brake linings, water pumps and steering parts.

 

Subject is ISO 9002 accredited.

 

Import Countries : United Kingdom

 

Operating Trend : Steady

 

Subject has a workforce of 125 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 28,275,000                               UAE Dh 29,510,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

National Bank of Sharjah

Al Boorj Avenue

PO Box : 4

Sharjah

Tel : (971-6) 5547747

 

HSBC Bank Middle East

Al Arooba Street

PO Box : 25

Sharjah

Tel : (971-6) 5537222

Fax : (971-6) 5537880

 

ANZ Grindlays Bank Plc

Al Boorj Avenue

PO Box : 357

Sharjah

Tel : (971-6) 5359998

Fax : (971-6) 5357046

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                     July 2003                      July 2004                      June 2005

Credit amount                            68,200                          68,200                          156,075

Amount overdue             0                                  0                                  0

Payment terms                          30 days                         30 days                         30 days

Payment Method                       Letters of Credit             Letters of Credit             Letters of Credit

Paying record                            No Complaints               No Complaints               No Complaints

Currency                                   Canadian Dollars            Canadian Dollars            Canadian Dollars

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Established in 1979, subject is a leading manufacturer of heat exchangers in the Middle East as well as distributing, installing and maintaining radiators, industrial heat exchangers, oil coolers, boilers, air-conditioning condensers, clutches, brake linings, water pumps and steering parts.

 

According to local sources subject’s financial position is described as healthy and profitable with payment obligations met in a regular and timely manner. As such the company is considered to be trustworthy for respecting its financial trade commitments and the above credit figure is deemed to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 500,000

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions