MIRA INFORM REPORT

 

 

Report Date :

18th May 2006

 

IDENTIFICATION DETAILS

 

Name :

AL REYAMI OFFICE FURNISHINGS & GENERAL TRADING

 

 

Registered Office :

Khadim Ali Buameeim Building, Umm Hureir Road, Al Karama,

P. O. Box 48834 & 14662, Dubai, United Arab Emirates

 

 

Date of Incorporation :

13.12.1993

 

 

Com. Reg. No.:

29676

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of interior furniture, office furniture, office and banking equipment, storage and material handling equipment, flooring and ceiling, soft furnishings, garage doors and traffic barriers.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

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

 

Maximum Credit Limit :

US$ 750,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

SUMMARY

 

Company Name

AL REYAMI OFFICE FURNISHINGS & GENERAL TRADING

Country of Origin

Dubai, United Arab Emirates

Legal Form

Sole Proprietorship

Registration Date

13th December 1993

Commercial Registration Number

29676, Dubai

Trade Licence Number

232807

Membership Number

29003

Invested Capital

UAE Dh 3,000,000

Total Workforce

300

Line of Business

Distributors of office furniture and equipment.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

COMPANY NAME

 

AL REYAMI OFFICE FURNISHINGS & GENERAL TRADING

 

 

ADDRESS

 

Registered & Physical Address

 

Building      : Khadim Ali Buameeim Building

Street                   : Umm Hureir Road

Area            : Al Karama

 

PO Box        : 48834 & 14662

 

Town           : Dubai

Country      : United Arab Emirates

 

Telephone   : (971-4) 3364666

Facsimile    : (971-4) 3366775

Email          : rof@emirates.net.ae

 

 

Premises

 

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

 

Branch Office (s)

 

Location                                                     Description

 

PO Box 43080                                                         Rented showroom premises

Abu Dhabi

Tel: (971-2) 6741126

Fax: (971-2) 6746123

 

PO Box 45442                                                         Rented showroom premises

Sharjah

Tel: (971-6) 5741755

Fax: (971-6) 5741756

 

 

KEY PRINCIPALS

 

Rashid Mubarak Saif Al Reyami                           Proprietor & General Manager

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment

13th December 1993

 

 

Legal Form

Mouassasa Khassa (Sole Proprietorship)

 

 

Commercial Reg. No.

29676, Dubai

 

 

Trade Licence No.

232807 (Expires 12th December 2006)

 

 

Membership No.

29003

 

 

Invested Capital

UAE Dh 3,000,000

 

Mr Rashid Mubarak Saif Al Reyami 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.

 

 

AFFILIATED COMPANIES

 

Al Reyami Shipping & Logistics

Styrene Insulation Industries

Al Reyami Electricals Trading

Al Karama Glass & Aluminium

Al Reyami Electro-mechanical Contracting

Al Reyami Construction Equipment Rental

Al Reyami Steel Construction

Al Reyami Technical Services

Al Reyami Ship Maintenance

Al Reyami Travels

Richmond Pools & Leisure

Rockworth Contracting

Rockworth Neon

Richmond General Maintenance

Hitec Interiors

Hitec Auto Services

Continental Fabrics

Al Reyami Joinery

Continental Printing Press

Excel International

Rockwood International

Al Reyami Graphics

Excel Middle East

 

 

LINE OF BUSINESS

 

Operations

 

Engaged in the import and distribution of interior furniture, office furniture, office and banking equipment, storage and material handling equipment, flooring and ceiling, soft furnishings, garage doors and traffic barriers

 

Import Countries

 

Europe and the United States of America.

 

Operating Trend

 

Steady

 

Subject has a workforce of 300 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                             Year Ending 31/12/03 :                             Year Ending 31/12/04 :

 

Total Revenue       UAE Dh 62,900,000                          UAE Dh 67,500,000

 

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

 

 

BANKERS

 

Abu Dhabi Commercial Bank

Al Rigga Road

PO Box : 5550

Dubai

Tel : (971-4) 2958888 / 3228141

Fax : (971-4) 2959310 / 3279632

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

 

 

GENERAL COMMENTS

 

Established in 1993, subject is owned and managed by Mr Rashid Mubarak Saif Al Reyami who is well respected in the local business community.

 

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 business is deemed a fair trade risk.

 

Maximum suggested credit figure: US$ 750,000

 

 

 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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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