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Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
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Name : |
SILVER ROCK ELECTRIC CO LLC (SREC) |
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Registered Office : |
Al Musafah
Industrial Area MW 5, Plot 4 & 5, P O Box
73111, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1992 |
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Com. Reg. No.: |
29549, Abu Dhabi |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· wholesaler and retailer of heavy electrical equipment and related accessories, including power generators, transformers, switchgear, circuit breakers and panels ·
Subject also specialises in the assembly and
installation of electrical switchboards and substation units |
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No. of Employees : |
48 |
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 |
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Insignificant |
A1 |
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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 |
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 |
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 : 48
Activities : Assembly, installation, wholesale and retail of heavy electrical
equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Zakaria Joseph, Finance Manager
SILVER ROCK
ELECTRIC CO LLC (SREC)
SR ELECTRIC COMPANY LTD
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
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
Name Nationality Position
·
Mohan
Joseph Indian Managing
Director
·
Sumit
Mohan - Executive
Director
·
Zakaria
Joseph - Finance
Manager
·
Leonard
Peters - Marketing
Manager
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
·
Heirs
of the late Khalfan Al Amimi
51%
·
Mohan
Joseph 49%
·
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
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: India, 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
·
Brass
Copper & Alloys Ltd India
·
Chandra
Protec India
·
Darshana
Industries India
·
Rico
Transformers India
·
Crompton
Greaves Ltd India
Clients:
·
Marjan
Electric Co Oman
Operating Trend: Steady
Subject has a
workforce of 48 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 38,820,000 UAE Dh 41,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Zakaria Joseph, Finance Manager
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-4) 5335262
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.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
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 |
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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 |
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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 |
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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.