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MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
METALLIC
EQUIPMENT CO LLC (MEC) |
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Registered Office : |
Saif Hamdan Al
Mansouri Building, 7th Floor, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
12th April 1970 |
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Com. Reg. No.: |
11994, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and
distribution of locks, door handles, architectural ironmongery and hardware,
brass accessories, hand tools and power tools, electrical wiring, metal
requisites, false ceilings, metal furniture, industrial machinery, building materials,
textile furnishings, curtain rails, floor maintenance products and access
control systems. |
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$ 750,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : METALLIC EQUIPMENT CO LLC (MEC)
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 12th April 1970
Commercial Registration Number :
11994,
Trade Licence Number : 5120
Membership Number : 7734
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 220
Line of Business : Distributors of ironmongery, hardware and building materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
METALLIC EQUIPMENT
CO LLC (MEC)
ADDRESS
Registered & Physical Address
Building : Saif Hamdan Al Mansouri Building,
7th Floor
Street :
PO Box : 548
Town :
Country :
Telephone : (971-2) 6344764 / 6344765 / 6341751
Facsimile : (971-2) 6326732
Email : office@metallicequipment.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Suburban Business Area of Abu Dhabi.
Branch Office (s)
Location Description
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PO Box : 8400
Tel : (971-4) 2224060 / 2283854
Fax : (971-4) 2228123
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Industrial
Area Sales
office, warehouse &
PO Box : 19482 workshop
premises
Al Ain
Tel : (971-3) 7212772
Fax : (971-3) 7212808
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Industrial
Zone No. 3 Sales
office, warehouse &
PO Box : 8400 workshop
premises
Sharjah
Tel : (971-6) 5341341 / 5436436 / 5437437
Fax : (971-6) 5347333
KEY PRINCIPALS
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Samir
Kahale Managing
Director
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Hussam
F. Kahale Director
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Saud Mohamed
Abdul Wahed Director
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Mohamed
Issam Director
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Fayaz
Arabi Dubai
Branch Manager
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Marwan
Arabi Sharjah
Branch Manager
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Zaher
Kahalleh Al
Ain Branch Manager
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Hassan
Assaf Finance
Manager
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Fayez
Kahalleh IT
Manager
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Osama
Kaddour Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 12th
April 1970
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 11994,
Trade Licence No. : 5120
(Expires 9th December 2007)
Membership No. : 7734
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s)
·
Samir
Kahale
·
Hussam
F. Kahale
·
Saud
Mohamed Abdul Wahed
·
Mohamed
Issam
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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Metallic
Equipment Co Ltd
Industrial Area No. 3
Sharjah
Tel: (971-6) 5437437 / 5342342 / 5436436
Fax: (971-6) 5437333
Email: metaeqco@emirates.net.ae
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Metallic
Equipment Est
PO Box: 25814
Tel: (963-11) 2340044
Fax: (963-11) 2340043
Email: kahale.em@mail.sy
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
locks, door handles, architectural ironmongery and hardware, brass accessories,
hand tools and power tools, electrical wiring, metal requisites, false
ceilings, metal furniture, industrial machinery, building materials, textile
furnishings, curtain rails, floor maintenance products and access control
systems.
Subject also offers services covering electroplating, die casting, polishing works, and water jet cutting.
Import Countries
:
International
Suppliers :
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Baldwin
Industries Ltd
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Valli
& Colombo Ltd
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Yale
Industries
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Josiah
Cox Ltd
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Joma
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Convex
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Hoppe
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Saflok
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Husky
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Dirak
Export
Countries:
Operating Trend
: Steady
Subject has a
workforce of 220 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 47,250,000 UAE Dh 49,840,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Arab
Bank Plc
PO Box : 875
Tel : (971-2) 6334111
Fax : (971-2) 6336433
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction June 2002 May 2004 May 2005
Credit amount 150,000 150,000 300,000
Amount overdue 0 0 0
Payment terms 90
days 90 days 90 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Canadian
Dollars Canadian Dollars Canadian Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Incorporated in
1970, Metallic Equipment Co LLC (MEC) is very well established in the local
market and deals in a range of ironmongery, hardware and building materials.
The company deals with a number of well known international suppliers and has a
good reputation for the quality of its products.
Local sources
report that during the course of this investigation nothing detrimental was
uncovered regarding either the operating history or the manner in which payment
obligations are fulfilled. 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$ 750,000
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%)