MIRA
INFORM REPORT
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Report Date : |
26.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MUSCAT ELECTRICAL & SWITCHGEAR SERVICES TRADING CO LLC |
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Registered Office : |
Industrial Area
No. 3, PO Box 91039 & 20626, 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 : |
15.05.2005 |
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Com. Reg. No.: |
535662, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Electrical Switchgears |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MUSCAT ELECTRICAL & SWITCHGEAR SERVICES TRADING CO LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th May 2005
Commercial Registration Number : 535662, Sharjah
Trade Licence Number : 535662
Chamber Membership Number : 68520
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 10
Activities : Import and distribution of electrical switchgears
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Hiren Sanghavi, Administration Manager
COMPANY NAME
MUSCAT
ELECTRICAL & SWITCHGEAR SERVICES TRADING CO LLC
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 3
PO Box : 91039
& 20626
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5441850
Facsimile : (971-6) 5441851
Email : mctelec@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Sulaiman
Khalid Mohamed Emirati Managing Director
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Sanghavi
Hitesh Rajenderabhi Indian Director
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Hitesh
Sanghavi - Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 15th
May 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 535662, Sharjah
Trade Licence No. : 535662 (Expires 14/05/2009)
Chamber Member No. : 68520
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
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Sulaiman
Khalid Mohamed 51%
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Sanghavi
Hitesh Rajenderabhi 49%
OPERATIONS
Activities: Engaged in the import and distribution of
electrical switchgears.
Import
Countries: Japan, China and
India
Operating Trend: Steady
Subject has a
workforce of 10 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 5,900,000 UAE Dh 7,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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The Standard
Chartered Bank
Al Boorj Avenue
PO Box : 5
Sharjah
Tel : (971-6) 5357788
Fax : (971-6) 5335500
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
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%)