MIRA
INFORM REPORT
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Report Date : |
15.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELECTROMEC CO LLC |
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Registered Office : |
Obaid Mohamed Al Helo Building, Al Burj Street, Al Rigga, PO Box 7023,
Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
24.11.1979 |
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Com. Reg. No.: |
42235, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import, Distribution and Retail of Light Fittings and Fixtures, Electrical Equipment and Supplies. |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ELECTROMEC CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 24th November 1979
Commercial Registration Number : 42235, Dubai
Trade Licence Number : 200898
Chamber Membership Number : 6220
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 34
Activities : Import, distribution and retail of light fittings and fixtures, electrical
equipment and supplies.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
COMPANY NAME
ELECTROMEC CO LLC
ADDRESS
Registered & Physical Address
Building : Obaid
Mohamed Al Helo Building
Street : Al Burj
Street
Area : Al Rigga
PO Box : 7023
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2229352
/ 2220398
Facsimile : (971-4)
2226281
Email : sales@electromec-uae.com
Premises
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· PO Box 28718 Rented
showroom premises
Abu Dhabi
Tel: (971-2)
6391234
Fax: (971-2)
6342414
KEY PRINCIPALS
Name Nationality Position
· Ashwin Kumar
Khushaldas Bhatia Indian Managing
Director
· Lalit Khushaldas
Karani Indian Director
· Karani Rajiv Lalit Indian Director
· Ibrahim Ahmad
Ibrahim Al Saadi Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 24th
November 1979
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 42235, Dubai
Trade Licence No. : 200898 (Expires 28/12/2008)
Chamber Member No. : 6220
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
· Ibrahim Ahmad
Ibrahim Al Saadi 51%
· Ashwin Kumar
Khushaldas Bhatia 17%
· Lalit Khushaldas
Karani 16%
· Karani Rajiv Lalit 16%
OPERATIONS
Activities: Engaged in the import, distribution and retail of light fittings and
fixtures, electrical equipment and supplies.
Import Countries: United Kingdom, Italy, United States of America,
China and India
Operating Trend: Steady
Subject has a workforce of 34 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 27,000,000 UAE Dh
,29,300,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box : 1709
Dubai
Tel : (971-4)
2227121 / 2253222
Fax : (971-4)
2220943 / 2254565
·
Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4)
5531955
Fax : (971-4)
5536962
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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
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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%)