MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROYAL BLINDS LLC |
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Registered Office : |
Plot Number 228 B, Sheikh Zayed Road, Al Quoz Industrial Area, PO Box
2107, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.04.1989 |
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Com. Reg. No.: |
1065, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of Blinds, Awnings, Canopies and Curtains |
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 :
ROYAL BLINDS LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
18th April 1989
Commercial Registration Number :
1065, Dubai
Trade Licence Number :
300863
Membership Number :
15638
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
70
Line of Business :
Manufacturers of blinds, awnings, canopies and curtains.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
ROYAL BLINDS LLC
ADDRESS
Registered & Physical Address
Building : Plot Number
228 B
Street : Sheikh Zayed
Road
Area : Al Quoz
Industrial Area
PO Box : 2107
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3474760
Facsimile : (971-4)
3474770
Email : ramakrishnana@royalblinds.com
Premises
Subject operates from a medium sized suite of offices and a warehouse that
are rented and located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Khazi Mohamed Fiaz
Indian Managing Director
·
Khalifa Khalid Khalifa
Aljallaf Emirati Director
·
Abdullah Khalid Khalifa
Aljallaf Emirati Director
·
Wafa Khalid Khalifa
Aljallaf Emirati Director
·
Maryam Abdullah Mohamed
Aljallaf Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 18th April
1989
Legal Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 1065, Dubai
Trade Licence No. : 300863 (Expires 7th April 2008)
Membership No. : 15638
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
· Khalifa Khalid
Khalifa Aljallaf 33%
· Abdullah Khalid Khalifa Aljallaf 33%
· Wafa Khalid Khalifa Aljallaf 17%
· Maryam Abdullah
Mohamed Aljallaf 17%
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 : Engaged in the manufacture of blinds, awnings,
canopies and curtains.
Import Countries : Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 70 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE
Dh 18,900,000 UAE
Dh 19,780,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Union National Bank
Baniyas Street
PO Box : 6811
Dubai
Tel : (971-4)
2211188
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1989, subject is involved in the manufacture of blinds, awnings,
canopies and curtains.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within subject’s
financial means.
Maximum suggested credit figure: US$ 300,000
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%)