MIRA
INFORM REPORT
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Report Date : |
23.08.2007 |
IDENTIFICATION DETAILS
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Name : |
TECHNOMASS METALS |
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Registered Office : |
Industrial Area,
P O Box 3372, Umm Al Quwain |
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Country : |
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Date of Incorporation : |
10th December 2006 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
fabrication of metal products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TECHNOMASS METALS
Country of Origin : Umm Al Quwain, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 10th December 2006
Trade Licence Number : 411
Membership Number : 5641
Invested Capital : UAE Dh 300,000
Total Workforce : 28
Line of Business : Fabricators of metal products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
TECHNOMASS METALS
ADDRESS
Registered & Physical Address
Location : Industrial Area
PO Box : 3372
Town : Umm Al Quwain
Country :
Telephone : (971-6) 7666189
Facsimile : (971-6) 7666379
Premises
Subject operates
from a small suite of offices and a factory that are rented and located in the
Industrial Area of Dubai.
KEY PRINCIPALS
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Saeed
Suhail Saeed Mohamed Al Bargoumi Proprietor &
General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 10th
December 2006
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Trade Licence No. : 411
(Expires 9th December 2007)
Membership No. : 5641
Invested Capital
: UAE Dh 300,000
Mr Saeed Suhail Saeed Mohamed Al Bargoumi 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 fabrication of metal
products.
Import Countries
: Europe and the
Subject has a
workforce of 28 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently available.
BANKERS
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National
Bank of Umm Al Quwain
PO Box : 800
Umm Al Quwain
Tel : (971-6) 7655227
Fax : (971-6) 7066677
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 Umm Al Quwain 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. |
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%)