MIRA
INFORM REPORT
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Report Date : |
13.01.2012 |
IDENTIFICATION DETAILS
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Name : |
SOLAS MARINE
SERVICES CO LLC |
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Registered Office : |
Jaddaf
Area, Street No. 30, Gate No. 2, 25445, 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 : |
24.11.1998 |
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Com. Reg. No.: |
43625, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the repair and maintenance of ships, telecommunication equipment, marine equipment and engines. |
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No. of Employees : |
450 |
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$ 700,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
SUMMARY
Company Name : SOLAS MARINE SERVICES CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
24th November 1998
Commercial Registration Number :
43625, Dubai
Trade Licence Number :
124509
Chamber Membership Number :
38611
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
450
Activities :
Repair and maintenance of ships, telecommunication equipment, marine
equipment and engines.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 700,000
Person Interviewed :
Favel Koshi, Assistant Human Resources Manager
COMPANY NAME
SOLAS MARINE SERVICES CO LLC
ADDRESS
Registered & Physical Address
Location : Jaddaf
Area, Street No. 30, Gate No. 2
PO Box : 25445
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3242001 / 3241700
Facsimile : (971-4) 3241804
Email : info@solasmarine.com
Premises
Subject operates from
a large suite of offices, a workshop and warehouse that are rented and located
in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Pandurang
Subraya Kamath Indian Managing
Director
·
Prashant
Kamath Indian Director
·
Abdullah
Moosa Abdullah Suroor Al Khimree Emirati Director
·
Sanjay
Pranbu - General
Manager
·
Ajay
Kamat - Operations
Manager
·
Biju Vargaz - Finance
Manager
·
Raju Nail - Human
Resources Manager
·
Favel
Koshi - Assistant
Human Resources Manager
·
P S
Swaminathan - Commercial
Manager
·
Yanis
Bai - Technical
Manager
LEGAL FORM & OWNERS
Date of Establishment : 24th
November 1998
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43625, Dubai
Trade Licence No. : 124509
(Expires 09/05/2012)
Chamber Member No. : 38611
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Abdullah
Moosa Abdullah Suroor Al Khimree 51%
·
Pandurang
Subraya Kamath 25%
·
Prashant
Kamath 24%
AFFILIATED COMPANIES
·
Solas Marine Safety & Fire Co LLC
Dubai
·
Solas Marine Services Co LLC
Abu Dhabi
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Solas Marine Services Est
Fujairah
·
Solas Marine Services Est
Sharjah
·
Solas
Safety Equipment Est
Sharjah
OPERATIONS
Activities: Engaged in the repair and maintenance of ships, telecommunication equipment, marine equipment and engines.
Subject’s services include:
Supply & servicing of Life
rafts, Life boats, Rescue boats and other Life saving & fire fighting
equipment.
Supply & Servicing of
Portable Gas Monitors, Breathing Apparatus, Escape Sets and Medical Oxygen Resuscitators.
Design, Supply, Installation, Testing, Commissioning
and Maintenance of Portable and Fixed Fire Fighting & Gas Detection
Systems.
Provides reliable and efficient Fire Alarms, Gas
Alarms and Safety Protection Systems suitable for use in offshore drilling
units, supply vessels and testing vessels.
Installation and maintenance of Breathing Air
Cascade Systems.
Import
Countries: Europe, Japan,
China, Australia, Malaysia and the United States of America.
International
Suppliers:
·
Zodiac France
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Fujikura Japan
·
Crewsaver United
States of America
·
Hammar Sweden
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Daniamant United
Kingdom
·
ACR
Electronics United
States of America
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Regatta Norway
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Plasticel Spain
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International
Safety Products United
Kingdom
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Jiangyin
Neptune China
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Global
Davits GmbH Germany
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Sekur Italy
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PTR Netherlands
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Enware Australia
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Enpac United
States of America
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Hansson
Pyrotech Sweden
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Trellerborg Sweden
·
Wolf United
Kingdom
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Eversafe Malaysia
·
Fassmer Germany
Operating Trend: Steady
Subject has a
workforce of approximately 450 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
58,600,000 UAE Dh
61,500,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
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.
Date of transaction November
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
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.51.83 |
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|
1 |
Rs.79.42 |
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Euro |
1 |
Rs.65.90 |
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.