MIRA
INFORM REPORT
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Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
NORTHERN
TECHNICAL LLC |
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Registered Office : |
GIC Building, Al
Mussafah Industrial Area, P O Box 46958, Abu Dhabi |
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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 : |
3rd January 1996 |
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Com. Reg. No.: |
36057, Abu Dhabi |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged as steel fabrication
contractors. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : NORTHERN TECHNICAL LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd January 1996
Commercial Registration Number : 36057, Abu Dhabi
Trade Licence Number : 47883
Membership Number : 70676
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 65
Line of Business : Steel fabrication contractors.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NORTHERN TECHNICAL
LLC
ADDRESS
Registered & Physical Address
Building : GIC Building
Area : Al Mussafah Industrial Area
PO Box : 46958
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5501200 / 5548000
Facsimile : (971-2) 5501400
Email : north@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
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Hardeev
Sintkler Indian Managing Director
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Mohamed Al
Suwaidi Emirati Director
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J Hardeev
Sintkler Indian General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 3rd
January 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 36057, Abu
Dhabi
Trade Licence No. : 47883
(Expires 12th March 2008)
Membership No. : 70676
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
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Mohamed Al
Suwaidi 51%
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Hardeev
Sintkler 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 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 as steel fabrication contractors.
Operating Trend
: Steady
Subject has a
workforce of 65 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 11,800,000 UAE Dh 13,400,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Abu Dhabi
Sheikh Khalifa Street
PO Box : 4
Abu Dhabi
Tel : (971-2) 6345777 / 6327113 / 6335262
Fax : (971-2) 6336078
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1996, subject is owned and managed by Mr Hardeev
Sintkler, an Indian national who operates in Abu Dhabi under the local
sponsorship of Mr Mohamed Al Suwaidi.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk and the above credit figure is
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 250,000
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%)