MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AL RIDAH PLASTIC
FACTORY |
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Registered Office : |
Industrial
Area, P O Box 2104, Umm Al Quwain |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16th May
2005 |
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Com. Reg. No.: |
4701 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in
the manufacture of plastic plates, cups and cutlery. |
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 : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : AL RIDAH PLASTIC FACTORY
Country of Origin : Umm Al Quwain, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 16th
May 2005
Commercial
Registration Number : 4701
Trade Licence Number : 331
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 35
Line of Business : Manufacture of plastic plates, cups
and cutlery.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
AL RIDAH PLASTIC
FACTORY
ADDRESS
Registered & Physical Address
Location : Industrial Area
PO Box : 2104
Town : Umm Al Quwain
Country :
Telephone : (971-6) 7662604
Facsimile : (971-4) 2254202
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Umm Al Quwain.
KEY PRINCIPALS
Name Nationality Position
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Hussain
Maseh Iskandar British Managing Director
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El
Sayed Mahmoud El Sayed Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 16th
May 2005
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 4701
Trade Licence No. : 331
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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El
Sayed Mahmoud El Sayed 51%
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Hussain
Maseh Iskandar 49%
LINE OF BUSINESS
Operations: Engaged in the manufacture of plastic plates, cups and
cutlery.
Import
Countries:
Subject has a workforce
of 35 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06:
Total Revenue UAE Dh
7,800,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates
Bank International Ltd
PO Box : 315
Umm Al Quwain
Tel : (971-6) 7656050
Fax : (971-6) 7656005
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
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 and the above credit figure is
within subject’s financial means.
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%)