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Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GERAB NATIONAL ENTERPRISES LLC |
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|
|
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Registered Office : |
Airport Road,
Jebel Ali Free Zone, Plot No. M00321A, P O Box 17719 & 3697, Dubai |
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|
|
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Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
12.09.1983 |
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Com. Reg. No.: |
9432, Dubai |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Distributors,
stockists and retailers of oil and gas field machinery and equipment,
including seamless pipes, fittings, valves, bolts, gaskets, stud bolts and
flanges all in carbon and stainless steel. |
|
|
|
|
No. of Employees : |
165 |
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 |
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|
|
Payment Behaviour : |
No Complaints |
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|
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
Company Name : GERAB NATIONAL ENTERPRISES LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th September 1983
Commercial Registration Number : 9432, Dubai
Trade Licence Number : 202180
Chamber Membership Number : 10937
Issued Capital : UAE Dh 24,000,000
Paid up Capital : UAE Dh 24,000,000
Total Workforce : 165
Activities : Distributors, stockists and retailers of oil and gas field machinery and
equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
GERAB NATIONAL
ENTERPRISES LLC
Registered &
Physical Address
Street : Airport Road
Area : Jebel Ali Free Zone, Plot No.
M00321A
PO Box : 17719 & 3697
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8065888 / 8065700
/ 2858448
Facsimile : (971-4) 8836663 / 2854026
Email : gerab@emirates.net.ae / info@gerabgroup.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are owned and located
in the Jebel Ali Free Zone, Dubai.
Branch Office (s)
Location Description
·
Abu
Dhabi Rented
sales office
United Arab Emirates
Name Position
·
Abdul
Rahman Abdullah Abdul Rahman Sharafi Managing
Director
·
Abdullah Abdulrahman Abdulah Abdulrahman Sharafi Director
·
Adnan Abdulrahman Abdulah Abdulrahman Sharafi Director
·
Andrius Sisr Commercial
Manager
·
Venkat Subraniam Finance
Manager
·
Sayed
Shakeel Procurement
Manager
·
Waleed
Mohana Administration
Manager
Date of Establishment : 12th
September 1983
History : Subject was originally established in 1983
as a Sole Proprietorship owned by Mr Abdul
Rahman Abdullah Abdul Rahman Sharafi. However in March 2010 the business
was
changed to a Limited Liability
Company upon the introduction of his sons.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 9432, Dubai
Trade Licence No. : 202180
(Expires 09/08/2014)
Chamber Member No. : 10937
Issued Capital : UAE Dh 24,000,000
Paid up Capital : UAE Dh 24,000,000
Name of Shareholder (s)
·
Abdul
Rahman Abdullah Abdul Rahman Sharafi
·
Abdullah Abdulrahman Abdulah Abdulrahman Sharafi
·
Adnan Abdulrahman Abdulah Abdulrahman Sharafi
·
Mohamed
Abdullah Sharafi and Brothers
Near Creek Road
Deira
PO Box: 5483
Dubai
United Arab Emirates
Tel: (971-4) 2229598 / 2220813
·
Al
Sharafi Trading
PO Box: 5483
United Arab Emirates
Dubai
Tel: (971-4) 2283210
·
Zeno
Kits of Electronic Components
PO Box: 3697
Dubai
United Arab Emirates
Tel: (971-4) 2226969 / 2227172
Fax: (971-4) 693238
·
Gerab
System Technology
Al Hisn Street
PO Box: 24120
Dubai
United Arab Emirates
Tel: (971-4) 2858448 / 2857979
Fax: (971-4) 2854026
·
Al
Madar Oilfield Supplies & Services LLC
City Centre Building
Sheikh Hamdan Bin Mohamed Street
PO Box: 44542
Abu Dhabi
United Arab Emirates
Tel: (971-2) 6222790
Fax: (971-2) 6222791
·
Arab
Desert LLC
PO Box: 3915
Muscat 112
Oman
Tel: (968) 24561226
Fax: (968) 24561308
Email: petrogas@omantel.net.om
·
Gerab National
Enterprises
PO Box: 823
Al Khobar 31952
Saudi Arabia
Tel: (966-3) 8999524
Fax: (966-3) 8642581
Email: gerab@sahara.com.sa
·
Gerab
National Enterprises
PO Box: 6349
Doha
Qatar
Tel: (974) 44666100
Fax: (974) 44653040
Email: gerab@qatar.net.qa
Activities: Distributors, stockists and retailers of
oil and gas field machinery and equipment, including seamless
pipes, fittings, valves,
bolts, gaskets, stud bolts and flanges all in carbon and stainless steel.
Subject gained the ISO 9002 certificate in
1997.
Import
Countries: Italy, Spain,
the United Kingdom, the United States of America, Argentina, Mexico and India
International Suppliers:
·
Austin
Stroud & Co Ltd United
Kingdom
·
Moorside
Machining United
Kingdom
·
Tubos
Reunidos SA Spain
·
O.M.E. Italy
·
Della
Foglia Italy
·
Dalmine Italy
·
Mueller
Steam Speciality United
States of America
·
Edward
Vogt United
States of America
·
Siderca Argentina
·
Tamsa Mexico
·
Audco
India Ltd India
Export
Countries: Oman, Qatar,
Bahrain, Kuwait, Saudi Arabia, Yemen, Syria, Jordan, Iran, Far Eastern
countries and South Africa
Operating Trend: Steady
Subject has a
workforce of 165 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Revenue UAE Dh 46,210,000 UAE Dh 47,770,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
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
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Subject is one of
the largest stockists of oil and gas field machinery and equipment in the
Middle East with a huge stock of approximately 20,000 tonnes.
As far as can be
seen nothing detrimental has been heard regarding subject’s financial trade
commitments and payment obligations are reported to be met in a timely manner.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
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.