MIRA
INFORM REPORT
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Report Date : |
12th
June, 2006. |
IDENTIFICATION
DETAILS
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Name : |
ALLTEK
EMIRATES LIMITED |
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Registered Office : |
Khour Al Khouwir Area, PO Box : 1569, Ras Al Khaimah, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
05.08.1985 |
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Com. Reg. No.: |
5753, Ras Al Khaimah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import
and Distribution of Paints, Plaster And Other Building Materials |
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$
250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : ALLTEK EMIRATES LTD
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 5th August 1985
Commercial Registration Number : 5753, Ras Al Khaimah
Trade Licence Number : 43574
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 13
Line of Business : Distributors of paints, plaster and other building materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ALLTEK EMIRATES LTD
ADDRESS
Registered & Physical
Address
Location : Khour Al Khouwir Area
PO Box : 1569
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2668865
Facsimile : (971-7) 2668977
Email : alltekem@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Industrial Area of Ras Al Khaimah.
KEY PRINCIPALS
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Sheikh
Omar Saqr Al Qassimi Managing
Director
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Sheikh
Faisal Saqr Al Qassimi Director
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Suraish
Kumar General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 5th August 1985
Legal Form : Limited Liability Company
Commercial Reg. No. : 5753, Ras Al Khaimah
Trade Licence No. : 43574
Issued
Capital : UAE Dh 150,000
Paid
up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
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Sheikh
Omar Saqr Al Qassimi 50%
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Sheikh
Faisal Saqr Al Qassimi 50%
AFFILIATED COMPANIES
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International
Coating Products KB
Sweden
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
paints, plaster and other building materials.
Import
Countries :
Europe and GCC countries.
Brand Names : ALLTEK
Operating
Trend : Steady
Subject
has a workforce of 13 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 Year
Ending 31/12/05
Total
Revenue UAE Dh
5,000,000 UAE
Dh 5,220,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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National
Bank of Ras Al Khaimah
NBRAK Building
PO Box : 5300
Ras Al Khaimah
Tel : (971-7) 2221127
Fax : (971-7) 2224202
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1985, subject is involved in the import and distribution of paints, plaster
and other building materials.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk. As such the above
credit figure is considered to be admissible.
Maximum
suggested credit figure: US$ 250,000
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/normal. |
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 |