MIRA INFORM REPORT

 

 

Report Date :

25.03.2011

 

IDENTIFICATION DETAILS

 

Name :

LUCY SWITCHGEAR FZE

 

 

Registered Office :

Road No. 732, Suite No. 409, Jebel Ali Free Zone, P O Box 17709, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

28.06.2000

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Manufacturers of electrical switchgear equipment.

 

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$ 300,000

Status :

Satisfactory

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                                     : LUCY SWITCHGEAR FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 28th June 2000

Trade Licence Number                            : 2642

Chamber Membership Number                : 57049

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 300

Activities                                               : Manufacturers of electrical switchgear equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 300,000

 

COMPANY NAME

 

LUCY SWITCHGEAR FZE

 

 

company address

 

Registered & Physical Address

Location            : Road No. 732, Suite No. 409

Area                 : Jebel Ali Free Zone

PO Box             : 17709

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8811528

Facsimile          : (971-4) 8814505

Email                : customer.services@lucyswitchgear.com / veno.gopal@lucyswitchgear.com

 

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Brian John Andrew Urquhart                                                               Managing Director

 

·       Philip William                                                                                    General Manager

 

·       Roy Papchan                                                                                    Operations Manager

 

·       Carl Salick                                                                                        Commercial Manager

 

·       Ashok Rama Ligama                                                                         Finance Manager

 

·       Veno Gopal                                                                                      Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th June 2000

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 2642 (Expires 16th June 2011)

 

Chamber Member No. : 57049

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                               Percentage

 

·       W Lucy & Co Ltd                                                          100%

Eagle Works

Walton Well Road

Oxford

Oxfordshire OX2 6EE

United Kingdom

Tel : (44-1865) 311411

Fax : (44-1865) 310504

Email : switchgear.sales@wlucy.co.uk

 

 

AFFILIATED COMPANIES

 

·       Lucy Middle East FZE

Jebel Ali Free Zone

Dubai

Tel : (971-4) 8129999

 

·       The Saudi Lucy Co Ltd

PO Box : 834

Al Khobar 31952

Saudi Arabia

Tel : (966-3) 8823057

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of medium and low voltage electrical switchgear equipment.

 

  Production capacity currently stands at 350 units per month.

 

The company’s manufacturing operation includes full electrical testing facilities and capabilities to service, re-condition, retrofit and customise a wide range of switchgear equipment.

 

In 2001, subject signed contracts with the Federal Electricity & Water Authority (FEWA) in the UAE and Saudi Consolidated Electricity Co in Riyadh, Saudi Arabia for the supply of electrical switchgears and

components.

 

 Subject is ISO 9002 certified.

 

Import Countries: United Kingdom

           

Operating Trend: Steady

 

Subject has a workforce of approximately 300 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:

 

Total Sales                                UAE Dh 32,600,000                   UAE Dh 35,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box : 66

     Dubai

     Tel : (971-4) 2535000

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2000, subject is involved in the manufacture of medium and low voltage switchgear and is owned 100% by the United Kingdom company, W Lucy & Co Ltd.

 

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.44.77

UK Pound

1

Rs.72.66

Euro

1

Rs.63.06

 

 

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%)

 

 

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.