MIRA
INFORM REPORT
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Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPECTRUM
INDUSTRIES LLC |
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Registered Office : |
Dubai Investment
Park Development Building, Sheikh Zayed Road, Al Wasl, P O Box 118837 &
52161, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11th September 2004 |
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Com. Reg. No.: |
69547, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
manufacture of paint and varnishes. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SPECTRUM INDUSTRIES LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th September 2004
Commercial Registration Number : 69547, Dubai
Trade Licence Number : 560724
Membership Number : 90778
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 45
Line of Business : Manufacturers of paint and varnishes.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SPECTRUM INDUSTRIES
LLC
ADDRESS
Registered & Physical Address
Building : Dubai Investment Park Development
Building
Street : Sheikh Zayed Road
Area : Al Wasl
PO Box : 118837 & 52161
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8852402 / 3368230
Facsimile : (971-4) 8852403 / 3367357
Premises
Subject operates
from a medium sized suite of offices and a factory that are leased and located
in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Franciscus
Marinus Dutch Managing Director
·
Oussama
Mohamed Farooq Ghandour Lebanese Director
LEGAL FORM & OWNERS
Date of Establishment : 11th
September 2004
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 69547, Dubai
Trade Licence No. : 560724
(Expires 22nd August 2008)
Membership No. : 90778
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
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Ghubash
Trading & Investment Co Ltd LLC 51%
PO Box : 2929
Dubai
Tel : (971-4) 3345111
Fax : (971-4) 3360335
·
Oussama
Mohamed Farooq Ghandour 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 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.
AFFILIATED COMPANIES
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Arabian
Ethicals Co (ETIX)
Real Estate Department Building
354-310 Sheikh Zayed Road
Al Quoz Industrial Area
PO Box : 9081
Dubai
Tel : (971-4) 3392141
Fax : (971-4) 3386755
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Computer
Network Systems Est
Abu Dhabi Fund Building, 1st
Floor
Tourist Club Area
PO Box: 46144
Abu Dhabi
Tel : (971-2) 6442888
Fax : (971-2) 6440151
Email: postmaster@cns-me.com
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Tawazon
Chemical Company LLC
Saeed Ahmed Ghobash Building
Zabeel Street
Umm Hureir
PO Box : 52161
Dubai
Tel : (971-4) 3368230
Fax : (971-4) 3367357
Email: info@tawazon.co.ae
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On Time
Distribution
Saeed Ahmed Ghobash Building
Airport Road
Al Garhoud
PO Box : 1017
Dubai
Tel : (971-4) 2820800
Fax : (971-4) 2828108
LINE OF BUSINESS
Operations : Engaged in the manufacture of paint and
varnishes.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 45 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 8,800,000 UAE Dh 10,650,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Abu Dhabi
Deira Souk Branch
PO Box : 4436
Dubai
Tel : (971-4) 2226141
Fax : (971-4) 2226145
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2004, subject is involved in the manufacture of paint and varnishes.
According to local sources subject is making steady
progress in the local business market and nothing detrimental has been reported
regarding the manner in which payments are fulfilled. As such the business is
considered to be a fair trade risk and the above credit figure is deemed
admissible.
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%)