MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
UNIVERSAL LIGHTING INDUSTRIES FZC |
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Registered Office : |
Saif Zone, P O Box – 8793, Sharjah |
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Country : |
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Date of Incorporation : |
5th June 2006 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Engaged in the manufacture of light fixtures and fittings |
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/normal. |
Small |
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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : UNIVERSAL LIGHTING INDUSTRIES FZC
Country of Origin :
Legal Form : Free Zone Company - FZC
Registration Date : 5th June 2006
Trade Licence Number : 4029
Membership Number : 700934
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 50
Line of Business : Manufacturers of light fixtures and fittings.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
UNIVERSAL LIGHTING INDUSTRIES FZC
ADDRESS
Registered & Physical Address
Location : Saif Zone
PO Box : 8793
Town : Sharjah
Country :
Telephone : (971-6) 5575003
Facsimile :
(971-6) 5575007 / 5575008
Email : madhu@unilights.ae
Premises
Subject operates from a medium sized suite of offices and a factory that are rented and located in the Saif Zone Area of Sharjah.
KEY PRINCIPALS
Bagwan Lalwani Managing Director
Jay Keraanand Uttachandani Director
LEGAL FORM &
OWNERS
Date of Establishment : 5th June 2006
Legal Form : Free Zone Company - FZC
Trade Licence No. : 4029 (Expires 10th September 2007)
Membership No. : 700934
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
Bagwan Lalwani
Jay Keraanand Uttachandani
Note to the Legal Form A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations :
Engaged in the manufacture of light fixtures and fittings.
Import Countries :
Europe and the
Subject has a workforce of 50 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
United Bank Ltd
PO Box : 669
Sharjah
Tel : (971-6) 5682094
Fax : (971-6) 5683245
Acc No. 01030563
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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$ 75,000
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%)