MIRA
INFORM REPORT
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Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
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Name : |
BLUE LINE
CHEMICALS |
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Registered Office : |
Plot 8, Abu Dhabi
Industrial City, Mussafah Area, P O Box 42629, Abu Dhabi |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13th June 2001 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of chemicals for drilling activities. |
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 : BLUE LINE CHEMICALS
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 13th June 2001
Trade Licence Number : 70241
Membership Number : 89543
Invested Capital : UAE Dh 200,000
Total Workforce : 20
Line of Business : Distributors of chemicals for drilling activities.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BLUE LINE CHEMICALS
ADDRESS
Registered & Physical Address
Location : Plot 8, Abu Dhabi Industrial City,
Mussafah Area
PO Box : 42629
Town :
Country : United Arab Emirates
Telephone : (971-2) 5501661 / 6810377 / 5500402
Facsimile : (971-2) 5501664
Email : bchem@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
·
Khalid
Ahmed Saeed Proprietor
& General Manager
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Ali
Kamal Assistant
General Manager
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Arshad
Khawaja Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 13th
June 2001
Legal Form :
Sole Proprietorship
Trade Licence No. : 70241
Membership No. : 89543
Invested Capital
: UAE Dh 200,000
Mr Khalid Ahmed
Saeed 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.
AFFILIATED
COMPANIES
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Blue
Line Chemical Factory
Plot 8, Abu Dhabi Industrial
City, Mussafah Area
PO Box: 42629
Abu Dhabi
Tel: (971-2) 5340003
Fax: (971-2) 5340003
LINE OF BUSINESS
Operations: Engaged in the import and distribution of
chemicals for drilling activities.
Import
Countries: Japan, United
States of America, Austria and Germany.
Operating Trend: Steady
Subject has a
workforce of 20 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 5,840,000 UAE Dh 6,234,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates
Bank International Ltd
PO Box : 47676
Abu Dhabi
Tel : (971-2) 6224400
Fax : (971-2) 6225520
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National
Bank of
PO Box : 4
Abu Dhabi
Tel : (971-2) 6345777 / 6327113 / 6335262
Fax : (971-2) 6336078
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PO Box : 3863
Tel : (971-2) 6346600
Fax : (971-2) 6346643
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 import and distribution of chemicals for
drilling activities.
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%)