MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUPER CEMENT MANUFACTURING COMPANY LLC |
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Registered Office : |
Plot Number 33/34, FR6 Sector, M41, ICAD-1, Musaffah Industrial
City, P O Box – 35119, Abu Dhabi, |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
20.09.2006 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of Cement |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
SUPER CEMENT MANUFACTURING COMPANY LLC
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
20th September 2006
Trade Licence Number :
1367
Membership Number :
186652
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
110
Line of Business :
Manufacturers of cement.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
SUPER CEMENT MANUFACTURING COMPANY LLC
ADDRESS
Registered & Physical Address
Location : Plot Number
33/34, FR6 Sector, M41, ICAD-1
Area : Musaffah
Industrial City
PO Box : 35119
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6277401
/ 4453891
Facsimile : (971-2)
6277402
Mobile : (971-50)
4351061
Email : ziyad@apd.ae
sanjay_supercement@yahoo.com
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
Ali Hamel Khadim Ghaith Al Ghaith Al Qubaisi Emirati Managing
Director
Sanjay Kumar Agrawal Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 20th
September 2006
Legal Form :
Limited Liability Company - LLC
Trade Licence No. : 1367
Membership No. : 186652
Issued Capital : UAE
Dh 300,000
Paid up Capital : UAE
Dh 300,000
Name of Shareholder (s)
Percentage
Ali Hamel Khadim Ghaith Al Ghaith Al Qubaisi 51%
Sanjay Kumar Agrawal 49%
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 cement.
Subject has not yet reached full production.
Import Countries : Europe and the Far East.
Subject has a workforce of 110 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
Emirates Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 3160316
Fax : (971-4) 2264302
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$ 100,000
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%)