MIRA
INFORM REPORT
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Report Date : |
19.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
NITCO INTERNATIONAL LLC |
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Registered Office : |
Industrial Area
No. 2, PO Box 279, 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 : |
1976 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject operations are performed through the following divisions: Marine Division,
Glass Reinforced Plastic Division, Waste Water Treatment Division, Modular Building Division |
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$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : NITCO INTERNATIONAL LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1976
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 55
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
NITCO INTERNATIONAL
LLC
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 2
PO Box : 279
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5343230
Facsimile : (971-6) 5340564
Email : nitcoint@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a factory with warehousing that are
owned and located in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
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PO Box 2012 Sales
Offices
Abu Dhabi
Tel: (971-2) 6263082
Fax: (971-2) 6263083
KEY PRINCIPALS
Name Position
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Abdul
Rahman Bukhatir Managing
Director
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Kenneth
John Bellamy General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1976
Legal Form :
Limited Liability Company -
LLC
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
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Bukhatir
Investments Limited 100%
PO Box 88
Sharjah
Tel: (971-6) 5352444
Fax: (971-6) 5543937
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Marine Division
Engaged in the
design and production of pleasure boats.
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Glass Reinforced Plastic Division
Engaged in the manufacture of
glass reinforced plastic products.
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Waste Water Treatment Division
Producers
of waste water treatment chemicals.
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Modular Building Division
Established in April
2000, this division operates from a modern 4,000 square meter modular building
factory with an annual production capacity of 100,000 square meters per year.
Import
Countries: Malaysia, China, and India
Brand Names: NITCO
Operating Trend: Steady
Subject has a
workforce of 55 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
21,350,000 UAE Dh
24,600,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Dubai Islamic
Bank
PO Box: 1409
Sharjah
Tel: (971-6) 5726444
Fax: (971-6) 5727555
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National Bank
of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Nitco International
LLC has been in business since 1976 and is well established in the local
market, operating diversified divisions with activities including boat
building, manufacture of GRP products, production of waste water chemicals and
the production of modular building.
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 and the above credit figure is
within subject’s financial means.
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%)