MIRA
INFORM REPORT
|
Report Date : |
15.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
MISTER LIGHT
ELECTRICAL INSTALLATIONS ITEMS TRADING LLC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
2nd September 1991 |
|
|
|
|
Com. Reg. No.: |
41902, |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of electrical fittings and sanitary ware products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : MISTER LIGHT ELECTRICAL INSTALLATIONS ITEMS
TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 2nd September 1991
Commercial Registration Number :
41902,
Trade Licence Number : 225730
Membership Number : 21888
Issued Capital : UAE Dh 660,000
Paid up Capital : UAE Dh 660,000
Total Workforce : 15
Line of Business : Distributors of electrical fittings and sanitary ware products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MISTER LIGHT
ELECTRICAL INSTALLATIONS ITEMS TRADING LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Naif
PO Box : 55331
Town :
Country :
Telephone : (971-4) 2276061 / 2247482
Facsimile : (971-4) 2275179
Email : mrlight@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Thayyulathil
Ratan Indian Managing Director
·
Manayic
Bhaskaran Indian Director
·
Periyadan
Kadin Happallisethli Madhavan Indian Director
·
Govinda
Iyer
·
Abbas
Ali Al Sayed Abdulla Alawi Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 2nd
September 1991
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 41902,
Trade Licence No. : 225730
(Expires 21st August 2008)
Membership No. : 21888
Issued Capital : UAE Dh 660,000
Paid up Capital : UAE Dh 660,000
Name of Shareholder
(s) Percentage
·
Abbas
Ali Al Sayed Abdulla Alawi 51%
·
Thayyulathil
Ratan 13%
·
Manayic
Bhaskaran 12%
·
Periyadan
Kadin Happallisethli Madhavan 12%
·
Govinda
Iyer
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.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
electrical fittings and sanitary ware products.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 15 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 4,400,000 UAE Dh
4,758,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1991, subject is involved in the import and distribution of electrical fittings
and sanitary ware products.
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$ 150,000
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. |
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%)