MIRA
INFORM REPORT
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Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL HAMRA POLY
FACTORY LTD |
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Registered Office : |
Wasit
Road, Industrial Area No. 3, P
O Box 22465, 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 : |
January 1989 |
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Com. Reg. No.: |
382, Sharjah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
manufacture of polypropylene woven bags "PPWB" and
polypropylene jacquard woven mats "PPJWM". |
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$ 700,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL HAMRA POLY FACTORY LTD
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : January 1989
Commercial Registration Number : 382, Sharjah
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Total Workforce : 115
Line of Business :
Manufacture of polypropylene woven
bags "PPWB" and
polypropylene jacquard woven mats "PPJWM".
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL HAMRA POLY
FACTORY LTD
ADDRESS
Registered & Physical Address
Street : Wasit
Road
Area : Industrial
Area No. 3
PO Box : 22465
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5420994
/ 5432930
Facsimile : (971-6) 5431631
Email : hpf@eim.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
·
Mohamed
Saleim Hamra Managing
Director
·
Ahmed
Saleim Hamra Director
·
Haider
Al Hamra Director
LEGAL FORM & OWNERS
Date of Establishment : January 1989
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 382, Sharjah
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Name of Shareholder (s)
·
Mohamed
Saleim Hamra
·
Ahmed
Saleim Hamra
·
Haider
Al Hamra
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 150,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
LINE OF BUSINESS
Operations: Engaged in the manufacture of polypropylene woven bags "PPWB" and polypropylene jacquard woven
mats "PPJWM".
Production
Capacity: 5,300 tonnes per
annum
Import
Countries: United States of
America and Japan.
Operating Trend: Steady
Subject has a workforce
of 115 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 20,450,000 UAE Dh 21,850,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Mashreq Bank
Plc
Foreign Trade Centre
Al Boorj Avenue
PO Box : 9271
Sharjah
Tel : (971-6) 5351366 / 5354873
Fax : (971-6) 5372903
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction January 2006
Credit amount 171,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Al Hamra Poly
Factory Ltd specialises in the manufacture of polypropylene woven
bags "PPWB" and polypropylene jacquard woven mats "PPJWM".
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is within subject’s
financial means.
Maximum suggested
credit figure: US$ 700,000
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. |
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%)