MIRA INFORM REPORT

Report Date :

17.03.2011

IDENTIFICATION DETAILS

Name :	SERCK SERVICES (GULF) LTD
Registered Office :	Al Qasimia Street, Sharjah Industrial Area No. 12, P O Box 5834, Sharjah
Country :	United Arab Emirates
Financials (as on) :	31.12.2010
Date of Incorporation :	13.09.1977
Com. Reg. No.:	1420, Sharjah
Legal Form :	Limited Liability Company
Line of Business :	Providers of heat exchanger services

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 1,200,000
Status :	Good
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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

SUMMARY

Company Name : SERCK SERVICES (GULF) LTD

Country of Origin : Sharjah, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 13^th September 1977

Commercial Registration Number : 1420, Sharjah

Trade Licence Number : 3114

Chamber Membership Number : 3874

Issued Capital : UAE Dh 5,000,000

Paid up Capital : UAE Dh 5,000,000

Total Workforce : 280

Activities : Providers of heat exchanger services.

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 1,200,000

Person Interviewed : Asif Iqbal, Financial Controller

COMPANY NAME

SERCK SERVICES (GULF) LTD

company 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 / 5086600

Facsimile : (971-6) 5582734 / 5583648 / 5584607

Mobile : (971-50) 4812813

Email : serckltd@emirates.net.ae / serckgro@emirates.net.ae / info@serckgulf.com

Premises

Subject operates from a medium sized 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

Name Position

· Mark Stanhope General Manager

· Yezdi Chikhliwala Financial Manager

· Mel Gosney Service Manager

· Billy Tyrrell Operations Manager

· Asif Iqbal Financial Controller

· Vibjas Pattu Production Manager

LEGAL FORM & OWNERS

Date of Establishment : 13^th September 1977

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 1420, Sharjah

Trade Licence No. : 3114 (Expires 12/10/2011)

Chamber Member 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

AFFILIATED COMPANIES

· Serck Services (Oman) LLC

PO Box: 1056

Muscat 112

Oman

Tel: (968) 24697785 / 24600674

Fax: (968) 24699438

Email: oman@serckgulf.com

OPERATIONS

Activities: 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 approximately 280 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/09: Year Ending 31/12/10:

Total Sales UAE Dh 138,000,000 UAE Dh 144,500,000

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

The above figures were provided by Mr Asif Iqbal, Financial Controller

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

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.18
UK Pound	1	Rs.72.59
Euro	1	Rs.63.13

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

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%)

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