MIRA
INFORM REPORT
|
Report Date : |
12.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TRANSGUARD GROUP
LLC |
|
|
|
|
Registered Office : |
Al Khaima
Building, Al Ittihad Road, Port Saeed, P O Box 22630, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
26th July 2003 |
|
|
|
|
Com. Reg. No.: |
60316, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Provides a range of security services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : TRANSGUARD GROUP LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 26th July 2003
Commercial Registration Number : 60316, Dubai
Trade Licence Number : 537142
Membership Number : 72165
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 250
Line of Business : Security Services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
TRANSGUARD GROUP
LLC
ADDRESS
Registered & Physical Address
Building : Al Khaima Building
Street : Al Ittihad Road
Area : Port Saeed
PO Box : 22630
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2822360
Facsimile : (971-4) 2822040
Mobile : (971-50) 4561043
Email : tgarmour@emirates.net.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
·
Dubai
International Airport Office
& warehouse
PO Box : 686 premises
Dubai
Tel: (971-4) 2822255
Fax: (971-4) 2827812
Email: transguard@emirates.net.ae
KEY PRINCIPALS
Name Nationality Position
·
Ahmed Bin
Saeed Al Maktoum Emirati Chairman
·
Abdullah Al Sayed
Abdul Qader Al Hashimi Emirati Managing Director
LEGAL FORM &
OWNERS
Date of Establishment : 26th
July 2003
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 60316, Dubai
Trade Licence No. : 537142
(Expires 30th August 2007)
Membership No. : 72165
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s)
Percentage
·
Dnata 50%
PO Box : 1515
Dubai
United Arab Emirates
Tel : (971-4) 2214560
·
Emirates
Airlines 50%
Dubai Airline Centre
Dubai International Airport
PO Box : 686
Dubai
Tel : (971-4) 2215544 / 2062745 / 2228151 / 2283848
Fax : (971-4) 2228151 / 2214560 / 2225159 / 2950399
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 300,000, 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 : Subject provides a range of
security services. These include cash processing, couriering and warehousing,
surveillance and facilities management. The company also offer secure
international transportation of cash and valuables and the servicing of ATMs.
The company also provides private guarding services.
Subject’s clients include; Abu Dhabi Commercial Bank, Bank of Nova Scotia, Central Bank of UAE, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Bank International, Mashreq Bank, HSBC, National Bank of Dubai, Standard Bank of London, Standard Chartered Bank, DAMAS, Dnata, Emirates Airline, Ferrari, Mona Lisa Diamond Corp, Pure Gold LLC, Rozy Blue Diamonds FZE, Sidhansu Diamonds FZC, Sorendon International FZE, Sun International FZE, Super Jewels FZE, and Unique Diamonds LLC
Subject has a
workforce of 250 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, 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
·
Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax
: (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Transguard Group
LLC provides a range of security services. These include cash
processing, couriering and warehousing, surveillance and facilities management.
The company also offer secure international transportation of cash and
valuables and the servicing of ATMs.
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 of: US$ 100,000
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/normal. |
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%)