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Report No. : |
315212 |
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Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, 11529, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
12.08.1989 |
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Com. Reg. No.: |
18111 |
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Legal Form : |
Private Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of low and medium voltage copper cables, as well as electrical circuit protection cables, cables and accessories, and electrical fittings. |
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No of Employees : |
550 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
Company Name : DUBAI CABLE CO (PVT) LTD (DUCAB)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Private Joint Stock Company
Start Date : 1979
Registration Date : 12th August 1989
Commercial Registration Number : 18111, Dubai
Trade Licence Number : 220211
Chamber Membership Number : 6428
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Total Workforce : 550
Activities : Manufacturers of electrical cables and wiring.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Manoharan Raghavan , Human Resources Manager
DUBAI CABLE CO
(PVT) LTD (DUCAB)
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 11529
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8082500 / 8158888 / 8081533
Facsimile : (971-4) 8082511 / 8158111 / 8081544
Email : ducab@ducab.ae
/ manoharan.raghavan@ducab.com
Subject operates from
a suite of offices and a factory on a site covering 590,000 square metres that
is leased and located in the Jebel Ali Free Zone.
Branch Office
(s)
Location Description
·
Mohamed
Saeed Hareb Building Office
premises
Al Ittihad Road
Port Saeed
PO Box: 683
Dubai
Tel: (971-4) 2667400
Fax: (971-4) 2668955
·
PO Box:
9171 Office
& factory premises
Mussafah 1 Factory
Abu Dhabi
Tel: (971-2) 5027777
Fax: (971-2) 5027755
·
PO Box:
9171 Office
& factory premises
Mussafah 1 Factory
Abu Dhabi
Tel: (971-2) 5500774
Fax: (971-2) 5500979
·
PO Box:
3542 Office
premises
Ruwi 112
Muscat
Oman
Tel: (968) 24565178
Fax: (968) 24564302
·
PO Box:
14039 Office
premises
Doha
Qatar
Tel: (974) 44421924
Fax: (974) 44419003
·
Prince
Mohammad Bin Fahad Road Office
premises
Dammam 31482
Saudi Arabia
Tel: (966-13) 8355305
Fax: (966-13) 8355307
Name Nationality Position
·
Dr
Jamal Salem Al Daheri - Chairman
·
Ahmed
Bin Hassan Al Shaikh - Vice
Chairman
·
Andrew
Shaw British Managing Director
·
Jonathan
Vail - Technical
Manager
·
Arif
Choksy - Finance
Manager
·
Graham
Cheetam - Manufacturing
Manager
·
Ali Al
Shamsi - Financial
Planning Manager
·
Ali
Asghar - Finance
Manager
·
Mohamed
Yousef Ali Ahmed - Purchasing
Manager
·
Ashish
Chattervedi - Marketing
Manager
·
Duraid
Hamad - Export
Manager
·
Manoharan
Raghavan - Human
Resources Manager
Date of
Establishment : Subject's
operations date back to 1979, however it was registered on 12th
August 1989.
History : Ducab was set up in 1979 as a joint
venture with the Dubai Government holding
60% and BICC Cables of the United Kingdom 40%. On 17th June
1997, an
agreement was signed in Abu Dhabi under which General Industries Corp
(GIC)
acquired a 35 per cent stake. Dubai's shareholding was diluted to 35 per
cent
and BICC's to 30 per cent. BICC was subsequently taken over by Balfour
Beatty who withdrew from the company after assigning its shares to the
current owners.
Legal Form : Private Joint Stock Company
Commercial Reg. No. : 18111, Dubai
Trade Licence No. : 220211
Chamber Member No. : 6428
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
·
Investment Corporation of Dubai (ICD) 50%
Dubai
·
General Holding Corporation (GHC) 50%
Abu Dhabi
·
Arkan
Building Materials Co
Abu Dhabi
·
Al
Khaznah Tannery
Abu Dhabi
·
Agthia
Abu Dhabi
·
Abu
Dhabi Basic Industries Corporation (ADBIC)
Abu Dhabi
·
National
Petroleum Construction Company (NPCC)
Abu Dhabi
·
Royal
Jet LLC
Abu Dhabi
·
Al Foah
Company
Abu Dhabi
·
Emirates
Steel Industries (ESI)
Abu Dhabi
·
DAMCO
Abu Dhabi LLC
Abu Dhabi
·
National
Petroleum Construction Company Ltd (NPCC)
Activities: Engaged in the manufacture of low and
medium voltage copper cables, as well as electrical circuit protection cables,
cables and accessories, and electrical fittings. The company supplies such well
known clients as the Ministry of Electricity & Water in the UAE, Kuwait Oil
Co and Bahrain Petroleum Company.
In April 2002, Dubai Cable Company Pvt Ltd. (Ducab), announced that it has been awarded a contract worth UAE Dh 16 million by the Federal Electricity and Water Authority (FEWA). The contract entails the supply of 300km of 33kV cables to FEWA.
In October 2004, Ducab was awarded an annual supply contract for the year 2005 with the UAE Federal Electricity and Water Authority (FEWA), worth AED 36 million. The contract calls for supplying the Authority with 33 kV single core cables for its expanding power grid network in the Northern Emirates. The contract will see Ducab supply 450 kilometres of single core copper, 500 square millimetre cables within 2005.
In March 2005, subject inaugurated a new production plant located in Abu Dhabi. It will have a production capacity of 25,000 copper tonnes. The new plant is Ducab’s biggest investment since its inception and was built as part of Ducab’s corporate strategy of tripling its business to UAE Dh 2 billion by 2010.
Subject added a high quality copper rod to its production line in 2008.
Subject has provided the cable solutions for the following projects, Bahrain F1 International Circuit, Burj Dubai, Abu Dhabi Grand Mosque, Dubai International Airport, Abu Dhabi Emirates Palace Hotel, Bahrain City Centre, Bahrain Financial Towers, Burj Al Arab, Palm Jumeirah and Dubai Metro.
In June 2009 subject was voted as a UAE “Superbrand” for branding excellence.
Subject is ISO 9001:2000, ISO 14001 and OHSAS 18001 accredited.
Production
Capacity : 110,000 tonnes
per year.
Import
Countries: Europe, the Far
East and the United States of America.
International
Suppliers:
·
ABB
·
Siemens
·
Bahrain
Petroleum Company
·
National
Iranian Oil Company
·
Qatar
Petroleum
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Saudi
Aramco
·
Abu
Dhabi Distribution Company
·
Dubai
Municipality
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Saudi
Electric Company
·
Hyundai
Engineering
·
Chiyoda
Technip
·
Toshiba
·
Bechtel
·
Snamprogetti
Spa
·
Dodsal
Brand Names: DUCAB and POWERPLUS
Export
Countries: Singapore, Hong
Kong, China, Egypt, Indonesia, Malaysia and the United Kingdom, Iran, India,
Jordan and Tanzania.
Operating Trend: Steady
Subject has a
workforce of approximately 550 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh
5,800,000,000 UAE Dh
6,220,000,000
Local sources consider
subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax:
(971-4) 2220943 / 2254565
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints
regarding subject’s payments have been reported.
Dubai Cable Co (Pvt)
Ltd (Ducab) is jointly owned by the Dubai and Abu Dhabi governments and
specialises in the manufacture of electrical cables and wiring. The company
enjoys an excellent reputation for the quality of its products and is a leading
concern in its field.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 62.59 |
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|
1 |
Rs. 92.45 |
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Euro |
1 |
Rs. 67.51 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.