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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
STEVIN ROCK LLC |
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Registered Office : |
Sham Road, Khor
Khwair Industrial Zone, P O Box 559, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Year of Establishments: |
1975 |
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Com. Reg. No.: |
1740, Ras Al Khaimah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Miners of rock and limestone |
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No. of Employees : |
2000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
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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 |
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 : STEVIN ROCK LLC
Also Known As : STEVIN ROCK JOINT VENTURE
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1975
Commercial Registration Number : 1740, Ras Al Khaimah
Trade Licence Number : 3061
Chamber Membership Number : 6271
Issued Capital : UAE Dh 33,500,000
Paid up Capital : UAE Dh 33,500,000
Total Workforce : 2,000
Activities : Miners of rock and limestone.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Kishore Raman, Financial Manager
STEVIN ROCK LLC
STEVIN ROCK JOINT
VENTURE
Registered &
Physical Address
Street : Sham Road
Area : Khor Khwair Industrial Zone
PO Box : 559
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2588666 / 2668551
Facsimile : (971-7) 2588777 / 2668924
Email : stevin@emirates.net.ae / stevin@eim.ae
Premises
Subject operates
from a large suite of offices that are owned and located in the Industrial Area
of Ras Al Khaimah.
Name Position
·
Naser
Al Bustami General
Manager
·
Simon
Turner Operations
Manager
·
Kishore
Raman Financial
Manager
·
Taher
Karim Procurement
Officer
Date of Establishment : 1975
History : Subject was founded in 1975 as a 100% owned subsidiary of Dutch civil engineering
company Volker Stevin. Initially formed to produce and supply material for the
new Jubail Commercial Port in Saudi Arabia. Subject delivered around five
million tonnes of material between 1975 and 1980.
In May 1996, His Highness Sheikh Saud Bin Saqr Al Qasimi purchased all Stevin
Rock rights, and from there began an era of consolidation, expansion and
strengthening. In 2004, as a 99% government-owned company, subject became
Stevin Rock LLC.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1740, Ras Al
Khaimah
Trade Licence No. : 3061
Chamber Member No. : 6271
Issued Capital : UAE Dh 33,500,000
Paid up Capital : UAE Dh 33,500,000
Name of Shareholder
(s) Percentage
·
Government
of Ras Al Khaimah 99%
·
RAK
Investment Authority (RAKIA) 1%
·
RAK
Rock LLC
Ras Al Khaimah
Activities:
Stevin Rock owns and operates three Quarries in the Emirate of Ras Al
Khaimah, located at
Khor Khwair, Al Ghail and Kadrah. The company is engaged in the mining
of rock, Gabbro and Limestone aggregates, core, and armour and with these it
produces sand, gravel, stone chippings and aggregates for use in the
construction of coastal defences, as well as the building and construction
industries.
Production levels currently stand at 135,000 tonnes of aggregates per week,
and 30,000 tonnes of armour per week.
In order to facilitate export of rock materials from the Ras Al Khaimah
quarry, Stevin Rock has constructed its own three berth, all weather harbour
that can accommodate barges with a capacity of up to 20,000 tonnes. Stevin Rock
also owns a purpose built fleet of sea-going tugs and rock transport pontoons.
Subject is ISO 9002 accredited.
Principal
Clients:
·
Al
Naboodah Contracting Company
·
Gulf
Dredging Company
·
Boodai
Construction Co
·
Ghantoot
Transport
·
Linden
International
·
Bilal
Transport
·
Al
Hamra Shipping
Import
Countries: United Kingdom,
Canada and the United States of America
Export
Countries: Subject exports
throughout the Arabian Gulf Region
Subject has a
workforce of approximately 2,000 employees.
Companies
registered in Ras Al Khaimah, United Arab Emirates are not legally required to
make their accounts public and no financial information was released by the
company or submitted by outside sources.
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax:
(971-7) 2224202
·
HSBC
Bank Middle East
Corniche Road
PO Box: 9
Ras Al Khaimah
Tel: (971-7) 2333544
Fax: (971-7) 2330200
No complaints regarding
subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.85 |
|
UK Pound |
1 |
Rs.92.31 |
|
Euro |
1 |
Rs.78.23 |
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.