MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
A H BITUMEN
TRADING DMCC |
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Registered Office : |
Emirates Tower,
Level 41, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 121034, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1st October 2005 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the import
and distribution of gas and oilfield supplies. |
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$ 80,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : A H BITUMEN TRADING DMCC
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 1st October 2005
Trade Licence Number : 0552
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 7
Line of Business : Distributors of gas and oilfield supplies.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
A H BITUMEN TRADING
DMCC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Jebel Ali Free Zone
PO Box : 121034
Town :
Country :
Telephone : (971-4) 3199294
Facsimile : (971-4) 3199297
Email : info@ahbitumen.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
KEY PRINCIPALS
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Ali
Hajebnejad Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 1st
October 2005
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 0552
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Ali
Hajebnejad 100%
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of
gas and oilfield supplies.
Import
Countries: Europe and the
Subject has a
workforce of 7 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06:
Total Revenue UAE Dh
3,620,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of
PO Box : 1709
Deira
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2005, subject is involved in the import and distribution of gas and oilfield
supplies.
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
company is considered to be a fair trade risk.
Maximum suggested credit
figure: US$ 80,000
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%)