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Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SKM AIR CONDITIONING LLC |
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Registered Office : |
Emirates Road,
Industrial Area No. 13, PO Box 6004,
Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.01.1975 |
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Com. Reg. No.: |
2203, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacturer of
air conditioning units, refrigeration
and cold storage systems |
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No. of Employees : |
1500 |
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 |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
UAE 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 country 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. 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.
|
Source : CIA |
Company Name : SKM AIR CONDITIONING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 16th January 1975
Commercial Registration Number : 2203, Sharjah
Trade Licence Number : 341
Chamber Membership Number : 363
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 1,500
Activities :
Manufacturers of air conditioning units, refrigeration and cold storage
systems.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SKM AIR
CONDITIONING LLC
Registered &
Physical Address
Street : Emirates Road
Area : Industrial Area No. 13
PO Box : 6004
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5347347
Facsimile : (971-6) 5349292
Email : info@skm.ae
Premises
Subject operates
from a suite of offices and a factory covering an area of 43,000 sq metres that
are owned and located in the Industrial Area of Sharjah.
Name Position
·
Ali
Latif Jaber General
Manager
·
Sarfaz
Ahmed Factory
Manager
·
Diya Al
Alami Sales
Manager
·
A R B
Taj Eddine Finance
Manager
·
Tanweer
Ahmed Financial
Controller
Date of Establishment : 16th
January 1975
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 2203, Sharjah
Trade Licence No. : 341
Chamber Member No. : 363
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Al
Azizya Investment Real Estate Co 98%
Kuwait
·
Fawaz
Mubarak Abdulaziz 1%
·
Abdulaziz
Mubarak 1%
·
Sharjah
and Kuwait Manufacturing Co Ltd (SKM)
Industrial Area No. 1
PO Box: 6004
Sharjah
Tel: (971-6) 5330363 / 5333364
Fax: (971-6) 5335977
·
Fawaz
Refrigeration & Air Conditioning Co Ltd
Al Wahda Street
PO Box: 1170
Sharjah
Tel: (971-6) 5334917
Fax: (971-6) 5330342
Email: fawazco@emirates.net.ae
·
Fawaz Refrigeration
& Air Conditioning Co WLL
Al Marzouk Pearl Building
Salmiya
PO Box: 20423
Safat 13065
Kuwait
Tel: (965) 5749306 / 5749313
Fax: (965) 5714150
·
Al
Amana Trading Establishment
Fooladi Building
Hamdan Street
PO Box: 7708
Abu Dhabi
Tel: (971-2) 6723787
Fax: (971-2) 6727569
Activities: Engaged in the manufacture of air
conditioning units, refrigeration
and cold storage systems.
Subject is ISO 9001 accredited.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of approximately 1,500 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue UAE Dh 362,000,000 UAE Dh 370,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints
regarding subject’s payments have been reported.
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.59.64 |
|
UK Pound |
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.