MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
METAL HOUSE STEEL WORKS LLC |
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Registered Office : |
Street No. 20,
Industrial Area No. 11, PO Box 60384, 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 : |
1994 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Metal Works and Trading of Metal Products. |
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 : METAL HOUSE STEEL WORKS LLC
Also Known As : METAL HOUSE LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1994
Registration Date : 16th August 1999
Trade Licence Number : 502332
Chamber Membership Number : 45643
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 35
Activities : Metal works and trading of metal products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
COMPANY NAME
METAL HOUSE STEEL WORKS LLC
ALSO KNOWN AS
METAL HOUSE LLC
ADDRESS
Registered & Physical Address
Street : Street No. 20
Area : Industrial Area No. 11
PO Box : 60384
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5346633
Facsimile : (971-6) 5346789
Email : metalhse@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a workshop that are rented and located
in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Arafan
Saeed Kanwani Indian Managing
Director
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Abdulaziz
Abdullah Yousef Emirati Director
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Adel
G. Katrak - Administration
Manager
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John
Jacoub - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1994, however it was registered on 16th
August 1999
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 502332 (Expires 12/08/2008)
Chamber Member No. : 45643
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
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Abdulaziz
Abdullah Yousef 51%
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Arafan
Saeed Kanwani 49%
AFFILIATED COMPANIES
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Food
House LLC
Dubai
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International
Flying Academy
Ras
Al Khaimah
OPERATIONS
Activities: Engaged in the design and
manufacture of space optimising storage solutions, metal fabrication,
manufacture of industrial
machine parts and tools and structural fabrication
Subject is
also engaged in the import and distribution of hot
rolled steel coils/sheets, cold rolled steel coils/sheets, Hollow sections,
pipes, Angles, I Beam, H Beam, Channels, Chequered sheets, flat bars, round
bars.
Import
Countries: India, China and
Japan.
Operating Trend: Steady
Subject has a workforce
of 35 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
21,000,000 UAE Dh
24,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by John Jacoub, Finance
Manager.
BANKERS
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Emirates Bank
International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 733300
Fax : (971-6) 730077
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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%)