MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
NIMIR SPECIALITY
CHEMICALS FZE |
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Registered Office : |
Hamriyah Free
Zone, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
31st August 2002 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the
import and distribution of chemical materials. |
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 : NIMIR SPECIALITY CHEMICALS FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 31st August 2002
Trade Licence Number : 356
Membership Number : 800117
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Line of Business : Distributors of chemical materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NIMIR SPECIALITY
CHEMICALS FZE
ADDRESS
Registered & Physical Address
Location : Hamriyah Free Zone
PO Box : 41671
Town : Sharjah
Country :
Telephone : (971-6) 5263922
Facsimile : (971-6) 5263923
Email : hsc@nimir.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Hamriyah Free Zone Area of Sharjah.
Branch Offices
Location Description
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Kendah
House, 9th Floor, Office 1B Office
premises
Tel : (971-4) 3329410
Fax
: (971-4) 3329710
KEY PRINCIPALS
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Jafar
Suroor Qidwar Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 31st
August 2002
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 356
(Expires 30th August 2008)
Membership No. :
800117
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Jafar
Suroor Qidwar 100%
Note to the Legal Form
A Free Zone Establishment (FZE) 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.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
chemical materials.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 5 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 4,647,000 UAE Dh
4,907,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National
Bank of Sharjah
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2002, subject is involved in the import and distribution of chemical materials.
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$ 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. |
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%)