MIRA INFORM REPORT

 

 

Report No. :

349082

Report Date :

16.11.2015

 

IDENTIFICATION DETAILS

 

Name :

EMIRATES TRANSFORMERS & SWITCHGEAR LIMITED

 

 

Registered Office :

Sheikh Zayed Road Jebel Ali Free Zone16842 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

16.02.2004

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Engaged in the manufacture of transformers and switchgear.

 

 

No. of Employee :

275

 

 

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 :

Branch Of Foreign Registered

 

 

Payment Behaviour :

No complaints

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : EMIRATES TRANSFORMERS & SWITCHGEAR LIMITED

Country of Origin                                   : Jersey, Channel Islands

Legal Form                                           : Branch of a Foreign Registered Corporation

Registration Date                                  : 16th February 2004

Trade Licence Number                           : 3780

Chamber Membership Number               : 83139

Issued Capital                                       : UAE Dh 367,800

Paid up Capital                                     : UAE Dh 367,800

Total Workforce                         : 275

Activities                                               : Manufacturers of transformers and switchgear

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Micheal Dasa, Financial Controller

 

 

COMPANY NAME

 

EMIRATES TRANSFORMERS & SWITCHGEAR LIMITED

 

 

ADDRESS

 

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone

 

PO Box            : 16842

 

Town                : Dubai

Country : United Arab Emirates

 

Telephone         : (971-4) 8816288 / 2224562

Facsimile          : (971-4) 8816693 / 2228804

Email                : info@emiratestransformer.ae

 

Premises

 

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.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Rohit Patel Purshottam                                                                     Managing Director

 

·       Vinil Patel                                                                                         Director

 

·       Deepan Patel                                                                                   Director

 

·       Tapaswin Patel                                                                                 Director

 

·       Nilesh Shah                                                                                      General Manager

 

·       Ramesh Nagraj                                                                                 Financial Manager

 

·       Micheal Dasa                                                                                   Financial Controller

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 16th February 2004

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Emirates Transformers

                          & Switchgear Limited, a Limited Liability Company incorporated in Jersey,

  Channel Islands.

 

  Emirates Transformers & Switchgear Limited in the United Arab Emirates,

  operates as a Branch of a Foreign Registered Corporation.

 

  A Branch of a Foreign Registered Corporation is not a legal entity in

  its own right. Responsibility for payments lays in the hands of the

  company where it is originally registered.

 

  Under these circumstances, we strongly advise that any

  international trade credit should only be written under the name of

  the main company where the subject holds its registered office, in

                            this case Jersey, Channel Islands.

 

Trade Licence No.        : 3780 (Expires 30/09/2016)

 

Chamber Member No.  : 83139

 

Issued Capital              : UAE Dh 367,800

 

Paid up Capital            : UAE Dh 367,800

 

 

AFFILIATED COMPANIES

 

 

·       Emirates Transformers & Switchgear LLC

Dubai Investment Park (DIP)

PO Box: 16842

Dubai

Tel: (971-4) 8854086

Fax: (971-4) 8854171

 

·       Emirates Transformers & Switchgear Ltd (Magnetic Steel)

Ras Al Khaimah Free Zone

Tel: (971-7) 2434319

Fax: (971-7) 2434318

 

 

OPERATIONS

 

 

Activities: Engaged in the manufacture of transformers and switchgear.

 

                  Subject has a technical collaboration with IEO Transformatoren BV of the Netherlands.

 

Import Countries: India, Europe and the United States of America

 

International Suppliers:

 

·       KSH International                  India

·       MPP Technologies               India

 

Operating Trend: Steady

 

Subject has a workforce of approximately 275 employees.

 

 

FINANCIAL DATA

 

 

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 Revenue                           UAE Dh 308,000,000                 UAE Dh 320,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Micheal Dasa, Financial Controller

 

 

BANKERS

 

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

 

PAYMENT HISTORY

 

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

 

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 business is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.14

UK Pound

1

Rs.100.55

Euro

1

Rs.71.26

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.