MIRA INFORM REPORT

 

 

Report Date :

20.03.2008

 

IDENTIFICATION DETAILS

 

Name :

AUTOMECH ENGINEERING CO LLC

 

 

Registered Office :

Al Awir Road (1st Street), Ras Al Khor Industrial Area, PO Box  35366 & 60200, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

1991

 

 

Com. Reg. No.:

51684, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Import, Distribution, Maintenance and Repair of Engines, Heavy Duty Equipment and Machinery Spare Parts.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 1,500,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : AUTOMECH ENGINEERING CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Start Date                                             : 1991

Registration Date                                   : 6th September 2005

Commercial Registration Number            : 51684, Dubai

Trade Licence Number                            : 554922

Chamber Membership Number                : 100725

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 700

Activities                                               : Import, distribution, maintenance and repair of engines, heavy duty

                                                              equipment and machinery spare parts.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,500,000

 

 

 

 

 

COMPANY NAME

 

AUTOMECH ENGINEERING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Awir Road (1st Street)

Area                 : Ras Al Khor Industrial Area

PO Box             : 35366 & 60200

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3333525 / 2851400

Facsimile          : (971-4) 3333638 / 2851494

Mobile               : (971-50)

Email                : automech@eim.ae

 

 

Premises

 

Subject operates from a large suite of offices and a workshop that are owned and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Jagjit Singh Gouri                                             Indian                         Managing Director

 

·       S.M. Bhatia                                                     Indian                         Director

 

·       Ali Bin Haider Ali                                             Emirati                        Director

 

·       Harjout Singh                                                       -                            General Manager

 

·       K. G. Nair                                                            -                            Technical Manager

 

·       Namesh Bhatia                                                    -                            Operations Manager

 

·       Anil Yellapurkar                                                    -                            Finance Manager

 

 

 

 

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1991, however it was registered on 6th September 2005

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 51684, Dubai

 

Trade Licence No.       : 554922

 

Chamber Member No. : 100725

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)

 

·       Jagjit Singh Gouri

 

·       S.M. Bhatia

 

·       Ali Bin Haider Ali

 

 

AFFILIATED COMPANIES

 

·       Alloy Steel Trading LLC

 

·       Gouri Trading Co LLC

 

·       Automech De-watering & Drainage

 

 

OPERATIONS

 

Activities: Engaged in the import, distribution, maintenance and repair of engines, heavy duty equipment and

     machinery spare parts.

 

     Subject is ISO 9002 accredited.

 

Import Countries: Germany, India and China

 

Operating Trend: Steady

 

Subject has a workforce of approximately 700 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:

 

Sales                                        UAE Dh 105,000,000                  UAE Dh 118,000,000

 

Local sources consider subject’s financial condition to be Good.

 

 

BANKERS

 

·       National Bank of Ras Al Khaimah

Al Maktoum Street

PO Box : 1531

Dubai

Tel : (971-4) 2226291

Fax : (971-4) 2281312

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Automech Engineering Co LLC is well established in the local market specialising in the import, distribution, maintenance and repair of engines, heavy duty equipment and machinery spare parts.

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

The financial data contained in this report has been verified by Mr Anil Yellapurkar, Finance Manager.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions