MIRA
INFORM REPORT
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Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BUOYSAIL TRADING
EST |
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Registered Office : |
Southern Street,
Al Majaz Park, P O Box 25714, Sharjah |
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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 : |
9th August 1997 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in ship management services and the import and distribution of
iron and steel scrap metals. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : BUOYSAIL TRADING EST
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 9th August 1997
Trade Licence Number : 219055
Membership Number : 40312
Invested Capital : UAE Dh 50,000
Total Workforce : 10
Line of Business : Ship management services and the import and distribution of
iron and
steel scrap metals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BUOYSAIL TRADING
EST
ADDRESS
Registered & Physical Address
Street : Southern Street
Area : Al Majaz Park
PO Box : 25714
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5539131
Facsimile : (971-6) 5599608
Email : buoy@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 Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Sanjiv
Khanna Indian Proprietor & General Manager
·
Ali Bin
Salim Bin Khalid Al Holi Emirati Local
Sponsor
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Navin Saini - Operations
Manager
·
Sonika
Khanna - Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 9th
August 1997
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Trade Licence No. : 219055
(Expires 1st August 2007)
Membership No. : 40312
Invested Capital
: UAE Dh 50,000
Mr Sanjiv Khanna 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 ship management services and the import and distribution of
iron and steel scrap metals.
Import Countries
: India, Jordan, Kuwait, Denmark and the United Kingdom.
Operating Trend
: Steady
Subject has a
workforce of 10 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 4,100,000 UAE Dh
4,250,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of Baroda
PO Box : 1671
Sharjah
Tel : (971-6) 5684231
Fax : (971-6) 5681025
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1997, subject is owned and managed by Mr Sanjiv
Khanna, an Indian national who operates in Sharjah under the local sponsorship
of Mr Ali Bin Salim Bin Khalid Al Holi.
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$ 100,000
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%)