MIRA
INFORM REPORT
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Report Date : |
15th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL JAZIRA PAPER MILL LLC |
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Registered Office : |
Industrial
Area, PO Box : 7191, Umm Al Quwain, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
2004 |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Manufacturers of paper and other pulp products. |
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$
150,000 |
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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 JAZIRA PAPER MILL LLC |
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Country of Origin |
Umm Al Quwain, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
2004 |
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Trade Licence Number |
301 |
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Membership Number |
4331 |
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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 |
50 |
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Line of Business |
Manufacturers of paper and other pulp products. |
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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
JAZIRA PAPER MILL LLC
ADDRESS
Registered & Physical Address
Location : Industrial Area
PO Box : 7191
Town : Umm Al Quwain
Country : United Arab Emirates
Telephone : (971-6) 7662348 / 7662349
Facsimile : (971-6) 7662349
Mobile : (971-50) 5866179
Email : aljazzirpmill@hotmail.com
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Industrial Area of Umm Al Quwain.
KEY PRINCIPALS
Name Nationality Position
·
Kuwaider
Abu Baker Basaleh Emirati Managing Director
·
Salem
Bel Al Houl Saudi Director
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Sayed
Bin Sayed - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2004
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Trade Licence No. : 301
Membership No. : 4331
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Kuwaider
Abu Baker Basaleh 51%
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Salem
Bel Al Houl 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
manufacture of paper and other pulp products.
Import
Countries :
Europe and GCC countries.
Operating
Trend : Steady
Subject
has a workforce of 50 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 :
Total
Revenue UAE Dh
9,000,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Mashreq
Bank
PO Box : 127
Umm
Al Quwain
Tel
: (971-6) 7666948
Fax
: (971-6) 7664948
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 2004, subject is involved in the manufacture of paper and other pulp
products.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum
suggested credit figure: US$ 150,000
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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