MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AIR TECHNICS |
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Registered Office : |
Industrial Area,
P O Box 2873, Umm Al Quwain |
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Country : |
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Date of Incorporation : |
8th April 2007 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of aluminium 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/normal. |
Small |
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Maximum Credit Limit : |
US$ 30,000 |
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Status : |
New & Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AIR TECHNICS
Country of Origin : Umm Al Quwain, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 8th April 2007
Trade Licence Number : 423
Membership Number : 5920
Invested Capital : UAE Dh 75,000
Total Workforce : 6
Line of Business : Distributors of aluminium products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AIR TECHNICS
ADDRESS
Registered & Physical Address
Location : Industrial Area
PO Box : 2873
Town : Umm Al Quwain
Country : United Arab Emirates
Telephone : (971-6) 7670180
Facsimile : (971-6) 7670181
Mobile : (971-50) 5655200
Email : zamonair@rediffmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Umm Al Quwain.
KEY PRINCIPALS
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Mohamed
Rashid Olie Al Afad Proprietor
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Shakir
N Manorthawala General
Manager
LEGAL FORM &
OWNERS
Date of
Establishment : 8th
April 2007
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Trade Licence No. : 423 (Expires 7th April 2008)
Membership No. : 5920
Invested Capital : UAE Dh 75,000
Mr Mohamed Rashid Olie
Al Afad 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
aluminium products.
Import Countries : Europe and the
Subject has a workforce of 6 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
PO Box : 733
Umm Al Quwain
Tel : (971-6)
7660033
Fax : (971-6) 7667577
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$ 30,000
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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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%)