MIRA
INFORM REPORT
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Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
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Name : |
STAR ELEVATOR
SYSTEMS & METAL TECHNOLOGY |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1st November 2003 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import,
distribution and assembly of elevators and escalators. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : STAR ELEVATOR SYSTEMS & METAL TECHNOLOGY
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 1st November 2003
Trade Licence Number : 549029
Membership Number : 81964
Invested Capital : UAE Dh 50,000
Total Workforce : 15
Line of Business : Distributors and assemblers of elevators and escalators.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
STAR ELEVATOR
SYSTEMS & METAL TECHNOLOGY
ADDRESS
Registered & Physical Address
Building : Dubai Houseware Building
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 5239
Town :
Country : United Arab Emirates
Telephone : (971-4) 2713333 / 3405454
Facsimile : (971-4) 7073156 / 3402001
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Dubai.
KEY PRINCIPALS
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Ahmed
Abdullah Ahmed Al Ghurair Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1st
November 2003
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Trade Licence No. : 549029
(Expires 15th September 2007)
Membership No. : 81964
Invested Capital
: UAE Dh 50,000
Mr Ahmed Abdulla Ahmed
Al Ghurair 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 import, distribution and
assembly of elevators and escalators.
Import Countries
: Europe and the United
States of America.
Operating Trend
: Steady
Subject has a
workforce of 15 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 4,200,000 UAE Dh 4,800,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Dubai
Tel
: (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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$ 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%)