MIRA INFORM REPORT
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Report Date : |
23.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
REEM RUBBER INDUSTRIES LLC |
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Registered Office : |
Industrial Zone No. 11, PO Box 28082,
Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
09.08.2000 |
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Com. Reg. No.: |
36453, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturer of Rubber Products, including Sheets, Flooring, Mats, Mouldings and Compounds |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : REEM RUBBER INDUSTRIES LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th August 2000
Commercial Registration Number : 36453, Sharjah
Trade Licence Number : 505568
Chamber Membership Number : 48497
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 50
Activities : Manufacture of rubber products, including sheets, flooring, mats, mouldings and compounds
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
REEM RUBBER INDUSTRIES LLC
ADDRESS
Registered &
Physical Address
Location : Industrial
Zone No. 11
PO Box : 28082
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5343337
Facsimile : (971-6)
5345449
Email : info@reem-rubber.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
· Ahmed Mohamed
Obaid Al Shamsi Emirati Managing Director
· Siraj Ahmed Taher Indian Director
LEGAL FORM & OWNERS
Date of
Establishment : 9th
August 2000
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 36453, Sharjah
Trade Licence No. : 505568 (Expires 06/08/2008)
Chamber Member No. : 48497
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
· Ahmed Mohamed
Obaid Al Shamsi 51%
· Atlas
International Pvt Ltd 26%
India
· Siraj Ahmed Taher 23%
OPERATIONS
Activities: Engaged in the manufacture of rubber products, including sheets,
flooring, mats, mouldings and
compounds.
Production Capacity : 7,000 tonnes per year.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 50 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE
Dh 13,500,000 UAE Dh
14,200,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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Emirates Bank International Ltd
Immigration Road
PO Box 25090
Sharjah
Tel: (971-6)
5733300
Fax: (971-6) 5730077
·
National Bank of Dubai (NBD)
Baniyas Street
PO Box :
777
Dubai
Tel :
(971-4) 2222241
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2000, subject is involved in the manufacture of rubber
products, including sheets, flooring, mats, mouldings and compounds.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.33 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.66.75 |
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%)