MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL
AERADIO EMIRATES LLC |
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Registered Office : |
Khalifa Juma An
Naboodah Building, Sheikh Zayed Road, Al Wasl, P O Box 9197, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
9th April 1978 |
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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 : |
Import and
distribution of security & surveillance systems, telecommunications
equipment, measuring & control systems & computer equipment. |
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 : INTERNATIONAL AERADIO EMIRATES LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 9th April 1978
Commercial Registration Number :
40328,
Trade Licence Number : 202909
Membership Number : 4227
Issued Capital : UAE Dh 1,200,000
Paid up Capital : UAE Dh 1,200,000
Total Workforce : 57
Line of Business : Distributors of security and surveillance systems, telecommunications
equipment, measuring and control systems and computer equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
INTERNATIONAL
AERADIO EMIRATES LLC
ADDRESS
Registered & Physical Address
Building : Khalifa Juma An
Street :
Area : Al Wasl
PO Box : 9197
Town :
Country :
Telephone : (971-4) 4033600
Facsimile : (971-4) 4033601
Email : ial@ial-uae.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Shrinivas
Waman Ainapure Indian Managing Director
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Ali
Saeed Juma Al Bawardi Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 9th
April 1978
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 40328,
Trade Licence No. : 202909
(Expires 9th May 2010)
Membership No. : 4227
Issued Capital : UAE Dh 1,200,000
Paid up Capital : UAE Dh 1,200,000
Name of Shareholder
(s) Percentage
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Ali
Saeed Juma Al Bawardi 51%
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Syrako
International Ltd 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
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.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
security and surveillance systems, telecommunications equipment, measuring and
control systems and computer equipment.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 57 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 14,350,000 UAE Dh 15,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1978, subject is involved in the import and distribution of security and
surveillance systems, telecommunications
equipment, measuring and control systems and computer equipment.
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.
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%)