MIRA INFORM REPORT

 

 

Report Date :

03.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

TECHNICAL GLASS AND ALUMINIUM CO LLC (TGAC)

 

 

Registered Office :

Industrial Area No. 4, PO Box 7178, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

04.11.1989

 

 

Com. Reg. No.:

19394, Sharjah

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Manufacture of Aluminium and Glass.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 800,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

SUMMARY

 

Company Name                         : TECHNICAL GLASS AND ALUMINIUM CO LLC (TGAC)

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 4th November 1989

Commercial Registration Number            : 19394, Sharjah

Trade Licence Number                            : 16888

Chamber Membership Number                : 23731

Issued Capital                                        : UAE Dh 17,000,000

Paid up Capital                                      : UAE Dh 17,000,000

Total Workforce                                     : 200

Activities                                               : Manufacture of aluminium and glass.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 800,000

 

 

 

 

 

COMPANY NAME

 

TECHNICAL GLASS AND ALUMINIUM CO LLC (TGAC)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Industrial Area No. 4

PO Box             : 7178

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5338211

Facsimile          : (971-6) 5338437

Mobile               : (971-50)

Email                : techalum@emirates.net.ae

                          techglass@emirates.net

 

 

Premises

 

Subject operates from a large suite of offices, a factory and warehousing that are owned and located in the Industrial Area of Sharjah.

 

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       PO Box 30851                                                                                  Rented sales office

Dubai

     Tel: (971-4) 2681335

     Fax: (971-4) 2681159

 

·       PO Box 8081                                                                                    Rented sales office

Abu Dhabi

Tel: (971-2) 6722514

Fax: (971-2) 6723786

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Mohamed Omar Mohamed                               Emirati                        Managing Director

 

·       Hassan Mohamed Hassan                             Lebanese                      Director

 

·       Hisham Shafiq Hassan                                  Lebanese                      Director

 

·       Esmat Mohamed Hassan                               Lebanese                      Director

 

·       Jakadish Tanna                                                Indian                         Director

 

·       Rabeih Hamza                                                     -                            Aluminium Manager

 

·       Wael Hassan                                                       -                            Glass Manager

 

·       Ramesh Wakad                                                   -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th November 1989

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 19394, Sharjah

 

Trade Licence No.       : 16888 (Expires 01/11/2008)

 

Chamber Member No. : 23731

 

Issued Capital              : UAE Dh 17,000,000

 

Paid up Capital            : UAE Dh 17,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Mohamed Omar Mohamed                                              51%

 

·       Hassan Mohamed Hassan                                              13%

 

·       Hisham Shafiq Hassan                                                   12%

 

·       Esmat Mohamed Hassan                                                12%

 

·       Jakadish Tanna                                                              12%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of aluminium and glass.

 

Subject offers glass cutting, edging and heat treatment as well as installation services. The aluminium production line manufactures canopies, cladding, curtain walling, doors and windows, handrails, skylights and sunscreens.

 

The company also produces stainless steel products such as cladding, handrails, doors and windows.

 

Import Countries: Belgium, France, Austria, Japan and the United States of America

 

 

 

 

 

International Suppliers:

 

·       Glaverbel                  Belgium

·       Saint Gobain France

·       Asahi Glass              Japan

 

Operating Trend: Steady

 

Subject has a workforce of approximately 200 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Sales                                        UAE Dh 73,000,000                   UAE Dh 80,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       The Standard Chartered Bank

Al Boorj Avenue

PO Box : 5

Sharjah

Tel : (971-6) 5357788

Fax : (971-6) 5335500

 

 

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 the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

 

 

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions