%20FZC%2016-Nov-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AL WAHDNIA
TOBACCO CO LTD (ATC) FZC |
|
|
|
|
Registered Office : |
Fujairah
Free Zone, Phase II, Plot 106/108, P O Box 5238, Fujairah |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
18th August 2001 |
|
|
|
|
Legal Form : |
Free Zone Company – FZC |
|
|
|
|
Line of Business : |
Engaged in the
manufacture of tobacco and cigarettes. |
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$ 250,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : AL WAHDNIA TOBACCO CO LTD (ATC) FZC
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 18th August 2001
Trade Licence Number : 1287
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 120
Line of Business : Manufacturers of tobacco and cigarettes.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL WAHDNIA TOBACCO
CO LTD (ATC) FZC
ADDRESS
Registered & Physical Address
Location : Fujairah
Free Zone, Phase II, Plot 106/108
PO Box : 5238
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2281108
Facsimile : (971-9) 2281109
Email : atcadmin@emirates.net.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Free Zone Area of Fujairah.
KEY PRINCIPALS
·
Rashid
Murad Al Baloushi Managing
Director
·
Hussain
Ahmed Ali General
Manager
·
Mohamed
Noureddine Factory
Manager
LEGAL FORM & OWNERS
Date of Establishment : 18th
August 2001
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 1287
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Rashid
Murad Al Baloushi 100%
Note to the Legal Form
A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
AFFILIATED COMPANIES
·
Al
Wahdnia General Trading Co Ltd
PO Box : 29011
Deira
Dubai
Tel
: (971-4) 2224998
Fax
: (971-4) 2227929
LINE OF BUSINESS
Operations : Engaged in the manufacture of tobacco and
cigarettes.
Import Countries
: Europe and the United
States of America.
Operating Trend
: Steady
Subject has a
workforce of 120 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 17,800,000 UAE Dh 20,350,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Fujairah
PO Box 887
Fujairah
Tel : (971-9) 2224518 / 2224513
Fax : (971-9) 2224516 / 2229470
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in 2001,
subject is involved in the manufacture of tobacco and cigarettes.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 250,000
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. |
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%)