MIRA INFORM REPORT

 

 

Report Date :

28.06.2007

 

IDENTIFICATION DETAILS

 

Name :

AL KHALEEJ EXHAUST FACTORY

 

 

Registered Office :

Sheikh Zayed Road, Jebel Ali Free Zone, P O Box - 1162 & 30136, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

23.06.1998

 

 

Legal Form :

Mouassasa Khassa (Sole Proprietorship)

 

 

Line of Business :

Engaged in the manufacture of exhausts

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 100,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : AL KHALEEJ EXHAUST FACTORY

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 23rd June 1998

Trade Licence Number                            : 506239

Membership Number                              : 50286

Invested Capital                                     : UAE Dh 200,000

Total Workforce                                     : 15

Line of Business                                    : Manufacture of exhausts.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

AL KHALEEJ EXHAUST FACTORY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone

PO Box             : 1162 & 30136

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8801203

Facsimile          : (971-4) 8801205

Email                : silencer@emirates.net.ae

 

 

Premises

 

Subject operates from a small suite of offices and a workshop that are rented and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

Abdullah Bin Ali Haji Gargash                             Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment    : 23rd June 1998

 

Legal Form                    : Mouassasa Khassa (Sole Proprietorship)

 

Trade Licence No.          : 506239

 

Membership No.            : 50286

 

Invested Capital             : UAE Dh 200,000

 

Mr Abdullah Bin Ali Haji Gargash 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 manufacture of exhausts.

 

Import Countries: India, China and the United Kingdom.

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL HIGHLIGHTS

 

 

Companies registered in Dubai are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

Commercial Bank of Dubai

Jebel Ali Branch

PO Box : 2668

Dubai

Tel : (971-4) 8818882

Fax : (971-4) 8812252

 

The Standard Chartered Bank

Jebel Ali Free Zone

PO Box : 999

Dubai

Tel : (971-4) 8856600

 

 

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.

 

Maximum suggested credit figure: US$ 100,000

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions