MIRA
INFORM REPORT
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Report Date : |
4th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
NAEL
GENERAL CONTRACTING EST |
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Registered Office : |
Al
Mutaredh Saeed Sultan Bin Nayl Al Shamsi Building, PO Box: 18381, Al Ain,
United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
09.11.1998 |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
The company is engaged as general contractors, specialising in building maintenance, aluminium work, carpentry contracting, decor design and execution, electro- mechanical works, sewerage works and irrigation projects. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
300,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
NAEL GENERAL CONTRACTING EST |
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Country of Origin |
Al Ain, United Arab Emirates |
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Legal Form |
Sole Proprietorship |
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Registration Date |
9th November 1998 |
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Commercial Registration Number |
16544, Al Ain |
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Trade Licence Number |
26969 |
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Membership Number |
33072 |
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Invested Capital |
UAE Dh 1,000,000 |
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Total Workforce |
130 |
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Line of Business |
General contractors. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
NAEL
GENERAL CONTRACTING EST
ADDRESS
Registered & Physical
Address
Location : Al Mutaredh Saeed Sultan Bin Nayl
Al Shamsi Building
PO Box : 18381
Town : Al Ain
Country : United Arab Emirates
Telephone : (971-3) 7625444
Facsimile : (971-3) 7661573
Email : nc@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices that are owned and located in the
Central Business Area of Al Ain.
KEY PRINCIPALS
·
Nael
Rashid Proprietor
& General Manager
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Omar
Vargis Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 9th November 1998
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 16544, Al Ain
Trade Licence No. : 26969 (Expires 7th August 2007)
Membership No. : 33072
Invested
Capital : UAE Dh 1,000,000
Mr Nael
Rashid 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
·
Nael
Cement Factory
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Nael
Ready Mix
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Nael
Building Material Import and Trade Est
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Nael
Engineering & Contracting Est
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Nael
Cement Products
LINE OF BUSINESS
Operations : Engaged as general contractors, specialising in building maintenance,
aluminium work, carpentry contracting, decor design and execution, electro- mechanical works, sewerage works and irrigation projects.
Import
Countries :
Europe and the United States of America.
Operating
Trend : Steady
Subject
has a workforce of 130 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 20,000,000 UAE Dh 22,000,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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Abu
Dhabi Commercial Bank
Main Branch
PO Box : 15180
Al Ain
Tel : (971-3) 7660000
Fax : (971-3) 7511455
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1998, subject is owned and managed by Mr Nael Rashid 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$ 300,000
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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