MIRA
INFORM REPORT
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Report Date : |
31.10.2006 |
IDENTIFICATION
DETAILS
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Name : |
AL
WAZEER ELECTRICALS & MEASUREMENT INSTRUMENTS TRADING
LLC |
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Registered Office : |
Nasser
Mubarak Building, Salah Al Din Street, Al Mateena, P. O. Box 32541, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
07.01.1990 |
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Com. Reg. No.: |
73773 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged
in the import and distribution of electrical fittings, chemicals, measuring
and control systems, pumps, engines, power generation and transmission
equipment. |
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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Maximum Credit Limit : |
US$
125,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL WAZEER ELECTRICALS & MEASUREMENT INSTRUMENTS TRADING LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
7th January 1990 |
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Commercial Registration Number |
73773, Dubai |
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Trade Licence Number |
224188 |
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Membership Number |
18076 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
6 |
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Line of Business |
Distributors of electrical fittings, chemicals, measuring and control systems, pumps, engines, power generation and transmission equipment. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL
WAZEER ELECTRICALS & MEASUREMENT INSTRUMENTS TRADING LLC
ADDRESS
Registered & Physical
Address
Building : Nasser Mubarak Building
Street : Salah Al Din Street
Area : Al Mateena
PO Box : 32541
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2714168
Facsimile : (971-4) 2714166
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Suburban Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Ramish
Keshawji Suni British Managing Director
LEGAL FORM & OWNERS
Date of Establishment : 7th January 1990
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 73773, Dubai
Trade Licence No. : 224188 (Expires 15th November
2007)
Membership No. : 18076
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Heirs
of Abdul Aziz Mohamed Abdul Aziz Al Sarkal 51%
·
Ramish
Keshawji Suni 49%
Note
to the Legal Form
A
Limited Liability Company (LLC) is defined in the Company Law as a company
incorporated with not less than two and not more than fifty shareholders, each
responsible only for the liabilities of the company to the extent of their
share participation in the capital of the company.
The
Company Law provides that the capital of a Limited Liability Company (LLC)
should not be less than UAE Dh 300,000, which should be divided into equal
shares of a value not less than UAE Dh 100 each.
This
type of company may engage in any form of legitimate business, with the
exception of insurance, banking and investment of funds.
Non
UAE Participation
The
participation of non-Emirati in a trade or business in the United Arab Emirates
is governed by the Foreign Business Investment Law, which sets capital
requirements and requires 51 percent Emirati participation in capital and
profits.
It is
common for the 51 percent to be held by the UAE national on paper only with the
foreign partner(s) providing all the capital requirements for the company and
paying an annual fee to the local partner.
Under
this arrangement the above ownership may not reflect the actual profit
distribution within the company, as the company may have internal management
agreements in place that provides full management of the company in return for
a share of the company’s assets and profits. This internal relationship may or
may not be recognised by law depending on the way the internal agreement is
made.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of electrical fittings, chemicals, measuring and
control systems, pumps, engines, power generation and transmission equipment.
Import
Countries :
Europe and the United States of America.
Operating
Trend : Steady
Subject
has a workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total
Revenue UAE Dh
3,100,000 UAE
Dh 3,450,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Bank
of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1990, subject is involved in the import and distribution of electrical
fittings, chemicals, measuring and control systems, pumps, engines, power
generation and transmission equipment.
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 company is deemed a fair trade risk.
Maximum
suggested credit figure: US$ 125,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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