MIRA INFORM REPORT

 

 

Report Date :

13.11.2013

 

IDENTIFICATION DETAILS

 

Name :

SIEMENS LLC (SIS)

 

 

Registered Office :

The Galleries, Building No. 2, 11th Floor, Jebel Ali Down Town, PO Box      : 2154,  Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

14.12.1999

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged as general electrical contractors, involved in power lines, power stations, electromechanical equipment, electrical fitting and installation as well as building technologies.

 

 

No. of Employees :

220

 

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 :

Regular

 

 

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 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

 

SUMMARY

 

Company Name                                     : SIEMENS LLC (SIS)

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 14th December 1999

Trade Licence Number                            : 515634

Chamber Membership Number                : 57367

Issued Capital                                        : UAE Dh 10,000,000

Paid up Capital                                      : UAE Dh 10,000,000

Total Workforce                                     : 220

Activities                                               : General electrical contractors

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

SIEMENS LLC (SIS)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : The Galleries, Building No. 2, 11th Floor

Area                 : Jebel Ali Down Town

PO Box             : 2154

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3360000

Facsimile          : (971-4) 3360500

Email                : siemens@emirates.net.ae / siemens.ae@siemens.com

 

Please note that subject’s previous address was, Al Nad Al Hamr Street, Al Rashidya, Dubai. Subject moved to the above address in 2011.

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Kay Zwingernberger                                                                    Chief Executive Officer

 

Srikant Narayanan                                                                     Chief Financial Officer

 

Guenter Baumgartner                                                                 Marketing Manager       

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th December 1999

 

Legal Form                  : Limited Liability Company - LLC

 

Trade Licence No.       : 515634 (Expires 13/12/2013)

 

Chamber Member No. : 57367

 

Issued Capital              : UAE Dh 10,000,000

 

Paid up Capital            : UAE Dh 10,000,000

 

Name of Shareholder (s)                                              Percentage

 

Siemens Aktiengesellschaft                                                49.0%

Wittelsbacherplatz 2

D-80333 Munich

Germany

Tel: (49-89) 63600

Fax: (49-89) 63633032

 

Scientechnic                                                                     25.5%

PO Box: 325

Dubai

United Arab Emirates

Tel: (971-4) 2666000

Fax: (971-4) 2666176

 

Electro Mechanical Est                                                      25.5%

PO Box: 732

Abu Dhabi

United Arab Emirates

Tel: (971-2) 6428973

Fax: (971-2) 6428352

 

 

AFFILIATED COMPANIES

 

Siemens FZ (LLC)

Dubai Internet City

PO Box: 2154

Dubai

Tel: (971-4) 2894846

Fax: (971-4) 2896651

 

 

OPERATIONS

 

Activities:                     Engaged as general electrical contractors, involved in power lines, power stations, electromechanical  equipment, electrical fitting and installation as well as building technologies.

Key Project

Siemens’ Energy Service Division won long-term contracts to service Dubai Electricity and Water     Authority’s (DEWA) newest power plant, the Jebel Ali M-Station. The facility, located in Dubai, comprises a 2,000-MW combined cycle power plant and a desalination plant with a capacity of 140 million imperial gallons per day. With a secured combined order value of approximately EUR 350 million, the 12-year service and parts contracts are one of Siemens' biggest service agreements in the region. The agreement includes an option for extending the service period.

Import Countries:         Europe and the United States of America

 

Subject has a workforce of approximately 220 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai, 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.

 

 

BANKERS

 

Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 December 2006

Credit amount                                        337,140

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Canadian Dollars

 

 

GENERAL COMMENTS

 

Established in 1999, subject operates as general electrical contractors, involved in power lines, power stations, electromechanical equipment, electrical fitting and installation.

 

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.63.59

UK Pound

1

Rs.101.56

Euro

1

Rs.85.15

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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