MIRA
INFORM REPORT
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Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ABBAS BHAI
ZAINUDDIN & BROS |
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Registered Office : |
Hussain Ali Kikha
Building, Al Burj Street, Naif, P O Box 3982, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2nd September 1968 |
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Com. Reg. No.: |
705, Dubai |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the import
and distribution of construction equipment and industrial machinery. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : ABBAS BHAI ZAINUDDIN & BROS
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Registration Date : 2nd September 1968
Commercial Registration Number : 705, Dubai
Trade Licence Number : 205589
Membership Number : 283
Partners Capital : UAE Dh 150,000
Total Workforce : 17
Line of Business : Distributors of construction equipment and industrial machinery.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ABBAS BHAI
ZAINUDDIN & BROS
ADDRESS
Registered & Physical Address
Building : Hussain Ali Kikha Building
Street : Al Burj Street
Area : Naif
PO Box : 3982
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2246786
Facsimile : (971-4) 2240701
Email : alabas@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
Name Nationality Position
·
Rampurwala
Hussein Noman Bhai Indian Managing Partner
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Hatim
Zainuddin Noman Indian Partner
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Abbas Bhai
Noman Bhai Indian Partner
LEGAL FORM &
OWNERS
Date of Establishment : 2nd
September 1968
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 705, Dubai
Trade Licence No. : 205589
(Expires 9th March 2008)
Membership No. : 283
Partners Capital : UAE Dh 150,000
Name of Partner (s) Percentage
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Rampurwala
Hussein Noman Bhai 50%
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Hatim
Zainuddin Noman 25%
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Abbas Bhai
Noman Bhai 25%
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
construction equipment and industrial machinery.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 17 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 9,150,000 UAE Dh 9,290,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1968, subject is involved in the import and distribution of construction
equipment and industrial machinery.
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$ 200,000
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%)