MIRA INFORM REPORT

 

 

Report Date :

15.02.2012

 

IDENTIFICATION DETAILS

 

Name :

AIR MASTER EQUIPMENTS EMIRATES LLC

 

 

Registered Office :

New Industrial Area, 3180, Ajman

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.09.1986

 

 

Com. Reg. No.:

8981, Ajman

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Manufacture of air outlet products.

 

 

No. of Employees :

250

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 250,000

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : AIR MASTER EQUIPMENTS EMIRATES LLC

Country of Origin                                    : Ajman, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 1st September 1986

Commercial Registration Number                        : 8981, Ajman

Trade Licence Number                            : 21801

Industrial Licence Number                       : 1116

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 250

Activities                                               : Manufacture of air outlet products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

Person Interviewed                                 : Hassan Basha, Human Resources Manager

 

COMPANY NAME

 

AIR MASTER EQUIPMENTS EMIRATES LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : New Industrial Area

 

PO Box             : 3180

 

Town                 : Ajman

Country             : United Arab Emirates

 

Telephone         : (971-6) 7436900 / 7439600

Facsimile          : (971-6) 7436700

Mobile               : (971-50) 2157837

Email                : airmastr@emirates.net.ae / sales@airmaster.ae

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                                       Description                                           

·       Abu Dhabi                                                                                                    Office premises

Tel: (971-2) 6589940

Fax: (971-2) 6589950

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                 Position

 

·       Munvar Khan                                     Indian                                        Managing Director

 

·       Sultan Rashid Al Kharji                                  Emirati                                      Director

 

·       A R Harshan                                                     -                                           Commercial Manager

 

·       K N Jayan                                                        -                                           Administration Manager

 

·       Sanju Jaffar                                                       -                                           Financial Manager

 

·       Hassan Basha                                                  -                                           Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st September 1986

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 8981, Ajman

 

Trade Licence No.       : 21801 (Expires 08/07/2012)

 

Industrial Licence No.  : 1116

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                     Percentage

 

·       Sultan Rashid Al Kharji                                                   51%

 

·       Munvar Khan                                                      49%

 

 

AFFILIATED COMPANIES

 

·       Air Conflex Industries LLC

PO Box: 3180

Ajman

Tel: (971-6) 7430900 / 7430600

Fax: (971-6) 7430700

 

·       Advance Metal Industries LLC

Ajman

 

·       Advance Packaging & Adhesive LLC

PO Box: 3876

Umm Al Quwain

Tel: (971-6) 7439600

Fax: (971-6) 7436700

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of air outlet products, including ceiling diffusers, door grilles, fresh air louvers, plenum boxes, jet diffusers and volume control dampers.

 

Subject is ISO 9001:2008 accredited.

 

Import Countries: Europe and the Far East.

 

International Suppliers:

 

·       Seiho International Inc           Japan

·       Madel                                   Spain

 

Export Countries: Cyprus, Lebanon, Yemen, Egypt, Sudan, Kenya, Tanzania and GCC countries.

 

Brand Names: AIRMASTER

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 46,700,000                   UAE Dh 48,100,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Fujairah

     PO Box: 1416

     Sharjah

     Tel: (971-6) 5561100

     Fax: (971-6) 5561010

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 July 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.33

UK Pound

1

Rs.77.41

Euro

1

Rs.64.83

 

 

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

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

--

NB

                                       New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.