MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
CABINS &
SHADES FZC |
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Registered Office : |
Saif Zone, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
4th July 2004 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Engaged in the
manufacture of cabins, villas and shades. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : CABINS & SHADES FZC
Country of Origin :
Legal Form : Free Zone Company - FZC
Registration Date : 4th July 2004
Trade Licence Number : 2422
Membership Number : 700618
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 100
Line of Business : Manufacturers of cabins, villas and shades.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CABINS & SHADES
FZC
ADDRESS
Registered & Physical Address
Location : Saif Zone
PO Box : 9188
Town : Sharjah
Country :
Telephone : (971-6) 5573399
Facsimile : (971-6) 5573393
Email : cabinshj@emirates.net.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Saif Zone Area of Sharjah.
KEY PRINCIPALS
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Valliamme
Sabu Subramanian Managing
Director
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Mohamed
Khalid Ahmed Mohamed Director
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Morris
Joseph Yorkee Director
LEGAL FORM &
OWNERS
Date of Establishment : 4th
July 2004
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 2422
Membership No. :
700618
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
Percentage
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Valliamme
Sabu Subramanian 33.3%
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Mohamed
Khalid Ahmed Mohamed 33.3%
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Morris
Joseph Yorkee 33.3%
Note to the Legal Form
A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
AFFILIATED COMPANIES
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Mister
Shades Industries Co LLC
Sharjah
Tel : (971-6) 5344910
LINE OF BUSINESS
Operations : Engaged in the manufacture of cabins,
villas and shades.
Import Countries
:
Operating Trend
: Steady
Subject has a workforce
of 100 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 12,580,000 UAE
Dh 13,700,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Investment
Bank for Trade & Finance LLC
PO Box : 1885
Sharjah
Tel : (971-6) 5355391 /
5355392
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2004, subject is involved in the manufacture of cabins, villas and shades.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
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. |
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%)