MIRA
INFORM REPORT
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Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL SHIRAWI
EQUIPMENT CO LLC |
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Registered Office : |
Plot No. 41B,
Sheikh Zayed Road, Al Quoz Industrial Area, P O Box 10983, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
9th October 1976 |
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Com. Reg. No.: |
41922, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the design
and fabrication of storage and transport equipment. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 600,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL SHIRAWI EQUIPMENT CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th October 1976
Commercial Registration Number : 41922, Dubai
Trade Licence Number : 300212
Membership Number : 508
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 430
Line of Business : Designers and fabricators of storage and transport equipment.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL SHIRAWI
EQUIPMENT CO LLC
ADDRESS
Registered & Physical Address
Location : Plot No. 41B
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 10983
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3472606
Facsimile : (971-4) 3472157
Email : aseco2@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 Dubai.
KEY PRINCIPALS
Name Nationality Position
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Sumeet Mohan
Valrani Indian Managing Director
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Mohamed
Abdullah Mohamed Al Shirawi Emirati Director
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Hisham
Abdullah Mohamed Al Shirawi Emirati Director
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Suresh Babo
Krishna Gupta Indian Director
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Navin Mohan
Valrani Indian Director
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Kabir Mohan
Valrani Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 9th
October 1976
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 41922, Dubai
Trade Licence No. : 300212
(Expires 14th March 2008)
Membership No. : 508
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
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Beachmount Ltd 16%
Jersey
United Kingdom
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Milton Ltd 15%
Jersey
United
Kingdom
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Mohamed
Abdullah Mohamed Al Shirawi 11%
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Hisham
Abdullah Mohamed Al Shirawi 10%
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Khalid Abdullah
Mohamed Abdullah Al Shirawi 10%
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Ali Abdullah
Mohamed Al Shirawi 10%
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Thani Abdullah
Mohamed Al Shirawi 10%
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Sumeet Mohan
Valrani 6%
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Kabir Mohan
Valrani 6%
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Navin Mohan
Valrani 6%
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 design and fabrication of
storage and transport equipment, including tanks, silos, pressure vessels,
trailers, tankers, tippers and municipal vehicles, factory sheds, warehouses
and other structural steel works. Subject is also involved in aluminium joinery
and glass fittings for building complexes.
Import Countries
: Europe and the Far East.
Subject has a
workforce of approximately 430 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, 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
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Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
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The Standard
Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box : 999
Dubai
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction March 2007
Credit amount 157,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in
1976, subject operates as designers and fabricators of storage and transport
equipment.
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
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 600,000
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. |
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%)