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MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN AMERICAN TECHNOLOGY CO (ARAMTEC) |
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Registered Office : |
Ras Al Khor Office Complex, Office No. 11, Ras Al Khor Road,
Industrial Area, P O Box – 6936, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06.09.1995 |
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Com. Reg. No.: |
45407, |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the import and distribution of general foodstuff products,
including grocery items, frozen foods and confectionery. |
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$ 350,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
ARABIAN AMERICAN TECHNOLOGY CO (ARAMTEC)
Country of Origin :
Legal Form :
General Partnership
Registration Date :
6th September 1995
Commercial Registration Number :
45407,
Trade Licence Number :
238860
Membership Number :
35301
Partners Capital :
UAE Dh 3,000,000
Total Workforce :
85
Line of Business :
Distributors of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
ARABIAN AMERICAN TECHNOLOGY CO (ARAMTEC)
ADDRESS
Registered & Physical Address
Building : Ras Al Khor
Office Complex, Office No. 11
Street :
Area : Industrial
Area
PO Box : 6936
Town :
Country :
Telephone : (971-4) 2895444
/ 3345144
Facsimile : (971-4)
2894730 / 3382213
Email : aramtec@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Dubai.
Branch Office
Location Description
PO Box : 46931 Office
premises
Tel : (971-2) 6393913
Fax : (971-2) 6334709
KEY PRINCIPALS
Ahmed Siddiq Mohamed Samea Al Mutawa Managing
Partner
Abdul Rahim Abdulla Jafar Al Zarwani Partner
Syed Iqbal Afaq General
Manager
Kamal Nasrallah Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 6th
September 1995
Legal Form :
Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 45407,
Trade Licence No. : 238860
(Expires 1st September 2007)
Membership No. : 35301
Partners Capital : UAE
Dh 3,000,000
Name of Partner (s) Percentage
Ahmed Siddiq Mohamed Samea Al Mutawa 50%
Abdul Rahim Abdulla Jafar Al Zarwani 50%
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established
between two or more general partners who will jointly and unlimitedly, to the
extent of their personal assets, be responsible for the liabilities of the
company. Creditors may claim the debts from either the company as a separate
legal entity or from the general partners. The incorporation of the type of
company is now restricted to UAE Nationals.
Notwithstanding the English translation of its name, this type of
company should not be compared to the partnership concept under English Law. A
Sharikat Tadhamun is considered a company and has the attributes of a
corporation similar to that of a partnership under Scottish Law or to the
“Societe en Nom Collectif” under French Law.
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of general foodstuff products, including
grocery
items, frozen foods and confectionery.
Import Countries :
Europe and the
Operating Trend :
Steady
Subject has a workforce of 85 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 18,900,000 UAE Dh
21,285,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Middle East Bank Ltd
PO Box : 5547
Tel : (971-4) 2220121
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1995, subject is involved in the import and distribution of
general foodstuff products, including grocery items, frozen foods and
confectionery.
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 company is deemed a fair trade risk.
Maximum suggested credit figure: US$ 350,000
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%)