MIRA
INFORM REPORT
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Report Date : |
25.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPEED HOUSE
FURNITURE MANUFACTURING LLC |
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Registered Office : |
Old Industrial
Area, PO Box 627, Ajman |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
28th February 1995 |
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Com. Reg. No.: |
10038, Ajman |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the manufacture
of household and office furniture and general carpentry services. |
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$ 200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SPEED HOUSE FURNITURE MANUFACTURING LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 28th February 1995
Commercial Registration Number : 10038, Ajman
Trade Licence Number : 22498
Membership Number : 13550
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 200
Line of Business : Manufacturers of household and office furniture and general
carpentry services.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SPEED HOUSE
FURNITURE MANUFACTURING LLC
ADDRESS
Registered & Physical Address
Location : Old Industrial Area
PO Box : 627
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7407767 / 7467767
Facsimile : (971-6) 7408037
Email : speedhouse@emirates.net.ae
Premises
Subject operates from
a large suite of offices and a factory that are owned and located in the
Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
·
Deep Hana Lebanese Managing
Director
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Abdulaziz
Al Shami Emirati Director
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Oliver
Fahed - Finance
Manager
·
Yonas
Mohamed El Masry - Public
Relations Manager
LEGAL FORM &
OWNERS
Date of Establishment : 28th
February 1995
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 10038, Ajman
Trade Licence No. : 22498
(Expires 5th March 2008)
Membership
No. : 13550
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Abdulaziz Al Shami 51%
Deep Hana 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 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
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Speed House
Establishment
PO Box: 627
Ajman
Tel: (971-6) 7422486
Fax: (971-6) 7428037
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Industrial
Chemicals Company LLC
PO Box: 627
Ajman
Tel: (971-6) 7445867
LINE OF BUSINESS
Operations : Engaged in the manufacture of household and
office furniture and general carpentry services.
Import Countries
: Europe and GCC countries.
Subject has a
workforce of approximately 200 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Ajman, 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
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Arab Bank Plc
Sheikh Rashid Al Nuaimi Street
PO Box : 17
Ajman
Tel : (971-6) 7422431
Fax : (971-6) 7426871
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1995, subject is involved in the manufacture of household and office furniture
and general carpentry services.
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$ 200,000
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%)