MIRA INFORM REPORT

 

 

Report Date :

19.02.2008

 

IDENTIFICATION DETAILS

 

Name :

BRUSH TRANSFORMERS GULF LLC

 

 

Registered Office :

Mussafah Industrial Area, Plot No. 87, A4 Sector M, 411, 44903, Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

23rd May 2006

 

 

Com. Reg. No.:

215283

 

 

Legal Form :

Limited Liability Company -LLC

 

 

Line of Business :

Manufacture of electric power transformers.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 75,000

 

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : BRUSH TRANSFORMERS (GULF) LLC

Country of Origin                                    : Abu Dhabi, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 23rd May 2006

Commercial Registration Number            : 215283

Trade Licence Number                            : 95164

Membership Number                              : 154273

Issued Capital                                        : UAE Dh 150,000

Paid up Capital                                      : UAE Dh 150,000

Total Workforce                                     : 50

Line of Business                                    : Manufacture of electric power transformers.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

BRUSH TRANSFORMERS (GULF) LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Mussafah Industrial Area, Plot No. 87, A4 Sector M, 411

PO Box             : 44903

Town                 : Abu Dhabi

Country             : United Arab Emirates

Telephone         : (971-2) 5501910 / 6318044

Facsimile          : (971-2) 5501720 / 638007

Email                : biju.paulose@btg.ae

 

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Abu Dhabi.

 

 

KEY PRINCIPALS

 

·       Tim Walker                                                                           General Manager

 

·       Baraq Khot                                                                           Production Manager

 

·       Ram Krishna                                                             Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 23rd May 2006

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 215283, Abu Dhabi

 

Trade Licence No.       : 95164

 

Membership No.          : 154273

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

 

 

 

Name of Shareholder (S)                                             Percentage

 

·       Abdullah Nasser Industrial Enterprises LLC                      51%

United Arab Emirates

    

·       Brush Transformer Limited                                              49%

United Kingdom

 

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 manufacture of electric power transformers.

 

Import Countries          : United Kingdom, Germany, China and India

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       Emirates Bank International Ltd

PO Box : 47676

Abu Dhabi

Tel : (971-2) 6224400

Fax : (971-2) 6225520

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Investigations undertaken in Abu Dhabi 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.

 

Maximum suggested credit figure: US$ 75,000

 

 

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