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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
DUBAI CABLE CO (PVT) LTD (DUCAB) |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 11529, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Year of Incorporation : |
1979 |
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Com. Reg. No.: |
18111 |
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Legal Form : |
Private Joint Stock Company |
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Line of Business : |
Manufacturers of electrical cables and wiring. |
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No. of Employees : |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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Source : CIA |
Company Name :
DUBAI CABLE CO (PVT) LTD (DUCAB)
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Private Joint Stock Company
Start Date :
1979
Registration Date :
12th August 1989
Commercial Registration Number :
18111, Dubai
Trade Licence Number :
220211
Chamber Membership Number :
6428
Issued Capital :
UAE Dh 25,000,000
Paid up Capital :
UAE Dh 25,000,000
Total Workforce :
500
Activities :
Manufacturers of electrical cables and wiring.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
DUBAI CABLE CO (PVT) LTD (DUCAB)
Registered &
Physical Address
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 11529
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8082500
/ 8158888 / 8081533
Facsimile : (971-4)
8082511 / 8158111 / 8081544
Email : ducab@ducab.ae
Premises
Subject operates from a suite of offices and a factory on a site
covering 590,000 square metres that is leased and located in the Jebel Ali Free
Zone.
Branch Office (s)
Location Description
Mohamed Saeed Hareb Building Office
premises
Al Ittihad Road
Port Saeed
PO Box: 683
Dubai
Tel: (971-4) 2667400
Fax: (971-4) 2668955
PO Box: 9171 Office
& factory premises
Mussafah 1 Factory
Abu Dhabi
Tel: (971-2) 5027777
Fax: (971-2) 5027755
PO Box: 9171 Office
& factory premises
Mussafah 1 Factory
Abu Dhabi
Tel: (971-2) 5500774
Fax: (971-2) 5500979
PO Box: 3542 Office
premises
Ruwi 112
Muscat
Oman
Tel: (968) 24565178
Fax: (968) 24564302
PO Box: 14039 Office
premises
Doha
Qatar
Tel: (974) 44421924
Fax : (974) 44419003
Prince Mohammad Bin Fahad Road Office
premises
Dammam 31482
Saudi Arabia
Tel: (966-3) 8355305
Fax: (966-3) 8355307
Name Nationality Position
Ahmed Bin Hassan Al Shaikh - Chairman
Andrew Shaw
British Managing
Director
Jonathan Vail - Technical
Manager
Arif Choksy - Finance
Manager
Graham Cheetam - Manufacturing
Manager
Farid Mohamed Ahmed
- Sales
Manager
Syed Ahmed - Marketing
Manager
Harold Molyneaux - Export
Manager
Yasser Hussein - Business
Development Manager
Pijush Bhattacherjee - Commercial
Manager
Date of Establishment : 1979, however
subject was registered on 12th August 1989.
History :
Ducab was set up in 1979 as a joint venture with the Dubai Government holding
60% and BICC Cables of the United Kingdom 40%. On 17th June 1997, an
agreement was signed in Abu Dhabi under which General Industries Corp (GIC)
acquired a 35 per cent stake. Dubai's shareholding was diluted to 35 per cent
and BICC's to 30 per cent. BICC was subsequently taken over by Balfour Beatty.
Legal Form : Private Joint Stock Company
Commercial Reg. No. : 18111, Dubai
Trade Licence No. : 220211
Chamber Member No. : 6428
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Name of
Shareholder (s) Percentage
Investment Corporation of Dubai (ICD) 50%
General Holding Corporation (GHC) 50%
Activities: Engaged in the manufacture
of low and medium voltage copper cables, as well as electrical circuit protection cables, cables and accessories, and
electrical fittings. The company supplies such well known clients as the Ministry of Electricity
& Water in the UAE, Kuwait Oil Co and Bahrain Petroleum Company.
In April 2002, Dubai Cable Company Pvt Ltd.
(Ducab), announced that it has been awarded a contract worth UAE Dh 16 million
by the Federal Electricity and Water Authority (FEWA). The contract entails the
supply of 300km of 33kV cables to FEWA.
In October 2004, Ducab was awarded an annual
supply contract for the year 2005 with the UAE Federal Electricity and Water Authority (FEWA),
worth AED 36 million. The contract calls for supplying the Authority with 33 kV single core cables for its
expanding power grid network in the Northern Emirates. The contract will see Ducab supply 450 kilometres of
single core copper, 500 square millimetre cables within 2005.
In March 2005, subject inaugurated a new
production plant located in Abu Dhabi. It will have a production capacity of 25,000 copper tonnes. The new
plant is Ducab’s biggest investment since its inception and was built as part of Ducab’s corporate
strategy of tripling its business to UAE Dh 2 billion by 2010.
Subject added a high quality copper rod to
its production line in 2008.
Subject has provided the cable solutions for
the following projects, Bahrain F1 International Circuit, Burj Dubai, Abu Dhabi
Grand Mosque, Dubai International Airport, Abu Dhabi Emirates Palace Hotel,
Bahrain City Centre, Bahrain Financial Towers, Burj Al Arab, Palm Jumeirah and
Dubai Metro.
In
June 2009 subject was voted as a UAE “Superbrand” for branding excellence.
Subject
is ISO 9001:2000, ISO 14001 and OHSAS 18001 accredited.
Production Capacity : 105,000 tonnes per year.
Import Countries: Europe,
the Far East and the United States of America.
International Suppliers:
ABB
Siemens
Bahrain Petroleum Company
National Iranian Oil Company
Qatar Petroleum
Saudi Aramco
Abu Dhabi Distribution Company
Dubai Municipality
Saudi Electric Company
Hyundai Engineering
Chiyoda Technip
Toshiba
Bechtel
Snamprogetti Spa
Dodsal
Brand Names: DUCAB
and POWERPLUS.
Export Countries: Singapore, Hong Kong, China, Egypt,
Indonesia, Malaysia and the United Kingdom, Iran, India, Jordan and Tanzania.
Operating Trend: Steady
Subject has a workforce of approximately 500 employees.
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: Year Ending 31/12/11:
Total Sales UAE
Dh 1,200,000,000 UAE Dh
3,500,000,000 UAE Dh
4,900,000,000
Local sources consider subject’s financial condition to be Good.
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints regarding subject’s payments have been reported.
Dubai Cable Co (Pvt) Ltd (Ducab) is jointly owned by the Dubai and Abu
Dhabi governments and specialises in the manufacture of electrical cables and
wiring. The company enjoys an excellent reputation for the quality of its
products and is a leading concern in its field.
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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.