MIRA
INFORM REPORT
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Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ATLANTIC GREASE & LUBRICANT
MANUFACTURING LLC |
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Registered Office : |
New
Industrial Area, |
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Country : |
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Date of Incorporation : |
16th February 2004 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the blending and production of lubricants |
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 : ATLANTIC GREASE & LUBRICANT MANUFACTURING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 16th February 2004
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Total Workforce : 50
Line of Business : Blending and production of lubricants
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ATLANTIC GREASE & LUBRICANT
MANUFACTURING LLC
ADDRESS
Registered & Physical Address
Location : New
Industrial Area
PO Box : 9057
Town :
Country :
Telephone : (971-6) 7481804
Facsimile : (971-6) 7481805
Email : atlantic@eim.ae
Premises
Subject operates
from a medium sized suite of offices and a blending plant that are owned and
located in the Industrial Area of Ajman.
KEY PRINCIPALS
·
Shaikh Naseem Ahmad Managing
Director
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Muhamed Atif Administration
Manager
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Jawad Haroon Marketing
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 16th
February 2004
Legal Form :
Sharikat Thet Massouliya Mahdoudeh
(Limited Liability Company - LLC)
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Name of Shareholder
(s)
·
Shaikh Naseem Ahmad
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Members
of Shaikh Naseem Ahmad’s family
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.
LINE OF BUSINESS
Operations: Engaged in the blending and production of lubricants, including Oils, Grease, Brake Fluid, Coolants, Oil Treatment, Viscosity Improvers, Viscosity Modifiers, Base Oils, Additives, Poly Olein Alpha, Transformer Oils, White Oils, Glycols, and Petrochemicals.
Import
Countries:
Export
Countries:
Subject has a
workforce of 50 employees.
FINANCIAL
HIGHLIGHTS
Companies
registered in
BANKERS
·
The
Standard Chartered Bank
PO Box : 5
Sharjah
Tel : (971-6) 5357788
Fax : (971-6) 5335500
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United
Arab Bank
PO Box : 881
Sharjah
Tel : (971-6) 5354111
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
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
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. |
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%)