MIRA
INFORM REPORT
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Report Date : |
29th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
SAIF BELHASA BUILDING MATERIALS |
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Registered Office : |
Ahmed Saif Alfalasi Building Al Mussalla Street, Al Daghaya 71707, Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
2nd May 2005 |
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Com. Reg. No.: |
106714, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of building materials,
tools, gypsum products, false ceilings, scaffolding, paint and insulation
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$ 50,000 |
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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 |
SAIF BELHASA BUILDING MATERIALS |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Sole Proprietorship |
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Registration Date |
2nd May 2005 |
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Commercial Registration Number |
106714, Dubai |
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Trade Licence Number |
568383 |
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Membership Number |
96951 |
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Invested Capital |
UAE Dh 100,000 |
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Total Workforce |
6 |
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Line of Business |
Distributors of building materials, tools, gypsum products, false ceilings, scaffolding, paint and insulation materials. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
SAIF
BELHASA BUILDING MATERIALS
ADDRESS
Registered & Physical Address
Building : Ahmed Saif Alfalasi Building
Street : Al Mussalla Street
Area : Al Daghaya
PO Box : 71707
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2729009 / 3440276
Facsimile : (971-4) 3440702
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Suburban Business Area of Dubai.
KEY PRINCIPALS
Saif Ahmed Saif Belhasa Proprietor & General Manager
LEGAL FORM & OWNERS
Date of Establishment : 2nd May 2005
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 106714, Dubai
Trade Licence No. : 568383 (Expires 1st May 2007)
Membership No. : 96951
Invested Capital : UAE Dh 100,000
Mr Saif Ahmed Saif Belhasa is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations
: Engaged in the import and distribution of
building materials, tools, gypsum products, false ceilings, scaffolding, paint
and insulation materials.
Import
Countries : Europe and GCC countries.
Subject has a workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
Commercial Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Investigations undertaken in Dubai did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.
Maximum suggested credit figure: US$ 50,000
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 |