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MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
EXTRA FIBER GLASS
& PREFABRICATED HOUSES LLC (EXTRACO) |
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Registered Office : |
Mohamed Saeed
Hareb Building, Salah Al Din Street, Al Khabeesi, P O Box 19209, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16th March 1992 |
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Com. Reg. No.: |
24864, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
manufacture of prefabricated houses, water tanks, swimming pools, PVC lining
and multipurpose roof panels. |
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
Company Name : EXTRA FIBER GLASS & PREFABRICATED HOUSES LLC
(EXTRACO)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 16th March 1992
Commercial Registration Number : 24864, Dubai
Trade Licence Number : 227469
Membership Number : 23518
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 280
Line of Business : Manufacture of fibre glass products and prefabricated houses,
as well as distributors of building materials and construction
equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
EXTRA FIBER GLASS
& PREFABRICATED HOUSES LLC (EXTRACO)
ADDRESS
Registered & Physical Address
Building : Mohamed Saeed Hareb Building
Street : Salah Al Din Street
Area : Al Khabeesi
PO Box : 19209
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2698015
Facsimile : (971-4) 2661897
Email : extraco@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
·
Extraco
Building Owned
factory premises
·
PO Box: 44062 Rented
Sales Office
KEY PRINCIPALS
Name Nationality Position
·
Georges Anis
Bou Nasr Lebanese Managing Director
·
Jean Anis Bou
Nasr Lebanese Director
·
Salem Mohamed
Abdullah Abdulrazaq Aknaqbi Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 16th
March 1992
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 24864, Dubai
Trade Licence No. : 227469
(Expires 14th March 2008)
Membership No. : 23518
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
·
Salem Mohamed
Abdullah Abdulrazaq Aknaqbi 51%
·
Georges Anis
Bou Nasr 25%
·
Jean Anis Bou
Nasr 24%
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 prefabricated
houses, water tanks, swimming pools, PVC lining and multipurpose roof panels.
Subject also imports and distributes building materials,
construction equipment, sanitary ware items, acrylic products and fibreglass
products.
Import
Countries: Germany, United
Kingdom and Oman.
International
Suppliers:
·
Basf
Aktiengesellschalf GmbH Germany
· Fibreglass Ltd United Kingdom
Operating Trend
: Steady
Subject has a
workforce of approximately 280 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 44,275,000 UAE Dh 48,550,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
·
Investment
Bank for Trade & Finance
Al Maktoum Street
PO Box: 12955
Dubai
Tel: (971-4) 2285551
Fax: (971-4) 2220818
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction March 2005
Credit amount 39,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1992, subject is owned and managed by Mr Georges Anis Bou Nasr and Mr Jean Anis
Bou Nasr, who are Lebanese nationals operating in Dubai under the local
sponsorship of Mr Salem Mohamed Abdullah Abdulrazaq Aknaqbi.
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)