MIRA
INFORM REPORT
|
Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
BETA INDUSTRIAL
CO LLC |
|
|
|
|
Registered Office : |
Plot No. 565B, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
28.05.1990 |
|
|
|
|
Com. Reg. No.: |
52984, |
|
|
|
|
Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
|
|
|
|
Line of Business : |
Engaged in the
manufacture of air conditioning equipment and systems |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 500,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : BETA INDUSTRIAL CO
LLC
Country of Origin :
Legal Form :
Limited Liability Company – LLC
Registration Date : 28th
May 1990
Commercial
Registration Number : 52984,
Trade Licence Number : 300482
Membership Number : 19267
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 115
Line of Business :
Manufacturers of air conditioning equipment and systems.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BETA INDUSTRIAL CO LLC
ADDRESS
Registered &
Physical Address
Location : Plot No. 565B
Street :
Area : Ras Al Khor Industrial Area
PO Box : 50708
Town :
Country :
Telephone : (971-4) 3331486
Facsimile : (971-4) 3331673
Email : bassam.nazzal@betag.com
Premises
Subject operates from
a suite of offices and a factory covering an area of 50,000 square metres that
are owned and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
PO Box : 25204 Sales
Office
Tel : (971-2) 6675520
Fax : (971-2) 6675521
KEY PRINCIPALS
Name Nationality Position
Mohamed Rashid Al
Daour Jordanian Managing Director
Khalid Juma Al Majid
Quraiban Emirati Director
Bassam Nazzal - General
Manager
Motasem Daour - Production
Manager
Hamdi El Baz - Sales
Manager
Irfan Ahmed - Export
Manager
Badawi Yousef Kamel - Branch
Manager –
LEGAL FORM &
OWNERS
Date of
Establishment : 28th May 1990
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg. No. : 52984,
Trade Licence No. : 300482 (Expires 20th May 2008)
Membership No. : 19267
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Khalid Juma Al Majid
Quraiban 51%
Mohamed Rashid Al
Daour 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.
AFFILIATED COMPANIES
Subject is a member of
the Beta Group of Companies, which comprises the following concerns:
Beta Trading
Establishment
Beta Machinery
Beta Information
Technology (BIT)
LINE OF BUSINESS
Operations : Engaged in the manufacture of air
conditioning equipment and systems, including the following products:
- Grilles and Registers
- Ceiling, slot, circular air and swirl air
diffusers
- Louvers
- Ventilation fixtures and accessories
- Exhaust disc valves
- Volume control dampers
- Fire & smoke dampers
Subject was ISO
9002:1994 accredited on 4th November 1999.
Beta products have
been installed in many prestigious projects such as the Dubai Airshow &
Duty Free Complex, Marina Mall, Creak Tower, Internet City, American
University, Metropolitan Hotel to name a few.
Clients:
Gulf Air Filters
Factory Company (Gafco)
Import Countries : Europe and the
International
Suppliers :
Bystronic Laser AG
Export Countries : Subject exports products to approximately
25 countries throughout the world.
Brand Names : BETA
Operating Trend : Steady
Subject has a
workforce of 115 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 29,750,000 UAE Dh 31,500,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
United Arab Bank Ltd
Murshid Bazar Branch
PO Box : 1000
Tel : (971-4) 2282025
/ 2223191
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction July 1999 February 2003
Credit amount 250,000 100,000
Amount overdue 0 0
Payment terms 90 days 60 days
Payment Method Letters of Credit Letters of Credit
Paying record No Complaints No Complaints
Currency US Dollars Euros
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Beta Industrial Co LLC
was incorporated in 1990 and is engaged in the manufacture of air conditioning equipment
and systems. It enjoys a good reputation for the quality of its products that
have been installed in many prestigious projects.
The company is run in
a professional manner and is a member of the well known Beta Group of
Companies, which has interests in a number of companies throughout the Emirate.
During the course of
this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is within subject’s
financial means.
Maximum suggested
credit figure: US$ 500,000
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%)