MIRA
INFORM REPORT
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Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
AIR MASTER
EQUIPMENTS EMIRATES LLC |
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Registered Office : |
New Industrial
Area, PO Box 3180, Ajman |
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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 : |
01.09. 1986 |
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Com. Reg. No.: |
8981, Ajman |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Manufacture of Air Outlet Products |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AIR MASTER EQUIPMENTS
EMIRATES LLC
Country of Origin : Ajman,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 1st
September 1986
Commercial
Registration Number : 8981,
Ajman
Trade Licence
Number : 21801
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 125
Activities :
Manufacture of air outlet products
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AIR MASTER
EQUIPMENTS EMIRATES LLC
ADDRESS
Registered & Physical Address
Location : New Industrial Area
PO Box : 3180
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7436900 / 7439600
Facsimile : (971-6) 7436700
Mobile : (971-50) 2157837
Email : airmastr@emirates.net.ae
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
·
Munvar Khan Indian Managing
Director
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Sultan
Rashid Al Kharji Emirati Director
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A R Harshan - Marketing
Manager
·
K N Jayan - Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
September 1986
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 8981, Ajman
Trade Licence No. : 21801
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Sultan
Rashid Al Kharji 51%
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Munvar Khan 49%
OPERATIONS
Activities: Engaged in the manufacture of air outlet products, including ceiling diffusers, door
grilles, fresh air louvers, plenum boxes, jet diffusers and volume control
dampers.
Subject is ISO9002 accredited.
Import
Countries: Europe and the
Far East.
International
Suppliers:
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Seiho
International Inc Japan
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Madel Spain
Export Countries: Cyprus,
Lebanon, Yemen, Egypt, Sudan, Kenya, Tanzania and GCC countries.
Operating Trend: Steady
Subject has a
workforce of approximately 125 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:
Total Sales UAE Dh
30,000,000 UAE Dh
34,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Fujairah
PO Box 1416
Sharjah
Tel : (971-6) 5561100
Fax : (971-6) 5561010
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction July
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1986, subject is involved in the manufacture of air outlet products, including ceiling diffusers, door
grilles, fresh air louvers, plenum boxes, jet diffusers and volume control
dampers.
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.
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%)