MIRA INFORM REPORT

 

 

Report Date :

9th November, 2006

 

IDENTIFICATION DETAILS

 

Correct Name :

INNOVATIVE TECHNOLOGIES (SYNTECH) LLC

 

 

Registered Office :

308 Spectrum Building, Oud Metha Road, Oud Metha, PO Box : 25457, Dubai, United Arab Emirates

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

20.03.2002

 

 

Com. Reg. No.:

58793, Dubai

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

 

Line of Business :

Importer and distributor of measuring and control systems.

 

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

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

SUMMARY

 

 

Company Name

INNOVATIVE TECHNOLOGIES (SYNTECH) LLC

Country of Origin

Dubai, United Arab Emirates

Legal Form

Limited Liability Company - LLC

Registration Date

20th March 2002

Commercial Registration Number

58793, Dubai

Trade Licence Number

532656

Membership Number

67777

Issued Capital

UAE Dh 300,000

Paid up Capital

UAE Dh 300,000

Total Workforce

54

Line of Business

Distributors of measuring and control systems.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

 

COMPANY NAME

 

INNOVATIVE TECHNOLOGIES (SYNTECH) LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : 308 Spectrum Building

Street               : Oud Metha Road

Area                 : Oud Metha

PO Box             : 25457

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3059700 / 3242115

Facsimile          : (971-4) 3059714 / 3240742

Email                : info@inetechnologies.com

 

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Suburban Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Clinton Wayne Elgar                                      Canadian                       Managing Director

 

·       Obaid Khalifa Jaber Almery                            Emirati                          Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th March 2002

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 58793, Dubai

 

Trade Licence No.       : 532656 (Expires 18th March 2007)

 

Membership No.          : 67777

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                    Percentage

 

·       Obaid Khalifa Jaber Almery                                        51%

 

·       Syntech                                                                   49%

5735 7th Street NE

     Calgary AB T2E 8V3

     Canada

     Tel : (1-403) 2901880

     Fax : (1-403) 2626207

 

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 measuring and control systems.

 

Import Countries          : Canada

 

Operating Trend          : Steady

 

Subject has a workforce of 54 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 12,275,000                               UAE Dh 12,900,000

 

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

 

 

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

 

Opinion on the credit figure of US$ 150,000

 

Established in 2002, subject is involved in the import and distribution of measuring and control systems.

 

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 and the above credit figure is deemed to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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