MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL HILAL STEEL ALUMINIUM & COPPER LLC |
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Registered Office : |
Industrial Area No. 11, PO Box
5239, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
12.04.2003 |
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Com. Reg. No.: |
520239, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Importer and Distributors of Aluminium, Steel and Copper
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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : AL HILAL STEEL ALUMINIUM & COPPER LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th April 2003
Commercial Registration Number : 520239, Sharjah
Trade Licence Number : 520239
Membership Number : 58338
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 10
Line of Business : Distributors of aluminium, steel and copper products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL HILAL STEEL ALUMINIUM & COPPER LLC
ADDRESS
Registered & Physical Address
Location : Industrial
Area No. 11
PO Box : 5239
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5348496
Facsimile : (971-6)
5340336
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
· Mohamed Abdullah
Ahmed Al Garir Emirati Managing Director
· Ahmed Sayed Salah
Uddine Indian Director
· Mohamed Mahboub
Abu Baker Indian Director
LEGAL FORM & OWNERS
Date of
Establishment : 12th
April 2003
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 520239, Sharjah
Trade Licence No. : 520239 (Expires 9th April 2008)
Membership No. : 58338
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
· Mohamed Abdullah
Ahmed Al Garir 51%
· Ahmed Sayed Salah
Uddine 25%
· Mohamed Mahboub
Abu Baker 24%
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 150,000, 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 import and distribution of
aluminium, steel and copper products.
Import Countries : Europe and the Far East.
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Sharjah, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
·
Emirates Bank International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6)
5733300
Fax : (971-6)
5730077
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2003, subject is involved in the import and distribution of
aluminium, steel and copper products.
Local informants reported that the contact numbers listed above were
tried on numerous occasions but remained unanswered.
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.
Maximum suggested credit figure: US$ 50,000
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%)