MIRA
INFORM REPORT
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Report Date : |
30th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL
JABER PRECISION ENGINEERING LLC |
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Registered Office : |
Obeid
Khalifa Jaber Almirri Building, Mussafah Petroleum Industrial Services Zone,
PO Box : 2175, Abu Dhabi, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
10.06.2000 |
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Com. Reg. No.: |
44101, Abu Dhabi |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Fabricators of engineering parts, concrete and plastic pipe moulds, high pressure tanks and small dumper bodies. |
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$
300,000 |
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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 |
AL JABER PRECISION ENGINEERING LLC |
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Country of Origin |
Abu Dhabi, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
10th June 2000 |
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Commercial Registration Number |
44101, Abu Dhabi |
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Trade Licence Number |
66001 |
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Membership Number |
82222 |
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Issued Capital |
UAE Dh 250,000 |
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Paid up Capital |
UAE Dh 250,000 |
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Total Workforce |
166 |
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Line of Business |
Fabricators of engineering parts, concrete and plastic pipe moulds, high pressure tanks and small dumper bodies. |
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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 JABER
PRECISION ENGINEERING LLC
ADDRESS
Registered & Physical Address
Building : Obeid Khalifa Jaber Almirri
Building
Area : Mussafah Petroleum Industrial
Services Zone
PO Box : 2175
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5020602 / 5554300
Facsimile : (971-2) 5020600
Email : michel@ajeprecision.com
Premises
Subject
operates from a large suite of offices and a factory that are rented and
located in the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
·
Obeid
Khalifa Jaber Almirri Managing
Director
·
Mohamed
Obeid Khalifa Jaber Almirri Director
·
Michel
Khoury General
Manager
·
Saher
Hamad Operations
Manager
LEGAL FORM & OWNERS
Date of Establishment : 10th June 2000
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 44101, Abu Dhabi
Trade Licence No. : 66001 (Expires 10th July 2007)
Membership No. : 82222
Issued
Capital : UAE Dh 250,000
Paid
up Capital : UAE Dh 250,000
Name of Shareholder (s)
·
Obeid
Khalifa Jaber Almirri
·
Mohamed
Obeid Khalifa Jaber Almirri
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 150,000, 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 fabrication of engineering parts, concrete and plastic pipe moulds, high pressure tanks and small dumper bodies.
Subject also offers grinding, polishing and heat treatment, as well as stocking a variety of engineering related spare parts.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 166 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
28,300,000 UAE Dh
29,750,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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Abu
Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel :
(971-2) 6962222 / 6962222
Fax :
(971-2) 6776499 / 6776499
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established in 2000, subject is
involved in the fabrication of engineering parts, concrete and plastic pipe
moulds, high pressure tanks and small dumper bodies.
According
to local sources, subject’s financial condition is satisfactory whilst payments
are made in a timely manner. The company’s operating history is reportedly
clear and the above credit figure is considered to be within subject’s
financial means.
Maximum
suggested credit figure: US$ 300,000
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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