MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
EMIRATES BIO
FERTILIZERS FACTORY LLC |
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Registered Office : |
Trucks Road, Ain
Al Faydha, P O Box 17786, Al Ain |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
11th October 1995 |
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Com. Reg. No.: |
12925, Al Ain |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
manufacture of organic and chemical fertilizers. |
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 : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : EMIRATES BIO FERTILIZERS FACTORY LLC
Country of Origin : Al Ain, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th October 1995
Commercial Registration Number : 12925, Al Ain
Trade Licence Number : 21753
Membership Number : 7977
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
Total Workforce : 130
Line of Business : Manufacturers of organic and chemical fertilizers.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
EMIRATES BIO
FERTILIZERS FACTORY LLC
ADDRESS
Registered & Physical Address
Street : Trucks Road
Area : Ain Al Faydha
PO Box : 17786
Town : Al Ain
Country : United Arab Emirates
Telephone : (971-3) 7838600
Facsimile : (971-3) 7838500
Email : ebff@emirates.net.ae
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Al Ain.
KEY PRINCIPALS
Yahya Al Kadamani Managing
Director
Saleh Al Shamsi Director
Abdullah Al Dhaheri Director
Dr Mohamed Ali Badawi General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 11th
October 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 12925, Al Ain
Trade Licence No. : 21753
(Expires 6th November 2007)
Membership No. : 7977
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
Name of Shareholder
(s)
Yahya Al Kadamani
Saleh Al Shamsi
Abdullah Al Dhaheri
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 United
Arab Emirates is governed by the Foreign Business Investment Law, which sets
capital requirements and requires 51 percent Emirati participation in capital
and profits.
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 manufacture of organic and
chemical fertilizers.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 130 employees.
FINANCIAL HIGHLIGHTS
Companies registered
in Al Ain, United Arab Emirates are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
BANKERS
·
Commercial
Bank of Dubai
PO Box : 1497
Al Ain
Tel
: (971-3) 7667800
Fax
: (971-3) 7666590
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in 1995,
subject is involved in the manufacture of organic and chemical fertilizers.
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%)