MIRA
INFORM REPORT
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Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPACE
AGE ELECTRICAL COMPANY LLC |
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Registered Office : |
Mussafah
Industrial Area, P O Box 43693, Abu Dhabi |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
27th April 1999 |
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Com. Reg. No.: |
40328 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged
in the manufacture of electrical equipment, switchboards, distribution panels
and controls. |
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 : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SPACE AGE ELECTRICAL COMPANY LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 27th April 1999
Commercial Registration Number : 40328, Abu Dhabi
Trade Licence Number : 61056
Membership Number : 77710
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
Total Workforce : 50
Line of Business : Manufacturers of electrical equipment, switchboards,
distribution panels and controls.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SPACE
AGE ELECTRICAL COMPANY LLC
ADDRESS
Registered & Physical Address
Location : Mussafah Industrial Area
PO Box : 43693
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5500150 / 5500125
Facsimile : (971-2) 5501524
Email : spaceswg@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices and a factory that are owned and
located in the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
· Raman Ravi Indian Managing Director
· Sayed Atiq Emirati Director
· Mohan Sashi - Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 27th April 1999
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 40328, Abu Dhabi
Trade Licence No. : 61056 (Expires 25th November
2007)
Membership No. : 77710
Issued
Capital : UAE Dh 250,000
Paid
up Capital : UAE Dh 250,000
Name of Shareholder
(s) Percentage
· Sayed Atiq 51%
· Raman Ravi 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.
AFFILIATED COMPANIES
· Space Age General Contracting
Company LLC
Mussafah Industrial Area
PO Box : 43693
Abu Dhabi
Tel : (971-2) 5500150 / 5500125
Fax : (971-2) 5501524
LINE OF BUSINESS
Operations
: Engaged in the
manufacture of electrical equipment, switchboards, distribution panels and
controls.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 50 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total
Revenue UAE Dh
11,200,000 UAE Dh
12,600,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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Abu
Dhabi Commercial Bank
Corniche Street
PO Box : 2054
Abu Dhabi
Tel : (971-2) 6275500
Fax : (971-2) 6275400
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1999, subject is involved in the manufacture of electrical equipment,
switchboards, distribution panels and controls.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
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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