MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
POWER PLUS CABLE CO LLC |
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Registered Office : |
Bin Atta Office Building, Suite 405, Hamad Bin Abdullah Street, 5070 & 2000,
Fujairah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
21st October 2007 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturer of cables |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
New & Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : POWER PLUS CABLE CO LLC
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st October 2007
Trade Licence Number : 16202
Chamber Membership Number : 9723
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Total Workforce : 150
Activities : Manufacture of cables
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
POWER PLUS CABLE CO LLC
ADDRESS
Registered & Physical Address
Building : Bin Atta Office Building, Suite 405
Street : Hamad Bin Abdullah Street
PO Box : 5070 &
2000
Town : Fujairah
Country : United Arab
Emirates
Telephone : (971-9) 2244446
Facsimile : (971-9)
2244448
Email : pplus@eim.ae
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Suburban Business Area of Fujairah.
KEY PRINCIPALS
Name Position
· Sanjay
Goenka General
Manager
LEGAL FORM &
OWNERS
Date of
Establishment : 21st
October 2007
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 16202
Chamber Member No. : 9723
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Name of Shareholder
(s)
· Fujairah
Investment Ltd
· Government of
Fujairah
· Ravin
Cables Ltd
India
OPERATIONS
Activities: Engaged in the manufacture of cables specialising in LT, HT and EHV Power Cables upto 220 KV.
Subject has a workforce of approximately 150 employees.
FINANCIAL DATA
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
National Bank of Fujairah
PO Box 887
Fujairah
Tel : (971-9) 2224518 / 2224513
Fax : (971-9) 2224516 / 2229470
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken in Fujairah did not reveal any sign of payment
defaults or delays during initial trading stages, and subject is believed to
meet its payment obligations in a timely manner, nevertheless, and in view of
the company’s infancy and the lack of a more consistent payment and financial
record, a measure of caution is advisable and a close monitoring of subject’s
business development is recommended.
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%)