MIRA INFORM REPORT

 

 

Report Date :

10.05.2013

 

IDENTIFICATION DETAILS

 

Name :

SILVER ROCK ELECTRIC CO LLC (SREC)

 

 

Formerly Known As :

SR ELECTRIC COMPANY LTD

 

 

Registered Office :

Al Musafah Industrial Area MW 5, Plot 4 & 5, PO Box 73111, Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1992

 

 

Com. Reg. No.:

29549

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Assembly, installation, wholesale and retail of heavy electrical equipment.

 

 

No. of Employees :

40

 

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 – 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

 

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.

Source : CIA

SUMMARY

 

Company Name                         : SILVER ROCK ELECTRIC CO LLC (SREC)

Also Known As                                      : SR ELECTRIC COMPANY LTD

Country of Origin                                    : Abu Dhabi, United Arab Emirates

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : 1992

Registration Date                                   : 25th April 1995

Commercial Registration Number            : 29549, Abu Dhabi

Trade Licence Number                            : 46325

Chamber Membership Number                : 19166

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 40

Activities                                               : Assembly, installation, wholesale and retail of heavy electrical equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

COMPANY NAME

 

SILVER ROCK ELECTRIC CO LLC (SREC)

 

 

ALSO KNOWN AS

 

SR ELECTRIC COMPANY LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Musafah Industrial Area MW 5, Plot 4 & 5

PO Box             : 73111

Town                 : Abu Dhabi

Country             : United Arab Emirates

 

Telephone         : (971-2) 5510977

Facsimile          : (971-2) 5510974

Mobile               : (971-50)

Email                : srec@emirates.net.ae

 

Please note that subject’s previous address was, Al Rumaithy Building, Mina Road, Abu Dhabi.

 

Premises

 

Subject operates from a medium sized suite of offices, a warehouse and a showroom that are rented and located in the Industrial Area of Abu Dhabi.

 

Branch Office (s)

 

Location                                                                                              Description

 

Jebel Ali Free Zone                                                                                Rented warehouse premises

Dubai

Tel: (971-4) 8811964

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                   Position

 

Mohan Joseph                                         Indian                          Managing Director

 

Khalfan Al Amimi                                     Emirati                        Director

 

Zakaria Yousef                                              -                            Finance Manager

 

Sumit Mohan                                                -                            Sales Manager 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations began in 1992, however it was registered on 25th April 1995

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 29549, Abu Dhabi

 

Trade Licence No.       : 46325 (Expires 14/01/2014)

 

Chamber Member No. : 19166

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                              Percentage

 

Khalfan Al Amimi                                                          51%

 

Mohan Joseph                                                               49%

 

 

AFFILIATED COMPANIES

 

Al Razi Pharmaceuticals Co LLC

PO Box: 285

Abu Dhabi

Tel: (971-2) 326671 / 341745

Fax: (971-2) 339451 / 310975

 

Silver Sands Electrical Est

Al Rumaithy Building

Mina Road

PO Box: 73111

Abu Dhabi

Tel: (971-2) 6728210

 

Green Field Agricultural Est

Al Ain

 

 

OPERATIONS

 

Activities:                                 Engaged in the wholesale and retail of heavy electrical equipment and related accessories, including power generators, transformers, switchgear, circuit breakers and panels. Subject’s clients include ADWEA and DEWA as well as the Ministry of Defence.

 

Subject also specialises in the assembly and installation of electrical switchboards and substation units.

 

Import Countries:                     Spain, South Africa, Saudi Arabia, China and Malaysia.

 

International Suppliers:

 

Pronutex Bilbao                         Spain

Prontec SA                               Spain

Imefy                                        Spain

Ormazabal                                Spain

Inael                                         Spain

Linegear                                    South Africa

S & A Abahsain Co Ltd              Saudi Arabia

Shanghai Cables Co                   China

Tamco                                      Malaysia

 

Operating Trend: Steady

 

Subject has a workforce of 40 employees.

 

 

FINANCIAL DATA

 

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 Sales                                UAE Dh 20,110,000                   UAE Dh 20,790,000

 

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

 

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

 

 

BANKERS

 

National Bank of Abu Dhabi

Sheikh Khalifa Street

PO Box: 4

Abu Dhabi

Tel: (971-4) 5335262

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.24

UK Pound

1

Rs.84.29

Euro

1

Rs.71.36

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.