MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
OCEAN RUBBER
FACTORY LLC |
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Registered Office : |
Al Wahda Street, Industrial Area No. 1, P O Box 6007, Sharjah |
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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 : |
1989 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the manufacture of rubber products, such as lining
systems, corroline anticorrosion systems, fender systems and pipe seals. |
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$ 400,000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : OCEAN RUBBER FACTORY LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1989
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Total Workforce : 350
Line of Business : Manufacture of rubber products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
OCEAN RUBBER FACTORY
LLC
ADDRESS
Registered & Physical Address
Street : Al Wahda Street
PO Box : 6007
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5344110 / 5599244
Facsimile : (971-6) 5344220
Email : ocean@oceanrubber.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the Industrial
Area of Sharjah.
KEY PRINCIPALS
·
K. M.
Nooreddine Managing
Director
·
Salem Al
Massaoud Musabae Director
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Romeo Agregado Director
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Perumbal Barbu Finance
Manager
·
P.S Velayudhan Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1989
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Name of Shareholder
(s)
·
K. M.
Nooreddine
·
Salem Al
Massaoud Musabae
·
Romeo Agregado
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.
LINE OF BUSINESS
Operations: Engaged in the manufacture of
rubber products, such as lining systems, corroline anticorrosion systems,
fender systems and pipe seals.
Subject is an ISO 9001:2000 company
Import
Countries: India and
Germany
Export
Countries: Almost
40 per cent of production is exported to markets in the Middle East, Nigeria
and Kenya as well as to North and Central America.
Operating Trend: Steady
Subject has a
workforce of approximately 350 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 105,900,000 UAE Dh 111,300,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
National Bank
of Fujairah
PO Box 1416
Sharjah
Tel : (971-6) 5561100
Fax : (971-6) 5561010
·
HSBC Bank
Middle East
Al Arooba Street
PO Box : 25
Sharjah
Tel : (971-6) 5537222
Fax : (971-6) 5537880
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000
Ocean Rubber
Factory LLC was established in 1989 and is a leading concern in the United Arab
Emirates in the rubber manufacturing industry.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is within subject’s
financial means.
Maximum suggested
credit figure: US$ 400,000
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%)