MIRA
INFORM REPORT
|
Report Date : |
13.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MODERN
BUILDING MATERIALS TRADING |
|
|
|
|
Registered Office : |
Saeed
Omar Basaqer Building, Sheikh Zayed Road, Al Quoz Industrial Area, P O Box
14023, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
11th February 1992 |
|
|
|
|
Com. Reg. No.: |
24609 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged
in the import and distribution of building materials, construction equipment,
handling, loading and lifting equipment. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 150,000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : MODERN BUILDING MATERIALS TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 11th February 1992
Commercial Registration Number : 24609, Dubai
Trade Licence Number : 227126
Membership Number : 23237
Invested Capital : UAE Dh 500,000
Total Workforce : 12
Line of Business : Distributors of building materials, construction equipment,
handling, loading and lifting equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MODERN
BUILDING MATERIALS TRADING
ADDRESS
Registered & Physical Address
Building : Saeed Omar Basaqer Building
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 14023
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3472442
Facsimile : (971-4) 3474665
Email : modern99@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Industrial Area of Dubai.
KEY PRINCIPALS
·
Saeed
Bin Omer Bin Mohamed Basaqer Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 11th February 1992
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 24609, Dubai
Trade Licence No. : 227126 (Expires 3rd February
2007)
Membership No. : 23237
Invested
Capital : UAE Dh 500,000
Mr Saeed
Bin Omer Bin Mohamed Basaqer 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 building materials, construction equipment,
handling, loading and lifting equipment.
Import
Countries :
Europe and GCC countries.
Operating
Trend : Steady
Subject
has a workforce of 12 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 5,390,000 UAE Dh 5,700,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1992, subject is owned and managed by Mr Saeed Bin Omer Bin Mohamed Basaqer
who is well respected in the local business community.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the business 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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|