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MIRA INFORM REPORT
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Report Date : |
27.01.2012 |
IDENTIFICATION DETAILS
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Name : |
SCIENTECHNIC (BRANCH OF ESSA SALEH AL GURG
GROUP LLC) |
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Registered Office : |
Scientechnic
Building, Al Ittihad Road,Deira, P O Box 325, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.06.1977 |
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Com. Reg. No.: |
1855 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject operates through several divisions · Sales Division · Consumer Electronics and Home Appliances Division · Projects Division · Switchgear and Automation Division · Contract Division |
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No. of Employees
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500 |
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$ 1,500,000 |
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Status : |
Good |
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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 30th, 2011
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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 : SCIENTECHNIC (BRANCH OF ESSA SALEH AL GURG GROUP LLC)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Start Date : 1972
Registration Date : 1st June 1977
Commercial Registration Number : 1855
Trade Licence Number : 201660
Chamber Membership Number : 607
Invested Capital : UAE Dh 10,000,000
Total Workforce : 500
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
Person Interviewed : Tanweer Ahmed, Finance Manager
COMPANY NAME
SCIENTECHNIC (BRANCH OF ESSA SALEH AL GURG
GROUP LLC)
company ADDRESS
Registered &
Physical Address
Building : Scientechnic Building
Street : Al Ittihad Road
Area : Deira
PO Box : 325
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2666000
Facsimile : (971-4) 2666176
Email : info@scientechnic.com / scientec@emirates.net.ae
Premises
Subject operates
from a large suite of offices, a warehouse and a workshop that are owned and
located in the Suburban Business Area of Dubai.
Branch Office
(s)
Location Description
·
Al
Wahda Street Sales
office, showroom &
PO Box: 5725 warehouse
premises
Sharjah
Tel: (971-6) 592656
Fax: (971-6) 539460
·
Al
Nakheel Street Sales
office, showroom &
PO Box: 1003 warehouse
premises
Ras Al Khaimah
Tel: (971-7) 2222115
·
Nasser
Square Sales
office and showroom
Dubai
Tel: (971-4) 2227688
·
Tourist
Club Area Sales
office, showroom &
Abu Dhabi warehouse
premises
Tel: (971-2) 6724366
KEY PRINCIPALS
Name Position
·
Essa
Saleh Al Gurg Proprietor
·
Saleh
Essa Saleh Al Gurg General
Manager
·
Ishrat Siddique Assistant
General Manager
·
Tanweer Ahmed Finance
Manager
·
Atif Ajaz Sales
Manager
·
Lalit M Bala Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1972, however it was registered on 1st June
1977
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1855
Trade Licence No. : 201660
Chamber Member No. : 607
Invested Capital
: UAE Dh 10,000,000
Mr Essa Saleh Al
Gurg is the sole proprietor of the business.
AFFILIATED COMPANIES
Subject is a member of the Essa Saleh Al Gurg Group, which consists of
the following concerns:
·
Essa
Saleh Al Gurg Group
Essa Saleh Al Gurg Building
Khalid Bin Walid Street
Dubai
Tel: (971-4) 3931555
Fax: (971-4) 3933900
·
Al Gurg
Stationery
Essa Saleh Al Gurg Building
Khalid Ibn Al Waleed Street
Al Souq Al Kabir
PO Box: 325
Dubai
Tel: (971-4) 3930899
Fax: (971-4) 3930727
Email: gurgstat@emirates.net.ae
·
Interiors
Umm Hurair Road
PO Box: 325
Dubai
Tel: (971-4) 3370116
Fax: (971-4) 3367657
Email: intrs@emirates.net.ae
·
Al Gurg
Building Services Ltd Co LLC
Al Ramool Area
Rashidiya
Dubai
Tel: (971-4) 2857770
Fax: (971-4) 2858713
·
Al Gurg
Communications
Khalid Bin Walid Street
Dubai
Tel: (971-4) 3512173
Fax: (971-4) 3512121
·
Al
Mashrabia Furniture Industry
Al Awir Industrial Area
PO Box: 325
Dubai
Tel: (971-4) 3330883 / 3338379
Fax: (971-4) 3522518
·
Al Gurg
Fosroc Co LLC
Umm Ramool, Plot No. 202
PO Box: 657
Dubai
Tel: (971-4) 2858606 / 2858787
Fax: (971-4) 2859649 / 2852023
Email: agfdxb@emirates.net.ae
OPERATIONS
Activities: Subject’s operations are performed through the
following divisions:
Contract Division
The contracting division of the company offers design, supply, installation, testing and commissioning for various projects ranging from industrial plants to hotels and multi-storeyed complexes, providing electrical, communications and traffic control systems.
Sales Division
This division markets over 6000 different products relating to power engineering, electrical installations, electronics, telecommunications and domestic and industrial lighting.
Consumer Electronics
and Home Appliances Division
Engaged in the distribution and retail of audio/video equipment and
domestic/commercial appliances, through its network of showrooms, branch
offices and dealer network in the UAE and through distributors in other neighbouring
countries.
Projects Division
The projects division supports its principals in power projects and
trades in various products ranging from cables, medium and high voltage switch
gears, control systems, transformers, internal and external lighting systems.
Switchgear and
Automation Division
The switchgear and automation
division assembles and supplies low-voltage switch boards, motor control
centres and control panels. The design assembling and testing of these products
are carried out as per Siemens design and workshop practices using mainly
components from Siemens AG, Germany, conforming to international standards.
Automation
Division
The automation division provides comprehensive design, supply and on
site support for Programmable Logic Controllers and Variable Speed Drives.
Import
Countries: Europe and the
Far East
International
Suppliers:
·
Siemens
Electrogerate GmbH Germany
·
Osram
GmbH Germany
·
Bitron
Video Srl Italy
·
Albright
& Wilson Ltd United
Kingdom
·
Dorman
Smith Switchgear Ltd United
Kingdom
·
Weir
Pumps Ltd United
Kingdom
·
Coughtrie
J&G Ltd United
Kingdom
·
Capital
Co Ltd Japan
· Trafo-Union
GmbH Germany
· Erco
Leuchten GmbH Germany
· Nikkon Lighting Malaysia
·
Olympia Electronics Greece
Brand Names: SIEMENS
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 31/12/010: Year Ending
31/12/11:
Total Sales UAE Dh
154,000,000 UAE Dh
160,000,000
Local sources
consider subject’s financial condition to be Good.
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
·
National
Bank of Dubai (NBD)
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction March
2007 March
2008
Credit amount 338,000 500,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Euros
GENERAL COMMENTS
Subject has been trading
for over 40 years and has achieved good progress in the local market operating
several diversified divisions.
The business is
owned by Mr Essa Saleh Al Gurg, a wealthy and well-known Emirati businessman,
and is a member of the Essa Saleh Al Gurg Group of companies.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.97 |
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UK Pound |
1 |
Rs.77.74 |
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Euro |
1 |
Rs.65.09 |
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.