MIRA
INFORM REPORT
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Report Date : |
28th February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
THREE STAR FOAM FACTORY |
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Registered Office : |
Industrial Area
No. 3, PO Box: 3656, Sharjah, United Arab Emirates. |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
09.03.1987 |
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Com. Reg. No.: |
17200, Sharjah |
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Legal Form : |
Mouassasa Khassa
(Sole Proprietorship) |
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Line of Business : |
Engaged in the
manufacture of furniture springs, foam and sponge. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
THREE STAR FOAM FACTORY |
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Country of Origin |
Sharjah, United Arab Emirates |
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Legal Form |
Sole Proprietorship |
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Registration Date |
9th March 1987 |
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Commercial
Registration Number |
17200, Sharjah |
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Trade Licence
Number |
3296 |
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Invested Capital |
UAE Dh 700,000 |
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Total Workforce |
50 |
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Line of Business |
Manufacturers of furniture springs, foam and sponge. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
THREE STAR FOAM
FACTORY
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 3
PO Box : 3656
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5437222 / 5437160
Facsimile : (971-6) 5437773
Email : tsff@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Sharjah.
KEY PRINCIPALS
·
Salem Obaid Al
Suwaidi Proprietor
& General Manager
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Ali Ahmed Assistant
General Manager
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Read Mahmoud Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 9th
March 1987
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 17200,
Sharjah
Trade Licence No. : 3296
Invested Capital
: UAE Dh 700,000
Mr Salem Obaid Al
Suwaidi 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 furniture
springs, foam and sponge.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 50 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 13,900,000 UAE Dh 14,550,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Abu Dhabi
Commercial Bank
Mina Road
PO Box : 4377, Sharjah
Tel :
(971-6) 5737000
Fax :
(971-6) 5725331
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1987, subject is involved in the manufacture of furniture springs, foam and
sponge.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 250,000
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%)
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