|
Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SCIENTECHNIC (BRANCH OF ESSA SALEH AL GURG
GROUP LLC) |
|
|
|
|
Registered Office : |
Scientechnic Building,
Al Ittihad Road, Deira, P O Box 325 & 25490, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments: |
1972 |
|
|
|
|
Com. Reg. No.: |
1855 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Subject operates through several divisions includes · Contract Division · Sales Division · Consumer Electronics and Home Appliances Division · Projects Division · Switchgear and Automation Division · Automation Division |
|
|
|
|
No. of Employees : |
485 |
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 : |
Good |
|
|
|
|
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 |
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 : SCIENTECHNIC (BRANCH OF ESSA SALEH AL GURG GROUP LLC)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Start Date : 1972
Registration Date : 1st June 1977
Commercial Registration Number : 1855
Trade Licence Number : 201660
Chamber Membership Number : 607
Invested Capital : UAE Dh 10,000,000
Total Workforce : 485
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tanweer Ahmed, Finance Manager
SCIENTECHNIC
(BRANCH OF ESSA SALEH AL GURG GROUP LLC)
Registered &
Physical Address
Building : Scientechnic Building
Street : Al Ittihad Road
Area : Deira
PO Box : 325 & 25490
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2666000
Facsimile : (971-4) 2666176
Mobile : (971-50) 3571305
Email : info@scientechnic.com / scientec@emirates.net.ae
Premises
Subject operates
from a large suite of offices, a warehouse and a workshop that are owned and
located in the Suburban Business Area of Dubai.
Branch Office (s)
Location Description
·
Al
Wahda Street Sales
office, showroom &
PO Box: 5725 warehouse
premises
Sharjah
Tel: (971-6) 592656
Fax: (971-6) 539460
·
Al
Nakheel Street Sales
office, showroom &
PO Box: 1003 warehouse
premises
Ras Al Khaimah
Tel: (971-7) 2222115
·
Nasser
Square Sales
office and showroom
Dubai
Tel: (971-4) 2227688
·
Tourist
Club Area Sales
office, showroom &
Abu Dhabi warehouse
premises
Tel: (971-2) 6724366
Name Position
·
Essa
Saleh Al Gurg Proprietor
·
Essa
Fareed Al Gurg Assistant
General Manager
·
Tanweer Ahmed Finance
Manager
·
Atif Ajaz Sales
Manager
·
Prabhu
Arujothi Human
Resources Manager
Date of Establishment : Subject’s
operations date back to 1972, however it was registered on 1st June
1977
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1855
Trade Licence No. : 201660
(Expires 26/02/2015)
Chamber Member No. : 607
Invested Capital
: UAE Dh 10,000,000
Mr Essa Saleh Al
Gurg is the sole proprietor of the business.
Subject is a member of the Essa Saleh Al Gurg Group, which consists of
the following concerns:
·
Essa
Saleh Al Gurg Group
Essa Saleh Al Gurg Building
Khalid Bin Walid Street
Dubai
Tel: (971-4) 3931555
Fax: (971-4) 3933900
·
Al Gurg
Stationery
Essa Saleh Al Gurg Building
Khalid Ibn Al Waleed Street
Al Souq Al Kabir
PO Box: 325
Dubai
Tel: (971-4) 3930899
Fax: (971-4) 3930727
Email: gurgstat@emirates.net.ae
·
Interiors
Umm Hurair Road
PO Box: 325
Dubai
Tel: (971-4) 3370116
Fax: (971-4) 3367657
Email: intrs@emirates.net.ae
·
Al Gurg
Building Services Ltd Co LLC
Al Ramool Area
Rashidiya
Dubai
Tel: (971-4) 2857770
Fax: (971-4) 2858713
·
Al Gurg
Communications
Khalid Bin Walid Street
Dubai
Tel: (971-4) 3512173
Fax: (971-4) 3512121
·
Al
Mashrabia Furniture Industry
Al Awir Industrial Area
PO Box: 325
Dubai
Tel: (971-4) 3330883 / 3338379
Fax: (971-4) 3522518
·
Al Gurg
Fosroc Co LLC
Umm Ramool, Plot No. 202
PO Box: 657
Dubai
Tel: (971-4) 2858606 / 2858787
Fax: (971-4) 2859649 / 2852023
Email: agfdxb@emirates.net.ae
Activities: Subject’s operations are performed through
the following divisions:
Contract Division
The contracting
division of the company offers design, supply, installation, testing and
commissioning for various projects ranging from industrial plants to hotels and
multi-storeyed complexes, providing electrical, communications and traffic
control systems.
Sales Division
This division
markets over 6000 different products relating to power engineering, electrical
installations, electronics, telecommunications and domestic and industrial
lighting.
Consumer
Electronics and Home Appliances Division
Engaged in the
distribution and retail of audio/video equipment and domestic/commercial appliances,
through its network of showrooms, branch offices and dealer network in the UAE
and through distributors in other neighbouring countries.
Projects Division
The projects
division supports its principals in power projects and trades in various products
ranging from cables, medium and high voltage switch gears, control systems,
transformers, internal and external lighting systems.
Switchgear and
Automation Division
The switchgear and
automation division assembles and supplies low-voltage switch boards, motor
control centres and control panels. The design assembling and testing of these
products are carried out as per Siemens design and workshop practices using
mainly components from Siemens AG, Germany, conforming to international
standards.
Automation
Division
The automation
division provides comprehensive design, supply and on site support for
Programmable Logic Controllers and Variable Speed Drives.
Import
Countries: Europe and the
Far East
International
Suppliers:
·
Siemens
Electrogerate GmbH Germany
·
Osram
GmbH Germany
·
Bitron
Video Srl Italy
·
Albright
& Wilson Ltd United
Kingdom
·
Dorman
Smith Switchgear Ltd United
Kingdom
·
Weir
Pumps Ltd United
Kingdom
·
Coughtrie
J&G Ltd United
Kingdom
·
Capital
Co Ltd Japan
· Trafo-Union
GmbH Germany
· Erco Leuchten
GmbH Germany
· Nikkon Lighting Malaysia
·
Olympia Electronics Greece
Brand Names: SIEMENS
Operating Trend: Steady
Subject has a
workforce of approximately 485 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/011: Year Ending
31/12/12:
Total Revenue UAE Dh 160,000,000 UAE Dh 165,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No Complaints
Currency Pounds
Sterling Euros
Subject has been
trading for over 40 years and has achieved good progress in the local market
operating several diversified divisions.
The business is owned
by Mr Essa Saleh Al Gurg, a wealthy and well-known Emirati businessman, and is
a member of the Essa Saleh Al Gurg Group of companies.
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.56.24 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.72.32 |
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.