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Report No. : |
309328 |
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Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
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Name : |
AL SHIRAWI EQUIPMENT CO LLC (ASECO) |
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Registered Office : |
Plot No. 41B, Sheikh Zayed Road, Al Quoz Industrial Area No. 3 10983, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
09.10.1976 |
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Com. Reg. No.: |
41922 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the design and fabrication of storage and transport equipment, including tanks, silos, pressure vessels, trailers, tankers, tippers and municipal vehicles, factory sheds, warehouses and other structural steel works. Subject is also involved in aluminium joinery and glass fittings for building complexes. |
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No of Employees : |
550 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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United Arab Emirates |
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 |
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.
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Source
: CIA |
Company Name : AL SHIRAWI EQUIPMENT CO LLC (ASECO)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th October 1976
Commercial Registration Number : 41922, Dubai
Trade Licence Number : 300212
Chamber Membership Number : 508
Issued Capital : UAE Dh 6,700,000
Paid up Capital : UAE Dh 6,700,000
Total Workforce : 550
Activities : Design and fabrication of storage and transport equipment
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Muhesh Shah, Finance Manager
AL SHIRAWI
EQUIPMENT CO LLC (ASECO)
Location : Plot No. 41B
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area No. 3
PO Box : 10983
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3472606 / 3821534
Facsimile : (971-4) 3472157
Mobile : (971-50) 4503514
Email : aseco2@emirates.net.ae / sales@equipment.ae
Subject operates from
a large suite of offices and a factory that are owned and located in the
Industrial Area of Dubai.
Name Nationality Position
·
Sumeet
Mohan Valrani Indian Managing
Director
·
Mohamed
Abdullah Mohamed Al Shirawi Emirati Director
·
Hisham
Abdullah Mohamed Al Shirawi Emirati Director
·
Navin
Mohan Valrani Indian Director
·
Kabir
Mohan Valrani Indian Director
·
Suresh
Babo Krishna Gupta Indian General
Manager
·
Muhesh
Shah - Finance
Manager
·
Sashi
Ouvadal - Projects
Manager
·
S M
Rajan - Quality
Control Manager
·
B Mahes - Business
Development Manager
Date of Establishment : 9th
October 1976
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41922, Dubai
Trade Licence No. : 300212
(Expires 14/03/2015)
Chamber Member No. : 508
Issued Capital : UAE Dh 6,700,000
Paid up Capital : UAE Dh 6,700,000
·
Beachmount
Ltd 16%
Jersey
United Kingdom
·
Milton
Ltd 15%
Jersey
United
Kingdom
·
Mohamed
Abdullah Mohamed Al Shirawi 11%
·
Hisham
Abdullah Mohamed Al Shirawi 10%
·
Khalid
Abdullah Mohamed Abdullah Al Shirawi 10%
·
Ali
Abdullah Mohamed Al Shirawi 10%
·
Thani
Abdullah Mohamed Al Shirawi 10%
·
Sumeet
Mohan Valrani 6%
·
Kabir
Mohan Valrani 6%
·
Navin
Mohan Valrani 6%
·
Al
Shirawi Electrical & Mechanical Engineering Co LLC
Dubai
United Arab Emirates
·
Al
Shirawi Contracting Co LLC
Dubai
United Arab Emirates
·
Al
Shirawi Enterprise
Dubai
United Arab Emirates
Activities: Engaged in the design and fabrication of
storage and transport equipment, including tanks, silos, pressure vessels,
trailers, tankers, tippers and municipal vehicles, factory sheds, warehouses
and other structural steel works. Subject is also involved in aluminium joinery
and glass fittings for building complexes.
Subject’s clients
include well known companies such as Shell, Oman BP, Emirates Petroleum
Products Company (EPPCO), Abu Dhabi National Oil Co. (ADNOC), Emirates General
Petroleum Corp (EMARAT), and Bharat Petroleum Company (BAPCO)
In October 2010,
subject finished delivering to Bin Omran, Qatar their new U-shaped tipping
trailers. The 38 tippling trailers were part of a package of semi trailers that
were coupled to West European truck chassis namely Volvo and Mercedes Benz.
While the truck chassis order was split, the semi trailer was ordered all from
Al Shirawi Equipment Company. The tipping semi trailers were the new U-shaped
and constructed out of Hardox steel from SSAB, Sweden, Hyva hydraulics from
Holland and fitted with BPW running axles. This resulted in a very light weight
tipping trailer and this is a higher payload, an excellent return on assets for
the end user
Import
Countries: Germany, Italy,
Spain, United Kingdom, Sweden and the Far East
Principal
Suppliers:
·
Hermanns Germany
·
BBW Germany
·
Cos-Eco Italy
·
Baryval Spain
·
Whale
Tankers United
Kingdom
·
Kalmac Sweden
·
Hyva International Dubai
·
Nasser Bin Abdullatif Al Sirkal Dubai
Brand Name: ATLAS
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 30/06/13: Year Ending
30/06/14:
Total Sales UAE Dh
260,000,000 UAE Dh 272,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Muhesh Shah, Finance Manager.
·
Commercial
Bank of Dubai
Baniyas Street
PO Box: 1709
Deira
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
·
The
Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000 230,000 30,000
Amount overdue 0 0 0
Payment terms 60
days 180
days 60 days
Payment Method Letters
of Credit Letters
of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency US
Dollars Euros Pounds Sterling
Established in
1976, subject operates as designers and fabricators of storage and transport
equipment.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.79 |
|
|
1 |
Rs. 95.42 |
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Euro |
1 |
Rs. 69.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
-- |
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.