MIRA INFORM REPORT

Report Date :

09.06.2012

IDENTIFICATION DETAILS

Name :	SERCK SERVICES (GULF) LTD
Formerly Known As :	SERCK SERVICES INTERNATIONAL
Registered Office :	Al Qasimia Street, Sharjah Industrial Area No. 12, 5834, Sharjah
Country :	United Arab Emirates
Financials (as on) :	31.12.2011
Date of Incorporation :	13.09.1977
Com. Reg. No.:	1420
Legal Form :	Limited Liability Company
Line of Business :	Providers of heat exchanger services
No. of Employees :	300

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

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 – September 30, 2011

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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

Also Known As : SERCK SERVICES INTERNATIONAL

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 : 300

Activities : Providers of heat exchanger services.

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

SERCK SERVICES (GULF) LTD

ALSO KNOWN AS: SERCK SERVICES INTERNATIONAL

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 / 5272214

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

Premises

Subject operates from a large 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

Mel Gosney Operations Manager

Billy Tyrrell Services Manager

Asif Iqbal Financial Controller

Vibjas Pattu Production Manager

Chirag Shah Finance 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 12/10/2012)

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

Serck Services Co LLC

Abu Dhabi

Tel: (971-2) 5553110

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 300 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales UAE Dh 144,500,000 UAE Dh 148,200,000

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

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

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.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

INFORMATION DETAILS

Report Prepared by :

SDA

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
----	NB	New Business	----

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.