MIRA
INFORM REPORT
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Report Date : |
20.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
BINAIR INDUSTRIAL
EST |
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Registered Office : |
Plot No. 63B,
Sheikh Zayed Road, Al Quoz Industrial Area, P O Box 75696, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24th May 1979 |
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Com. Reg. No.: |
282, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture
of air conditioning 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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BINAIR INDUSTRIAL EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 24th May 1979
Commercial Registration Number : 282, Dubai
Trade Licence Number : 300132
Membership Number : 6087
Invested Capital : UAE Dh 1,500,000
Total Workforce : 27
Line of Business : Manufacturers of air conditioning spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BINAIR INDUSTRIAL
EST
ADDRESS
Registered & Physical Address
Location : Plot No. 63B
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 75696
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3472626
Facsimile : (971-4) 3473812
Email : binair@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a factory that are owned and located in the
Industrial Area of Dubai.
KEY PRINCIPALS
·
Hareb Khalifa
Bin Hader Proprietor
& General Manager
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Jamil Kamel
Abdo Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 24th
May 1979
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 282, Dubai
Trade Licence No. : 300132
(Expires 6th February 2008)
Membership No. : 6087
Invested Capital
: UAE Dh 1,500,000
Mr Hareb Khalifa
Bin Hader 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 air
conditioning spare parts.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 27 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/05 : Year
Ending 31/12/06 :
Total Sales UAE Dh 14,800,000 UAE Dh 15,360,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Invest Bank
PSC
PO Box : 12955
Dubai
Tel
: (971-4) 2285551
Acc No. 502723000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1979, subject is involved in the manufacture of air conditioning spare parts.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
business is considered to be a fair trade risk and the above credit figure is
deemed 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. |
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%)