MIRA
INFORM REPORT
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Report Date : |
18.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL
WATHBA TYRE RETREADING |
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Registered Office : |
Mohamed
Omar Bin Haider Warehouse, Ras Al Khor Road, Ras Al Khor Industrial Area, P O
Box 62756, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
16th September 1989 |
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Com. Reg. No.: |
18423 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged
in the import and distribution of tyres, remoulds and related accessories. |
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$
50,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL WATHBA TYRE RETREADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 16th September 1989
Commercial Registration Number : 18423, Dubai
Trade Licence Number : 220810
Membership Number : 17082
Invested Capital : UAE Dh 100,000
Total Workforce : 10
Line of Business : Distributors of tyres, remoulds and related accessories.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL
WATHBA TYRE RETREADING
ADDRESS
Registered & Physical Address
Building : Mohamed Omar Bin Haider Warehouse
Street : Ras Al Khor Road
Area : Ras Al Khor Industrial Area
PO Box : 62756
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3339669
Facsimile : (971-4) 3337957
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Ali
Ahmed Jaffar Emirati Proprietor & General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 16th September 1989
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 18423, Dubai
Trade Licence No. : 220810
Membership No. : 17082
Invested
Capital : UAE Dh 100,000
Mr Ali
Ahmed Jaffar 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 tyres, remoulds and related accessories.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
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Emirates
Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
Acc No. 0055036488001
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1989, subject is owned and managed by Mr Ali Ahmed Jaffar who is well
respected in the local business community.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner.
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/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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