MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AGGREKO UK LIMITED |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, PO Box 17576, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
16.05.1999 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import, distribution and refurbishment of generators, air conditioners, air compressors and cooling towers |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
R 12,500,000 |
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Status : |
Branch of Foreign Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AGGREKO UK LIMITED
Country of Origin : United Kingdom
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 16th May 1999
Trade Licence Number : 2108
Chamber Membership Number : 54330
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Total Workforce : 40
Activities : Import, distribution and refurbishment of generators, air conditioners, air
compressors and cooling towers
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : R 12,500,000
COMPANY NAME
AGGREKO UK LIMITED
ADDRESS
Registered &
Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17576
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8834059 / 8086200
Facsimile : (971-4) 8834145 / 8835404
Email : customerservice@aggreko.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Frederick
Alexander Bruce Shepherd British General
Manager
·
Mathew Bell - Public
Relations Manager
LEGAL FORM & OWNERS
Date of Establishment : 16th
May 1999
Legal Form :
Subject is the United Arab
Emirates registered branch of Aggreko UK Limited, a Limited
Liability Company incorporated in the United
Kingdom
Aggreko UK Limited in the
United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation
with its registered office located at the following address :
Aggreko UK Limited
Overburn Avenue
Dumbarton
Dumbartonshire
G82 2RL
United Kingdom
Tel: (44-1389) 767821
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the United Kingdom.
Trade Licence No. : 2108
(Expires 15/05/2009)
Chamber Member No. : 54330
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
OPERATIONS
Activities: Engaged in the import, distribution and
refurbishment of generators, air conditioners, air compressors and cooling
towers.
Subject provided
the temperature control equipment for the Dubai International boat show.
Import Countries: United Kingdom
Operating Trend: Steady
Subject has a
workforce of 40 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year Ending
31/12/07:
Total Sales UAE Dh 26,270,000 UAE Dh 31,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box 999
Dubai
Tel: (971-4) 2520455
Acc No. 02705729601
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1999,
subject is involved in the import, distribution and refurbishment of
generators, air conditioners, air compressors and cooling towers.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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. |
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 |
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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%)