MIRA
INFORM REPORT
|
Report Date : |
30.10.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FOCUS AIR
CONDITIONING INDUSTRIES LLC |
|
|
|
|
Registered Office : |
Real Estate
Department Building, Sheikh Zayed Road, Al Quoz Industrial Area, P O Box 37945,
Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
20th September 2003 |
|
|
|
|
Com. Reg. No.: |
64152, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the
manufacture of air conditioning systems. |
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$ 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : FOCUS AIR CONDITIONING INDUSTRIES LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 20th September 2003
Commercial Registration Number : 64152, Dubai
Trade Licence Number : 549061
Membership Number : 81005
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Line of Business : Manufacturers of air conditioning systems.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FOCUS AIR
CONDITIONING INDUSTRIES LLC
ADDRESS
Registered & Physical Address
Building : Real Estate Department Building
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 37945
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3405516
Facsimile : (971-4) 3405540
Email : focusair@emirates.net.ae
Premises
Subject operates from
a medium sized suite of offices and a factory that are rented and located in
the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Barkatali
Badruddin Thanawala Indian Managing Director
·
Ahmed Saeed
Humaid Mohamed Al Nuaimi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 20th
September 2003
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 64152, Dubai
Trade Licence No. : 549061
Membership No. : 81005
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Ahmed Saeed
Humaid Mohamed Al Nuaimi 51%
·
Barkatali
Badruddin Thanawala 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.
LINE OF BUSINESS
Operations : Engaged in the manufacture of air
conditioning systems.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 40 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 12,380,000 UAE Dh 14,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in 2003,
subject is owned and managed by Mr Barkatali Badruddin Thanawala, an Indian
national who operates in Dubai under the local sponsorship of Mr Ahmed Saeed
Humaid Mohamed Al Nuaimi.
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$ 200,000
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%)