MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
CANADIAN
CARTONS INDUSTRY LLC |
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Registered Office : |
Industrial
Area No. 6, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
4th December 1997 |
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Com. Reg. No.: |
31132, Sharjah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
manufacture of cartons
and boxes. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : CANADIAN CARTONS INDUSTRY LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 4th December 1997
Commercial Registration Number : 31132, Sharjah
Trade Licence Number : 123131
Membership Number : 4112
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 75
Line of Business : Manufacture of cartons and boxes.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CANADIAN CARTONS INDUSTRY LLC
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 6
PO Box : 20814
Town : Sharjah
Country :
Telephone : (971-6) 5310310 / 5436988
Facsimile : (971-6) 5310410
Email : canpaper@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 Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Abdulrahman
Mohamed Emirati Managing Director
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Mohamed
Ameen Mohamed Pakistani Director
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Mohamed
Shafqat Pakistani Director
LEGAL FORM &
OWNERS
Date of Establishment : 4th
December 1997
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 31132, Sharjah
Trade Licence No. : 123131 (Valid until 02/12/2007)
Membership No. : 4112
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
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Abdulrahman
Mohamed 51%
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Mohamed
Ameen Mohamed 25%
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Mohamed
Shafqat 24%
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.
LINE OF BUSINESS
Operations: Engaged in the manufacture of cartons and boxes.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of 75 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 15,800,000 UAE Dh 16,375,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National
Bank of Sharjah
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Canadian
Cartons Industry LLC has been in business for approximately 10 years and specialises
in the manufacture of cartons and boxes.
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 company is considered to be a fair trade risk and the above credit figure is within subject’s financial means.
Maximum suggested
credit figure: US$ 250,000
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%)