MIRA
INFORM REPORT
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Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMIRATES TECHNICAL ASSOCIATES |
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Registered Office : |
Mattar Mubarak Al
Harabee Al Mansuri Building, Al Muroor Road, PO Box 3532, Abu Dhabi |
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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 : |
14.08.1985 |
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Com. Reg. No.: |
16075, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Civil construction, electro mechanical works, elevator engineering and facilities management |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EMIRATES TECHNICAL ASSOCIATES
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 14th August 1985
Commercial Registration Number : 16075, Abu Dhabi
Trade Licence Number : 18761
Chamber Membership Number : 9722
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Total Workforce : 2,000
Activities :
Civil construction, electro
mechanical works, elevator engineering and
facilities management
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
COMPANY NAME
EMIRATES
TECHNICAL ASSOCIATES
ADDRESS
Registered &
Physical Address
Building : Mattar Mubarak Al Harabee Al
Mansuri Building
Street : Al Muroor Road
PO Box : 3532
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 4456854 / 6337940 / 6345454
Facsimile : (971-2) 6329439
Email : elyas@etaascon.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
Khalid
Abdullah Ahmed Al Ghurair Emirati Managing Director
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Abdullah
Ahmed Al Ghurair Emirati Director
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Haidayat
Ullah - General
Manager
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Aref
B. Rahman - Commercial
Manager
·
Imtiyaz Ahmed - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th
August 1985
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 16075, Abu
Dhabi
Trade Licence No. : 18761 (Expires 12/11/2008)
Chamber Member No. : 9722
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Name of Shareholder
(s)
·
Khalid
Abdullah Ahmed Al Ghurair
·
Abdullah
Ahmed Al Ghurair
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Namaa
Development Co
United Arab Emirates
OPERATIONS
Activities: Subject’s activities include
civil construction to electro mechanical, elevator engineering and facilities
management.
Import
Countries: Europe, Asia and
the United States of America
Operating Trend: Steady
Subject has a workforce
of approximately 2,000 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
79,000,000 UAE Dh
85,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Imtiyaz Ahmed, Finance
Manager.
BANKERS
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Abu
Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
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HSBC Bank
Middle East
PO Box : 242
Abu Dhabi
Tel : (971-2) 6147259
Fax : (971-2) 6331564
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.71 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
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%)