MIRA
INFORM REPORT
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Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
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Name : |
EXIDE AL DOBOWI
LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23rd July 1996 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the assembly
of automotive batteries and lead storage industrial batteries. |
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 : |
Branch of Foreign Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : EXIDE AL DOBOWI LIMITED
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 23rd July 1996
Trade Licence Number : 1374
Membership Number : 49670
Issued Capital : UAE Dh 3,700
Paid up Capital : UAE Dh 3,700
Total Workforce : 35
Line of Business : Assemblers of automotive batteries and lead storage industrial
batteries.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
EXIDE AL DOBOWI
LIMITED
ADDRESS
Registered & Physical Address
Street :
Area : Jebel Ali Free Zone
PO Box : 61320
Town :
Country :
Telephone : (971-4) 8838938
Facsimile : (971-4) 8836454
Email : tyres@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a workshop that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
·
Surender
Singh Kandhari General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 23rd
July 1996
Legal Form :
Subject is the United Arab
Emirates registered branch of Exide Corporation, a
Limited Liability Company incorporated in
the
Exide Al Dobowi Limited in the
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays
in the hands of the company where it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its
registered office, in this case
the
Trade Licence No. : 1374
(Expires 26th August 2007)
Membership No. : 49670
Issued Capital : UAE Dh 3,700
Paid up Capital : UAE Dh 3,700
LINE OF BUSINESS
Operations : Engaged in the assembly of automotive batteries
and lead storage industrial batteries.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 35 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 8,750,000 UAE Dh
9,320,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1996, subject is involved in the assembly of automotive batteries and lead
storage industrial batteries.
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/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%)