MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BOSCO ALUMINIUM & GLASS CO LLC |
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Registered Office : |
Wasit Road,
Industrial Area No. 2, PO Box 862,
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 : |
21.03.1986 |
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Com. Reg. No.: |
213252, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of Sheet and Plate Glass, Laminated and Mirrored Glass, Aluminium and
Aluminium Alloy Ingots. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : BOSCO ALUMINIUM & GLASS CO LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st March 1986
Commercial Registration Number : 213252, Sharjah
Trade Licence Number : 3753
Chamber Membership Number : 17087
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 280
Activities :
Manufacturers of sheet and plate glass, laminated
and mirrored glass,
aluminium and aluminium alloy ingots.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
BOSCO ALUMINIUM
& GLASS CO LLC
ADDRESS
Registered & Physical Address
Street :
Wasit Road
Area : Industrial Area No. 2
PO Box : 862
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5724141 / 5334897
Facsimile : (971-6) 5738188 / 5337994
Email : boscoalu@emirates.net.ae
Premises
Subject operates
from a large suite of offices, a factory and a warehouse that are owned and
located in the Industrial Area of Sharjah.
Branch Office
(s)
Location Description
·
PO Box : 31897 Office
premises
Dubai
Tel : (971-4) 2674764 / 2862305
Fax : (971-4) 2674765
·
PO Box : 31291 Office
premises
Ras Al Khaimah
Tel : (971-7) 2446629
Fax : (971-7) 2446879
KEY PRINCIPALS
Name Nationality Position
·
P M Sebastian Indian Managing Director
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Sheikh Yousef
Khalifa Emirati Director
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M Hilal - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 21st
March 1986
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 213252,
Sharjah
Trade Licence No. : 3753
Chamber Member No. : 17087
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Sheikh Yousef
Khalifa 51%
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P M Sebastian 49%
AFFILIATED COMPANIES
·
Bosco Trading
Co LLC
PO Box : 862
Sharjah
Tel : (971-6) 5724141
Fax : (971-6) 5738188 / 5337994
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Bosco Metal
Plate Co LLC
PO Box : 862
Sharjah
Tel : (971-6) 5724141
Fax : (971-6) 5738188 / 5337994
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Bosco Auto
Maintenance LLC
PO Box : 862
Sharjah
Tel : (971-6) 5724141
Fax : (971-6) 5738188 / 5337994
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Bosco Building
Contracting LLC
PO Box : 862
Sharjah
Tel : (971-6) 5724141
Fax : (971-6) 5738188 / 5337994
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Al Mulla
General Maintenance LLC
PO Box : 28828
Dubai
Tel: (971-4) 3476601
Fax : (971-4) 3476602
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Craft
Electromechanical Co LLC
Dubai
Tel: (971-4) 2940014
OPERATIONS
Activities: Engaged in the manufacture of sheet and
plate glass, laminated and mirrored glass, aluminium and
aluminium alloy ingots.
Import
Countries: China, India, Germany, Italy,
United Kingdom and the United States of America
International
Suppliers:
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Wicona Germany
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Kafli Germany
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Bohile Germany
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Savio Italy
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Gege United Kingdom
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Wespac United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 280 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
42,500,000 UAE Dh
50,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Emirates Bank
International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 5733300
Fax : (971-6) 5730077
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Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction September
2005 July
2006
Credit amount 123,000 150,000
Amount overdue 0 0
Payment terms 90
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling US
Dollars
GENERAL COMMENTS
Established in
1986, subject is involved in the manufacture of sheet and plate glass, laminated and
mirrored glass, aluminium and aluminium alloy ingots.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.12 |
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UK Pound |
1 |
Rs.79.60 |
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Euro |
1 |
Rs.63.83 |
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%)