MIRA
INFORM REPORT
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Report Date : |
02.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
GUARANTEED
SPARE PARTS EST |
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Registered Office : |
Mussafah
Area, P O Box 31644 & 2995, Abu Dhabi |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
23rd July 1997 |
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Com. Reg. No.: |
35401 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged
in the import and distribution of automotive spare parts and heavy equipment. |
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 : GUARANTEED SPARE PARTS EST
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 23rd July 1997
Commercial Registration Number : 35401, Abu Dhabi
Trade Licence Number : 53258
Membership Number : 74279
Invested Capital : UAE Dh 200,000
Total Workforce : 25
Line of Business : Distributors of automotive spare parts and heavy equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GUARANTEED
SPARE PARTS EST
ADDRESS
Registered & Physical Address
Location : Mussafah Area
PO Box : 31644 & 2995
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5540500
Facsimile : (971-2) 5540900
Email : abaparts@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 Abu Dhabi.
KEY PRINCIPALS
· Ahmed Darwish Bin Ahmed Al Kutbi Proprietor &
General Manager
· N N Kudva Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 23rd July 1997
Legal Form : Sole Proprietorship
Commercial Reg. No. : 35401, Abu Dhabi
Trade Licence No. : 53258 (Expires 11th December
2007)
Membership No. : 74279
Invested
Capital : UAE Dh 200,000
Mr Ahmed
Darwish Bin Ahmed Al Kutbi 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 automotive spare parts and heavy equipment.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 25 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 5,900,000 UAE Dh 6,210,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Union
National Bank
PO Box : 3865
Abu Dhabi
Tel : (971-2) 6741600
Fax : (971-2) 6786080
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1997, subject is owned and managed by Mr Ahmed Darwish Bin Ahmed Al Kutbi
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$ 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/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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