MIRA
INFORM REPORT
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Report Date : |
23rd
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
EMIRATES FILAMENT FACTORY |
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Registered Office : |
Al Mussafah Area, 12959 Abu Dhabi, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/05 |
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Date of Incorporation : |
27th January 2001 |
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Com. Reg. No.: |
46128, Abu Dhabi |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturers of polypropylene fabrics. |
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 : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
EMIRATES FILAMENT FACTORY |
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Country of Origin |
Abu Dhabi, United Arab Emirates |
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Legal Form |
Sole Proprietorship |
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Registration Date |
27th January 2001 |
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Commercial Registration Number |
46128, Abu Dhabi |
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Trade Licence Number |
68487 |
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Membership Number |
85803 |
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Invested Capital |
UAE Dh 150,000 |
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Total Workforce |
50 |
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Line of Business |
Manufacturers of polypropylene fabrics. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
EMIRATES FILAMENT FACTORY
ADDRESS
Registered & Physical Address
Location : Al Mussafah Area
PO Box : 12959
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5500100 / 6679777
Facsimile : (971-2) 5500200
Email : efilament@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Jouan Ouaidah Suhail General Manager
Issam Al Ayyan Assistant General Manager
LEGAL FORM & OWNERS
Date of Establishment : 27th January 2001
Legal Form : Sole Proprietorship
Commercial Reg. No. : 46128, Abu Dhabi
Trade Licence No. : 68487 (Expires 28th March 2007)
Membership No. : 85803
Invested Capital : UAE Dh 150,000
Proprietor : Emirates International Investment Co LLC
PO Box : 2310
Abu Dhabi
Tel : (971-2) 6679777
Fax : (971-2) 6679997
LINE OF BUSINESS
Operations :
Engaged in the manufacture of polypropylene fabrics.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 50 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 12,800,000 UAE Dh 13,560,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Abu Dhabi Islamic Bank
PO Box : 313
Abu Dhabi
Tel : (971-2) 6778009
Fax : (971-2) 6778055
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2001, subject is involved in the manufacture of polypropylene fabrics.
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 business is considered to be a fair trade risk and the above credit figure is deemed to be within subject’s financial means.
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 |