MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AL RUMAITHY MEAT
TRADING EST |
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Registered Office : |
Ayal Al Nasser
Area, Deira, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
4th September 1988 |
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Com. Reg. No.: |
56843, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of processed and chilled meat products. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL RUMAITHY MEAT TRADING EST
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 4th September 1988
Commercial Registration Number :
56843,
Trade Licence Number : 217617
Invested Capital : UAE Dh 100,000
Total Workforce : 10
Line of Business : Distributors of processed and chilled meat products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL RUMAITHY MEAT
TRADING EST
ADDRESS
Registered & Physical Address
Location : Ayal Al Nasser Area, Deira
PO Box : 6830
Town :
Country : United Arab Emirates
Telephone : (971-4) 2733006 / 2733447 / 2861396
Facsimile : (971-4) 2861427
Email : rumaithy@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
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Atiq
Said Obaid Al Rumaithy Proprietor
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Ashok
Bhatiga General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 4th
September 1988
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 56843, Dubai
Trade Licence No. : 217617
(Expires 3rd September 2008)
Invested Capital
: UAE Dh 100,000
Mr Atiq Said Obaid Al Rumaithy 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
processed and chilled meat products.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 4,780,000 UAE Dh
5,390,000
Local sources
consider subject’s financial condition to be Fair.
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
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1988, subject is involved in the import and distribution of processed and
chilled meat products.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 150,000
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%)