MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
AL BADDAD
INTERNATIONAL |
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Registered Office : |
Industrial Area
No. 15, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20th
November 1994 |
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Com. Reg. No.: |
118717, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of tents, camping accessories, sun shades, generators and flowers. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL BADDAD
INTERNATIONAL
Country of Origin :
Legal Form :
Sole Proprietorship
Registration Date : 20th
November 1994
Commercial
Registration Number : 118717,
Sharjah
Trade Licence Number : 118717
Membership Number : 35700
Invested Capital : UAE Dh
25,000
Total Workforce : 8
Line of Business :
Distributors of tents,
camping accessories, sun
shades, generators and flowers.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL BADDAD
INTERNATIONAL
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 15
PO Box : 4073
Town : Sharjah
Country :
Telephone : (971-6) 5340888
Facsimile : (971-6) 5340666
Email : albaddad@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Fares
Hussein Al Baddad American Proprietor & General Manager
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Ibrahim
Abdulla Abdulaziz Emirati Local Sponsor
LEGAL FORM &
OWNERS
Date of Establishment : 20th
November 1994
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 118717,
Sharjah
Trade Licence No. : 118717
Membership No. : 35700
Invested Capital
: UAE Dh 25,000
Mr Fares Hussein Al Baddad 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 tents, camping accessories, sun shades,
generators and flowers.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year Ending
31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 3,850,000 UAE Dh
4,120,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Arab
Bank Plc
PO Box : 130
Sharjah
Tel : (971-6) 5613999
Fax : (971-6) 5618887
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1994, subject is owned and managed by Mr Fares Hussein Al Baddad, an American national who operates
in Sharjah under the local sponsorship of Mr Ibrahim Abdulla Abdulaziz.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
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. |
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%)