MIRA
INFORM REPORT
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Report Date : |
23rd February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
GERAB NATIONAL ENTERPRISES |
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Registered Office : |
Sharafi Building,
Airport Road, Al Ramool Area, Rashidiya, PO Box: 3697, Dubai, United Arab
Emirates. |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
1976 |
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Legal Form : |
Mouassasa Khassa
(Sole Proprietorship) |
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Line of Business : |
Distributors,
stockists and retailers of oil and gas field machinery and equipment,
including seamless pipes, fittings, valves, bolts, gaskets, studbolts and
flanges all in carbon and stainless steel. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 500,000 |
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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 |
GERAB NATIONAL ENTERPRISES |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Sole Proprietorship |
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Registration Date |
1976 |
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Membership Number |
10937 |
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Invested Capital |
UAE Dh 8,000,000 |
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Total Workforce |
25 |
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Line of Business |
Distributors of oil and gas field machinery and 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
GERAB NATIONAL
ENTERPRISES
ADDRESS
Registered & Physical Address
Building : Sharafi Building
Street : Airport Road
Area :
Al Ramool Area, Rashidiya
PO Box : 3697
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2857979 / 2858448
Facsimile : (971-4) 2859734 / 2854026
Email : gerab@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices, a showroom and a warehouse that are owned
and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
·
Jebel Ali Free
Zone Rented
warehouse premises
PO Box: 17719
Dubai
United Arab Emirates
Tel: (971-4) 8836666 / 8838338
/ 8838931
Fax: (971-4) 8836663 / 8839005
·
Abu Dhabi Rented
sales office
United Arab Emirates
KEY PRINCIPALS
·
Mohamed
Abdullah Sharafi Proprietor
·
Nazimuddin
Mohamed General
Manager
·
A. Saif
Elddine Sales
Manager
·
Ms Ruksana Administrative
Executive
LEGAL FORM & OWNERS
Date of Establishment : 1976
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Membership No. : 10937
Invested Capital
: UAE Dh 8,000,000
Mr Mohamed Abdullah
Sharafi is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
·
Mohamed
Abdullah Sharafi and Brothers
Near Creek Road
Deira
PO Box : 5483
Dubai
United Arab Emirates
Tel :
(971-4) 2229598 / 2220813
·
Al Sharafi
Trading
PO Box : 5483
United Arab Emirates
Dubai
Tel :
(971-4) 2283210
·
Zeno Kits of
Electronic Components
PO Box : 3697
Dubai
United Arab Emirates
Tel (971-4) 2226969 / 2227172
Fax :
(971-4) 693238
·
Gerab System
Technology
Al Hisn Street
PO Box: 24120
Dubai
United Arab Emirates
Tel :
(971-4) 2858448 / 2857979
Fax :
(971-4) 2854026
·
Al Madar
Oilfield Supplies & Services LLC
City Centre Building
Sheikh Hamdan Bin Mohamed Street
PO Box : 44542
Abu Dhabi
United Arab Emirates
Tel :
(971-2) 6222790
Fax :
(971-2) 6222791
·
Arab Desert
LLC
PO Box: 3915
Muscat 112
Oman
Tel :
(968) 561226
Fax :
(968) 561308
Email :
petrogas@omantel.net.om
·
Gerab National
Enterprises
PO Box: 823
Al Khobar 31952
Saudi Arabia
Tel : (966-3) 8999524
Fax : (966-3) 8642581
Email : gerab@sahara.com.sa
·
Gerab National
Enterprises
PO Box: 6349
Doha
Qatar
Tel :
(974) 4666100
Fax :
(974) 4653040
Email : gerab@qatar.net.qa
LINE OF BUSINESS
Operations : Distributors, stockists and retailers of
oil and gas field machinery and equipment, including seamless pipes, fittings,
valves, bolts, gaskets, studbolts and flanges all in carbon and stainless
steel.
Subject gained the
ISO 9002 certificate in 1997.
Import Countries
: Italy, Spain, the United Kingdom,
the United States of America, Argentina, Mexico and India.
International
Suppliers :
·
Austin Stroud
& Co Ltd United
Kingdom
·
Moorside
Machining United
Kingdom
·
Tubos Reunidos
SA Spain
·
O.M.E. Italy
·
Della Foglia Italy
·
Dalmine Italy
·
Mueller Steam
Speciality United States
of America
·
Edward Vogt United
States of America
·
Siderca Argentina
·
Tamsa Mexico
·
Audco India
Ltd India
Export Countries
: Oman, Qatar, Bahrain,
Kuwait, Saudi Arabia, Yemen, Syria, Jordan, Iran, Far Eastern countries and
South Africa.
Operating Trend
: Steady
Subject has a
workforce of 25 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 30,500,000 UAE Dh 31,105,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
·
Emirates Bank
International Ltd
Al Nasr Square
PO Box : 2923
Dubai
Tel : (971-4) 2281181
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction August
1999
Credit amount 75,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Subject is one of
the largest stockists of oil and gas field machinery and equipment in the
Middle East with a huge stock of approximately 20,000 tonnes.
As far as can be
seen nothing detrimental has been heard regarding subject’s financial trade
commitments and payment obligations are reported to be met in a timely manner.
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 |
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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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
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