MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL SAWAD WATER
PUMP SALES & SERVICE EST |
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Registered Office : |
Al Wagan Area, P
O Box 20973 & 18857, Al Ain |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
2006 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of water pumps and related spare parts. |
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 : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : AL SAWAD WATER PUMP SALES & SERVICE EST
Country of Origin : Al Ain, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 2006
Invested Capital : UAE Dh 100,000
Total Workforce : 8
Line of Business : Distributors of water pumps and related spare parts.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL SAWAD WATER PUMP
SALES & SERVICE EST
ADDRESS
Registered & Physical Address
Location : Al Wagan Area
PO Box : 20973 & 18857
Town : Al Ain
Country : United Arab Emirates
Telephone : (971-3) 7222933
Facsimile : (971-3) 7216007
Email : tokyoest2001@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Al Ain.
KEY PRINCIPALS
Name Nationality Position
·
Gudair Ali
Sayed Al Kutobi Emirati Proprietor
·
Prithvi Raj Indian General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2006
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Invested Capital
: UAE Dh 100,000
Mr Gudair
Ali Sayed Al Kutobi 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
water pumps and related spare parts.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
Wall Street Exchange
Centre LLC
PO Box : 20561
Al
Ain
Tel
: (971-3) 7220223
Fax
: (971-3) 7220905
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 Al Ain 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 |
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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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)