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MIRA INFORM
REPORT
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Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
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Name : |
DUBAI CABLE CO (PVT) LTD (DUCAB) |
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Registered Office : |
Old Abu Dhabi
Road, Jebel Ali Free Zone, P O Box 11529, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.08.1989 |
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Com. Reg. No.: |
18111, Dubai |
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Legal Form : |
Private Joint Stock Company |
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Line of Business : |
Manufacturers of electrical cables and wiring. |
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 : |
US$ 3,500,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
SUMMARY
Company Name : DUBAI CABLE CO (PVT) LTD (DUCAB)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Private Joint Stock Company
Start Date : 1979
Registration Date : 12th August 1989
Commercial Registration Number : 18111, Dubai
Trade Licence Number : 220211
Chamber Membership Number : 6428
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Total Workforce : 500
Activities : Manufacturers of electrical cables and wiring.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 3,500,000
COMPANY NAME
DUBAI CABLE CO (PVT) LTD (DUCAB)
company ADDRESS
Registered & Physical Address
Street : Old Abu Dhabi Road
Area : Jebel Ali Free Zone
PO Box : 11529
Town : Dubai
Country :
Telephone : (971-4) 8082500
Facsimile : (971-4) 8082511
Email : ducab@ducab.ae
Premises
Subject operates from
a suite of offices and a factory on a site covering 683,000 square metres that
is leased and located in the Jebel Ali Free Zone.
Branch Office (s)
Location Description
·
Port Saeed
PO Box: 683
Tel: (971-4) 2667400
Fax: (971-4) 2668955
·
PO Box:
33131 Office
premises
Tel: (971-2) 6444432
Fax: (971-2) 6443338
Email: ducababd@emirates.net.ae
·
PO Box:
3542 Office
premises
Ruwi 112
Tel: (968) 565177
Fax: (968) 564302
Email: ducabomn@omantel.net.om
KEY PRINCIPALS
Name Nationality Position
·
Ahmed
Bin Hassan Al Shaikh - Chairman
·
Andrew Shaw British Managing
Director
·
Jonathan
Vail - Technical
Manager
·
Arif
Choksy - Finance
Manager
·
Graham
Cheetam - Manufacturing
Manager
·
Farid
Mohamed Ahmed - Sales
Manager
·
Syed
Ahmed - Marketing Manager
·
Harold
Molyneaux - Export
Manager
·
Yasser
Hussein - Business
Development Manager
·
Pijush
Bhattacherjee - Commercial
Manager
·
Rashad
Al Ghadan - Public
Relations Manager
LEGAL FORM & OWNERS
Date of Establishment : 1979, however
subject was registered on 12th August 1989.
History : Ducab was set up in 1979 as a joint venture with the
Dubai Government holding
60% and BICC
Cables of the United Kingdom 40%. On 17th June 1997, an
agreement was
signed in Abu Dhabi under which General Industries Corp (GIC)
acquired a 35
per cent stake. Dubai's shareholding was diluted to 35 per cent
and BICC's to
30 per cent. BICC was subsequently taken over by Balfour
Beatty.
In August 2001,
Balfour Beatty withdrew completely after assigning its stake in
the company
to the remaining shareholders, namely the Dubai and Abu Dhabi
Governments.
Legal Form :
Private Joint Stock Company
Commercial Reg. No. : 18111, Dubai
Trade Licence No. : 220211
Chamber Member No. : 6428
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Name of Shareholder
(s) Percentage
·
Government
of
·
Government of Abu Dhabi 50%
OPERATIONS
Activities: Engaged in the manufacture of low and
medium voltage copper cables, as well as electrical circuit protection cables,
cables and accessories, and electrical fittings. The company supplies such well
known clients as the Ministry of Electricity & Water in the UAE, Kuwait Oil
Co and Bahrain Petroleum Company.
In April 2002, Dubai Cable Company Pvt Ltd. (Ducab), announced that it has been awarded a contract worth UAE Dh 16 million by the Federal Electricity and Water Authority (FEWA). The contract entails the supply of 300km of 33kV cables to FEWA.
In October 2004, Ducab was awarded an annual supply contract for the year 2005 with the UAE Federal Electricity and Water Authority (FEWA), worth AED 36 million. The contract calls for supplying the Authority with 33 kV single core cables for its expanding power grid network in the Northern Emirates. The contract will see Ducab supply 450 kilometres of single core copper, 500 square millimetre cables within 2005.
In March 2005, subject inaugurated a new production plant located in Abu Dhabi. It will have a production capacity of 25,000 copper tonnes. The new plant is Ducab’s biggest investment since its inception and was built as part of Ducab’s corporate strategy of tripling its business to UAE Dh 2 billion by 2010.
Subject added a high quality copper rod to its production line in 2008.
Subject has provided the cable solutions for the following projects, Bahrain F1 International Circuit, Burj Dubai, Abu Dhabi Grand Mosque, Dubai International Airport, Abu Dhabi Emirates Palace Hotel, Bahrain City Centre, Bahrain Financial Towers, Burj Al Arab, Palm Jumeirah and Dubai Metro.
In June 2009 subject was voted as a UAE “Superbrand” for branding excellence.
Subject has entered a UAE Dh 500 million joint
venture project with DEWA and ADWEA as 25% partners. The project is nearing
completion and will be a major addition to the product range; with Extra High
Voltage cable systems up to 400kV produced in a world class facility in the UAE.
Subject was ISO
9001 accredited in 2000.
Production
Capacity: 110,000 metal
tonnes per year.
Import
Countries: Europe, the Far
East and the United States of America.
International
Suppliers:
·
ABB
·
Siemens
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Bahrain
Petroleum Company
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National
Iranian Oil Company
·
·
Saudi
Aramco
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Abu
Dhabi Distribution Company
·
·
Saudi
Electric Company
·
Hyundai
Engineering
·
Chiyoda
Technip
·
Toshiba
·
Bechtel
·
Snamprogetti
Spa
·
Dodsal
Brand Names: DUCAB and POWERPLUS.
Export
Countries: Singapore, Hong
Kong, China, Egypt, Indonesia, Malaysia and the United Kingdom, Iran,
India, Jordan and Tanzania.
Operating Trend: Steady
Subject has a
workforce of approximately 500 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/08: Year Ending
31/12/09: Year Ending
31/12/10:
Total Sales UAE Dh 3,300,000,000 UAE Dh 2,400,000,000 UAE Dh 3,600,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Commercial
Bank of
PO Box: 1709
Deira
Tel: (971-4) 2227121 / 2253222
Fax:
(971-4) 2220943 / 2254565
·
HSBC
Bank
Deira Souk Branch
PO Box: 66
Tel: (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Dubai Cable Co
(Pvt) Ltd (Ducab) is jointly owned by the Dubai and Abu Dhabi governments and
specialises in the manufacture of electrical cables and wiring. The company
enjoys an excellent reputation for the quality of its products and is a leading
concern in its field.
Local sources
report that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.74 |
|
UK Pound |
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.