MIRA INFORM REPORT

 

 

Report Date :           

25.07.2011

 

IDENTIFICATION DETAILS

 

Name :

TUSKER ENGINEERING FZC 

 

 

Registered Office :

Hamriya Free Zone, Phase No. 2, P.O.Box No. 51538, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

08.07.2009

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Manufacturers, fabricators and distributors of structural steel & plate, pipeline fabrication, pressure vessels & tanks and transport equipment manufacturing blasting & painting

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Dh 300,000

 

 

Status :

Small Company 

 

 

Payment Behaviour :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

=

COmpany NAME

 

TUSKER ENGINEERING FZC

 

 

Company ADDRESS

 

Area                             : Hamriya Free Zone, Phase No. 2

P.O.Box No.      : 51538

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971 6) 525 0051

Fax                   : (971 6) 525 0053

E-Mail               : engdiv@tusker.ae

Website            : www.tusker.ae

 

Trading Style : Tusker

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Jagat Panjwani                                   General Manager

 

2. Sunil Laxman Singh Ramsinghani     Director

 

3. Laxman Jiasingh Ramsinghani           Director

 

4. Rajesh Laxman Singh Ramsinghani  Director

 

5. Rohit Ramsinghani                             Director

 

6. Richard Quadros                                Financial Controller

 

7. Antony Vareed                                   Production Manager

 

8. Ranjit Potsambil                                 Sales Manager

 

Total Employees : 50

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for SMALL amounts.

 

Opinion on maximum credit : Dh 300,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : STANDARD CHARTERED BANK

Branch   : Al Boorj Avenue

PO Box   : 5

Town     : Sharjah

 

Telephone: (971 6) 335 7788

Fax      : (971 6) 354 3604

 

The company also has an account with the following banks:

 

1. HSBC Bank Middle East

   King Faisal Road

   PO Box 25

   Sharjah

   Telephone: (971 6) 553 7222

   Fax      : (971 6) 553 7880

 

2. Habib Bank AG Zurich

   Al Boorj Avenue

   PO Box 1166

   Sharjah

   Telephone: (971 6) 535 4468

   Fax      : (971 6) 537 9958

 

3. Barclays Bank

   Sheikh Zayed Road

   PO Box 1891

   Dubai

   Telephone: (971 4) 362 6888 / 362 7000

   Fax      : (971 4) 368 3960

 

4. Abu Dhabi Commercial Bank

   Al Mina Road

   PO Box 4377

   Sharjah

   Telephone: (971 6) 554 2211

   Fax      : (971 6) 536 9511

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales turnover            : Dh 15,000,000 - 2010 - exact

                          : Dh 10,000,000 – 2011 – exact*

                          : Dh 20,000,000 – 2011 - projected

 

Net profit                : Dh  3,000,000 - 2010 - exact

                          : Dh  2,500,000 – 2011 – exact*

 

* 6 months results (January - June).

 

Financial year ends 31 December.

 

The following information applies to Al Rama International Traders, subject’s affiliate (latest available):

 

Sales Turnover         : Dh  94,000,000 - 2004 - exact

                       : Dh 120,000,000 - 2005 - exact

                       : Dh 135,000,000 - 2006 - exact

                       : Dh 240,000,000 - 2007 - exact

                       : Dh 302,000,000 - 2008 - exact

                       : Dh 220,000,000 - 2009 - exact *

 

Net Profit             : Dh  19,000,000 - 2006 - exact

                       : Dh  30,000,000 - 2007 - exact

                       : Dh  30,000,000 - 2008 - exact

                       : Dh  30,000,000 - 2009 – exact

 

Total Invested Capital : Dh 55,000,000

 

* Decrease in sales turnover in 2009 was due to unfavourable market conditions.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started :    8 July 2009

 

Trade License No.: 5333 (expiry date: 7 July 2011, to be renewed)

 

Chamber of Commerce Membership No.: 801296

 

Authorised Capital : Dh 150,000

 

Paid-Up Capital : Dh 150,000

 

Free Zone Company (limited liability company) with the following

shareholders :

 

                                                                                    Percentage

 

1. Jagat Panjwani                                               20%

  (Indian national)

 

2. Sunil Laxman Singh Ramsinghani                   20%

  (Indian national)

 

3. Laxman Jiasingh Ramsinghani                         20%

  (Indian national / Date of Birth: 17/07/1935)

 

4. Rajesh Laxman Singh Ramsinghani                20%

  (Indian national / Date of Birth: 06/07/1960)

 

5. Rohit Ramsinghani                                         20%

  (Indian national)

 

* According to Hamriyah Free Zone Authority, which was established by

an Emiry decree in November 12, 1995, Free Zone Establishment (FZE)

incorporated in Hamriyah Free Zone is a single shareholder limited

liability company. A Free Zone Company (FZC) can have multiple

shareholders (maximum 5 shareholders) who can be either foreign

individuals or a corporate body. The minimum capital requirement for

incorporating a Free Zone Establishment (FZE) or Free zone Company

(FZC) is Dhs.150,000 (Approximately US$ 40,000).

 

Affiliated companies of the Tusker Engineering FZC:

 

Associates

 

1. Al Rama International FZCO 

   Plot No S60409

   Jebel Ali Free Zone

   PO Box 3328

   Dubai

   Telephone: (971 4) 880 9899 

   Fax      : (971 4) 880 9199 

   Email    : alramafz@eim.ae 

 

2. Truebell Marketing & Trading LLC

   PO Box 4146

   Sharjah

   Telephone: (971 6) 534 2111 / 513 4548

   Fax      : (971 6) 534 4538 / 534 4548

 

3. Mubarak Transportation

   Ras Al Khor Street

   Al Rigga

   Dubai

   Telephone: (971 4) 333 4949

   Fax      : (971 4) 320 0305

 

4. Al Rama Building Materials

   PO Box 1060

   Post Code 117

   Al Wadi Kabir

   Sultanate of Oman

   Telephone: (968) 2481 0012

   Fax      : (968) 2481 0052

 

5. Al Rama International Traders

   Al Maktoum Street (Main Office)

   Deira, Al Rigga

   PO Box 3328

   Dubai

   Telephone: (971 4) 333 4949 / 320 3565 / 320 0305

   Fax      : (971 4) 320 0305

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers, fabricators and distributors of structural steel & plate, pipeline fabrication, pressure vessels & tanks and transport equipment manufacturing blasting & painting.

 

Principle items include the products such as pressure vessel and marine plates and tubular products such as seamless pipes and hollow sections.

 

Subject also stocks speciality steels such as Wear Resistant plates and class certified Bulb flats

 

Subject also operates the following divisions:

 

- Tusker Trasportation Systems

  Lifting equipment, Aggregate supply, General cargo

 

- Tusker Steel Distribution

  Flat products, Tubulars, Special Steels

 

NACE Code: 2420 / 2591

 

Imports from Russia, China, India, UK, USA and Africa.

 

Exports to India, Pakistan, Iran and occasionally to GCC countries.

 

 

FACILITIES

 

The Company has the following facilities :

 

Leasehold premises comprising administrative offices and a manufacturing unit with storage facilities located at the heading address.

 

 

SPECIAL NOTE

 

The area name which you provided: Hamtriya Free Zone is misspelt. Please note that the correct spelling is as per heading.

 

Interviewed: Richard Quadros (Financial Controller)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.72.34

Euro

1

Rs.63.87

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.