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Report No. : |
302466 |
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Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
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Name : |
LUCY SWITCHGEAR
FZE |
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|
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Registered Office : |
Road No. 732,
Suite No. 409, Jebel Ali Free Zone, P O Box 17709, 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 : |
28.06.2000 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Manufacture of Medium
and Low Voltage Electrical Switchgear Equipment. |
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No. of Employees : |
300 |
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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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 : LUCY
SWITCHGEAR FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 28th
June 2000
Trade Licence
Number : 2642
Chamber Membership
Number : 57049
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 300
Activities :
Manufacturers of electrical switchgear equipment.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Carl Salick,
Commercial Manager
LUCY SWITCHGEAR FZE
Location : Road No. 732, Suite No. 409
Area : Jebel Ali Free Zone
PO Box : 17709
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8811528 / 8813300 / 8129999
Facsimile : (971-4) 8814505 / 8129900
Email : customer.services@lucyswitchgear.com
/ veno.gopal@lucyswitchgear.com
Subject operates
from a large suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
Name Position
·
Brian
John Andrew Urquhart Managing
Director
·
Philip
William General
Manager
·
Roy
Papchan Operations
Manager
·
Carl
Salick Commercial
Manager
·
Ashok
Rama Ligama Finance
Manager
·
Veno
Gopal Financial
Controller
Date of Establishment : 28th
June 2000
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 2642
Chamber Member No. : 57049
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
W Lucy
& Co Ltd 100%
Eagle Works
Walton Well Road
Oxford
Oxfordshire OX2 6EE
United Kingdom
Tel: (44-1865) 311411
Fax: (44-1865) 310504
Email: switchgear.sales@wlucy.co.uk
·
Lucy
Middle East FZE
Jebel Ali Free Zone
Dubai
Tel: (971-4) 8129999
·
The
Saudi Lucy Co Ltd
PO Box: 834
Al Khobar 31952
Saudi Arabia
Tel: (966-13) 8823057
Activities: Engaged in the manufacture of medium and low
voltage electrical switchgear equipment.
Production capacity
currently stands at 350 units per month.
The company’s
manufacturing operation includes full electrical testing facilities and
capabilities to service, re-condition, retrofit and customise a wide range of
switchgear equipment.
In 2001, subject
signed contracts with the Federal Electricity & Water Authority (FEWA) in
the UAE and Saudi Consolidated Electricity Co in Riyadh, Saudi Arabia for the
supply of electrical switchgears and components.
Subject is ISO 9002
certified.
Import
Countries: United Kingdom
Operating Trend: Steady
Subject has a
workforce of approximately 300 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 42,300,000 UAE Dh 44,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel:
(971-4) 2535000
No complaints regarding
subject’s payments have been reported.
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.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.