|
|
|
MIRA INFORM REPORT
|
Report No. : |
486283 |
|
Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
STEVIN ROCK LLC |
|
|
|
|
Registered Office : |
Sham Road Khor Khwair Industrial Zone, 559 Ras Al Khaimah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
1975 |
|
|
|
|
Com. Reg. No.: |
1740, Ras Al Khaimah |
|
|
|
|
Legal Form : |
Limited
Liability Company - LLC |
|
|
|
|
Line of Business : |
Subject is engaged in the mining of rock, Gabbro and Limestone
aggregates, core, and armour and with these it produces sand, gravel, stone
chippings and aggregates for use in the construction of coastal defences, as
well as the building and construction industries. |
|
|
|
|
No. of Employees : |
2,000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
SUMMARY
Company
Name :
STEVIN ROCK LLC
Also
Known As : STEVIN ROCK JOINT
VENTURE
Country
of Origin :
Ras Al Khaimah, United Arab Emirates
Legal
Form :
Limited Liability Company - LLC
Registration
Date :
1975
Commercial
Registration Number : 1740, Ras
Al Khaimah
Trade
Licence Number :
3061
Chamber
Membership Number : 6271
Issued
Capital :
UAE Dh 33,500,000
Paid
up Capital :
UAE Dh 33,500,000
Total
Workforce :
2,000
Activities :
Miners of rock and limestone
Financial
Condition :
Undetermined
Payments :
No Complaints
Company
name
COMPANY
NAME:
STEVIN ROCK LLC
ALSO KNOWN AS: STEVIN ROCK JOINT VENTURE
ADDRESS
Registered
& Physical Address
Street : Sham Road
Area : Khor Khwair Industrial Zone
PO
Box : 559
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2668551
Facsimile : (971-7) 2668924
Email : stevin@emirates.net.ae / stevin@eim.ae
Premises
Subject
operates from a large suite of offices that are owned and located in the
Industrial Area of Ras Al Khaimah.
Branch
Office (s)
Location Description
Al
Ghail Industrial Area Office premises
PO Box: 13114
Ras Al Khaimah
Tel: (971-7) 2588666
Fax:
(971-7) 2588777
KEY
PRINCIPALS
Name Position
Naser
Al Bustami General
Manager
Lee Hankson Operations
Manager
Michael Ziegler Finance
& Administration Manager
Ross Cook Procurement
Manager
Graham Farrington Works
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 1975
History : Subject was founded in
1975 as a 100% owned subsidiary of Dutch civil engineering company Volker
Stevin. Initially formed to produce and supply material for the new Jubail Commercial
Port in Saudi Arabia. Subject delivered around five million tonnes of material
between 1975 and 1980.
In May 1996, His Highness Sheikh Saud Bin Saqr Al Qasimi purchased all Stevin
Rock rights, and from there began an era of consolidation, expansion and
strengthening. In 2004, as a 99% government-owned company, subject became
Stevin Rock LLC.
Legal
Form : Limited Liability Company -
LLC
Commercial Reg. No. : 1740,
Ras Al Khaimah
Trade
Licence No. : 3061
Chamber
Member No. : 6271
Issued
Capital : UAE Dh 33,500,000
Paid
up Capital : UAE Dh 33,500,000
Name
of Shareholder (s) Percentage
Government
of Ras Al Khaimah 99%
RAK
Investment Authority (RAKIA) 1%
AFFILIATED
COMPANIES
RAK
Rock LLC
Ras
Al Khaimah
OPERATIONS
Activities: Stevin Rock owns and operates three
Quarries in the Emirate of Ras Al Khaimah, located at Khor Khwair, Al Ghail and
Kadrah. The company is engaged in the mining of rock, Gabbro and Limestone
aggregates, core, and armour and with these it produces sand, gravel, stone
chippings and aggregates for use in the construction of coastal defences, as
well as the building and construction industries.
Khor Khuwair is the largest of Stevin
Rock’s quarries and, with an output capacity of 40 million tonnes per annum and reserves of over 2 billion
tonnes, is probably the world’s largest limestone quarry. By using the most
advanced extraction, processing and transportation equipment, we are able to
extract and process up to 7,000 tonnes of material per hour
Al Ghail produces 15 million tonnes per
annum of our unique white limestone, which is much in demand in Dubai, Abu
Dhabi, Gulf and Asia region markets. Superior-quality dolomite is
also produced at Al Ghail, much of which is used to supply India’s most
successful steel companies.
Khadra is Stevin Rock’s principle gabbro
rock quarry, with an output capacity of 7 million tonnes per year.
In order to facilitate export of rock
materials from the Ras Al Khaimah quarry, Stevin Rock has constructed its own
three berth, all weather harbour that can accommodate barges with a capacity of
up to 20,000 tonnes. Stevin Rock also owns a purpose built fleet of sea-going
tugs and rock transport pontoons.
Subject is ISO 9002 accredited.
Principal
Clients:
Al
Naboodah Contracting Company
Gulf
Dredging Company
Boodai
Construction Co
Ghantoot
Transport
Linden
International
Bilal
Transport
Al
Hamra Shipping
Import
Countries:
United Kingdom, Canada and the United States of America
Principal
Suppliers:
Terex United
Kingdom
Trans Diesel Australia
Mohamed Abdulrahman Al Bahr Co Dubai
Export
Countries:
Subject exports throughout the Arabian Gulf Region
Subject
has a workforce of approximately 2,000 employees.
FINANCIAL
DATA
Companies
registered in Ras Al Khaimah, United Arab Emirates are not legally required to
make their accounts public and no financial information was released by the
company or submitted by outside sources.
BANKERS
National
Bank of Ras Al Khaimah
NBRAK
Building
PO
Box: 5300
Ras
Al Khaimah
Tel:
(971-7) 2221127
Fax: (971-7) 2224202
HSBC
Bank Middle East
Corniche
Road
PO
Box: 9
Ras
Al Khaimah
Tel:
(971-7) 2333544
Fax:
(971-7) 2330200
PAYMENT
HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please
note that the correct name of the subject is “Stevin Rock LLC” and not “Steven
Rock LLC”.
Stevin
Rock, which has been operating in Ras Al Khaimah since 1975, produces and sells
more than 46 million tonnes of high-grade Limestone, Gabbro rock, concrete and
asphalt aggregates for the construction industry. Owned by the government of
Ras Al Khaimah, the mining group delivers high quality materials to some of the
leading developers and construction companies in the region and beyond.
The
subject and its shareholders/owners have been searched in the following
databases; Office of Foreign Assets Control (OFAC), United Nations Security
Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List,
EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse
could be found on the exact names listed within the report.
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 |
INR 63.97 |
|
|
1 |
INR 88.12 |
|
Euro |
1 |
INR 78.34 |
|
UAE DH |
1 |
INR 17.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.