MIRA
INFORM REPORT
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Report Date : |
23.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ORCHID METALS
& ALLOYS |
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Registered Office : |
Al Sajja Area, |
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Country : |
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Date of Incorporation : |
28th February 2007 |
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Com. Reg. No.: |
549520, Sharjah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
fabrication of steel and metal mouldings. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
ORCHID METALS & ALLOYS
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 28th February 2007
Commercial Registration Number : 549520, Sharjah
Trade Licence Number : 549520
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 16
Line of Business : Fabricators of steel and metal mouldings.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ORCHID METALS &
ALLOYS
ADDRESS
Registered & Physical Address
Location : Al Sajja Area
PO Box : 43767
Town : Sharjah
Country :
Telephone : (971-6) 5752170
Facsimile : (971-6) 5752171
Email : orchid.metals.gmail.com
Premises
Subject operates
from a small suite of offices and a factory that are rented and located in the
Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Majid
Sultan Al Khalifa Emirati Managing Director
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Manoj
Agarawal Kumar Indian Director
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Kapil
Agarwal - Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 28th
February 2007
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 549520,
Sharjah
Trade Licence No. : 549520
(Expires 27th February 2008)
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Majid
Sultan Al Khalifa 51%
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Manoj
Agarawal Kumar 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
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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Orchid
Metallic Profiles
Industrial Area No. 6
PO Box : 22793
Sharjah
Tel : (971-6) 5430822
Fax : (971-6) 5430823
Email : orchid.metalic@hotmail.com
LINE OF BUSINESS
Operations : Engaged in the fabrication of steel and
metal mouldings.
Import Countries
: Europe and the
Subject has a
workforce of 16 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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National
Bank of Sharjah
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Sharjah did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum suggested
credit figure: US$ 50,000
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. |
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%)