MIRA
INFORM REPORT
|
Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
AIR MASTER EQUIPMENTS EMIRATES LLC |
|
|
|
|
Registered Office : |
New Industrial Area, 3180 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
01.09.1986 |
|
|
|
|
Com. Reg. No.: |
8981, |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Manufacturers of air outlet products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name :
AIR MASTER EQUIPMENTS EMIRATES LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
1st September 1986
Commercial Registration Number :
8981,
Trade Licence Number :
21801
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
125
Line of Business :
Manufacturers of air outlet
products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AIR MASTER EQUIPMENTS EMIRATES LLC
ADDRESS
Registered & Physical Address
Location : New
Industrial Area
PO Box : 3180
Town :
Country :
Telephone : (971-6) 7436900 / 7439600
Facsimile : (971-6) 7436700
Email : airmastr@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
· Munvar Khan Indian Managing
Director
· Sultan Rashid Al Kharji Emirati Director
· A R Harshan - Marketing
Manager
· K
LEGAL FORM & OWNERS
Date of
Establishment : 1st
September 1986
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 8981,
Trade Licence No. : 21801
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Sultan Rashid Al Kharji 51%
· Munvar Khan 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
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 recognized by law depending on the way
the internal agreement is made.
LINE OF BUSINESS
Operations : Engaged in the
manufacture of air outlet
products, including ceiling diffusers, door
grilles, fresh air louvers, plenum boxes, jet
diffusers and volume control dampers.
Subject is ISO9002 accredited.
Import Countries : Europe and the
International Suppliers:
|
Seiho International Inc |
|
|
Madel |
|
Export Countries :
Operating Trend : Steady
Subject has a workforce of 125 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 27,850,000 UAE
Dh 30,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
National Bank of
Sharjah
Tel :
(971-6) 5561100
Fax :
(971-6) 5561010
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1986, subject is involved in the manufacture of air outlet products, including ceiling
diffusers, door grilles, fresh air louvers, plenum boxes, jet diffusers and
volume control dampers.
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 business 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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)