MIRA
INFORM REPORT
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Report Date : |
27th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ETA
MELCO ELEVATOR CO LLC |
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Registered Office : |
Sheikh
Saoud Saqer Al Qasimi Building, Salah Al Din Street, Al Mateena, PO Box:
5239, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
05.10.1981 |
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Com. Reg. No.: |
40884, Dubai |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Importer and Distributor of Elevators,
Escalators and Related Spare Parts. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
ETA MELCO ELEVATOR CO 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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Start Date |
1975 |
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Registration Date |
5th October 1981 |
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Commercial Registration Number |
40884, Dubai |
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Trade Licence Number |
206731 |
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Membership Number |
8451 |
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Issued Capital |
UAE Dh 8,000,000 |
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Paid up Capital |
UAE Dh 8,000,000 |
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Total Workforce |
1,700 |
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Line of Business |
Elevators and escalators. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
ETA
MELCO ELEVATOR CO LLC
ADDRESS
Registered & Physical Address
Building : Sheikh Saoud Saqer Al Qasimi
Building
Street : Salah Al Din Street
Area : Al Mateena
PO Box : 5239
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2729999 / 2729899
Facsimile : (971-4) 2725121
Email : etamelco@eta-ascon.com
Premises
Subject
operates from a large suite of offices and a warehouse that are leased and
located in the
Industrial
Area of Dubai.
Branch
Office (s)
Location Description
·
Gulf
Air Building Office
premises
PO Box: 11058
Dubai
Tel :
(971-4) 2716655 / 2715109
·
PO
Box: 3967 Office
premises
Abu Dhabi
Tel :
(971-2) 6349534
Fax :
(971-2) 6347282
KEY PRINCIPALS
Name Nationality Position
·
Sayed
Mohamed Salahuddin Indian Managing
Director
·
Abdullah
Bin Ahmed Al Ghurair Emirati Director
·
V.
K. Kumar - General
Manager
·
Ahmed
Meeran - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s operations date back to 1975, however it was registered on
5th October 1981.
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 40884, Dubai
Trade Licence No. : 206731 (Expires 21st September
2007)
Membership No. : 8451
Issued
Capital : UAE Dh 8,000,000
Paid
up Capital : UAE Dh 8,000,000
Name of Shareholder (s) Percentage
·
Abdullah
Bin Ahmed Al Ghurair 51%
·
Mitsubishi
Corp Ltd 30%
Japan
·
Amana
Investments Ltd 19%
Hong Kong
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.
AFFILIATED COMPANIES
Subject is a member of the Al Ghurair Group, which has a turnover over
in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified
range of interests spanning real estate, finance and industry, with specialist
operations in banking, trading and shipping.
Some of the very successful industries that it operates today in the
United Arab Emirates, include the National Flour Mills Co Ltd, National Cement
Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National
Mosaic Tiles, Arabian Packaging Co and Al Ghurair Publishing and Printing. In
the banking sector, the Ghurairs are owners of the UAE’s largest private bank,
the Dubai-based Mashreq Bank, which is one of the Group’s most successful
ventures and operates from branches both within and outside the UAE.
The Al Ghurair Group is active in London, New York, Cairo, Khartoum,
Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
In real estate the Al Ghurair Centre has become a prominent landmark in
Dubai. It was built at a cost of more than US $ 150 million and is now home to
most of the city’s top retailers.
The Al Ghurair Group comprises the following concerns :
·
Emirates
Trading Agency LLC (ETA)
·
Al
Ghurair Holdings (Private) Ltd
·
Gulf
Extrusions Ltd
·
Arabian
Aluminium Company
·
Al
Ghurair Publishing & Printing House
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Union
Mosaic & Marble Company
·
Al
Ghurair Centre
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Arabian
Mix
·
National
Cement Company Ltd
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Arabian
Packing Company
·
Gulf
Utensils
·
Gulf
Import & Export Co
·
House
of Perfume
·
Computer
Intelligence and Communications Ltd
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Gulf
Confectionery & Biscuit Company
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Oman
Insurance Co Limited
·
Mashreq
Bank
·
Al
Ghurair Enterprises
·
Al
Ghurair Exchange
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National
Flour Mills Company Ltd
·
National
Concrete Company Ltd
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Masafi
Mineral Water Co LLC
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Associated
Construction & Investment Co LLC (ASCON)
·
Al
Ghurair Fieness Perry & Partners
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Pak
Arab Traders
·
Al
Ghurair Real Estate
·
Al
Khaleej Sugar Co WLL
·
Central
Electric Equipment Co LLC (CEEC)
·
National
Oman Marble Company
·
Rawda
Quarries Ltd
·
Ghurair
Tarmac
·
Oman
Finance Company
·
Ghurair
Crown (Engineering) Ltd
·
Al
Ghurair Industries (Pvt) Ltd
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of elevators, escalators and related
spare parts.
Subject also offers installation, maintenance and repair of elevators and escalators. It has approximately 8,000 elevators under comprehensive maintenance contracts.
The company's installations at the Emirates Tower, Burj Al Arab and the new terminal at the Dubai International Airport were rated among the world's best projects by the top international elevators magazine "The Elevator World."
800 units per year are being sold in the UAE by ETA-Melco and the company has a market share of around 55 percent.
Subject obtained the prestigious ISO-9001 Certificate in 1999.
Import
Countries:
Japan, Germany and Sweden
International
Suppliers:
·
Mitsubishi Electric Corporation Japan
·
Alcan Singen GmbH Germany
·
Besam AB Sweden
Export
Countries: Qatar,
Oman, Kuwait, Turkey, Sri Lanka, Maldives, India, Bangladesh and the CIS
countries.
Subject
has a workforce of approximately 1,700 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, 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
·
Mashreq
Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel :
(971-4) 2229131 / 2221134
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1975, subject is involved in the import and distribution of elevators, escalators
and related spare parts. Subject also operates and elevator and escalator
contractors.
This is
a well established company, part of the Al Ghurair Group which is deemed
trustworthy for respecting its financial trade commitments. Payment obligations
are reportedly met in a prompt and timely manner and local sources advise that
subject is a sound trade risk.
Maximum
suggested credit figure: US$ 1,500,000
RATING EXPLANATIONS
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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 |
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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 |
|
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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