MIRA
INFORM REPORT
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Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
LABPLUS LABORATORY FURNITURE
MANUFACTURING |
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Registered Office : |
Industrial Area, P. O. Box 2315, Ras Al Khaimah |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2001 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture of laboratory
furniture. |
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$
200,000 |
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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 |
LABPLUS LABORATORY FURNITURE MANUFACTURING |
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Country of Origin |
Ras Al Khaimah, United Arab Emirates |
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Legal Form |
Sole Proprietorship |
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Registration Date |
2001 |
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Invested Capital |
UAE Dh 5,000,000 |
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Total Workforce |
50 |
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Line of Business |
Manufacturers of laboratory furniture. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
LABPLUS LABORATORY FURNITURE MANUFACTURING
ADDRESS
Registered & Physical
Address
Location : Industrial Area
PO Box : 2315
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2352250
Facsimile : (971-7) 2352210
Mobile : (971-50) 4326226
Email : labplus@emirates.net.ae
Premises
Subject operates from a small suite of offices and a factory that are rented and located in the Industrial Area of Ras Al Khaimah.
KEY PRINCIPALS
·
Sheikh
Faisal Bin Humaid Al Qassimi Proprietor
·
Ranju
Salem General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2001
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Invested
Capital : UAE Dh 5,000,000
Sheikh
Faisal Bin Humaid Al Qassimi 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 manufacture of laboratory furniture.
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 14,300,000 UAE Dh 17,250,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
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 2001, subject is owned and managed by Sheikh Faisal Bin Humaid Al Qassimi
who is well respected in the local business community.
According
to local sources, subject’s financial condition is satisfactory whilst payments
are made in a timely manner. The company’s operating history is reportedly
clear and the above credit figure is considered to be within subject’s
financial means.
Maximum
suggested credit figure: US$ 200,000
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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