MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAL
MATERIAL SUPPLY FZCO |
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Registered Office : |
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Country : |
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Date of Incorporation : |
17th September 2006 |
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Legal Form : |
Free Zone Company – FZCO |
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Line of Business : |
Engaged in the
import and distribution of stainless and carbon steel. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : INDUSTRIAL MATERIAL SUPPLY FZCO
Country of Origin :
Legal Form : Free Zone Company - FZCO
Registration Date : 17th September 2006
Trade Licence Number : 7290
Membership Number : 111049
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Line of Business : Distributors of stainless and carbon steel.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
INDUSTRIAL MATERIAL
SUPPLY FZCO
ADDRESS
Registered & Physical Address
Street :
Area : Jebel Ali Free Zone
PO Box : 261815
Town :
Country :
Telephone : (971-4) 8832553
Facsimile : (971-4) 8832586
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Bassam
Hussein Darraj American Managing
Director
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Abdulmohsen
Mohamed Alothman Saudi Director
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Mohamed
Abdullah Alothman Saudi Director
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Abdullah
Mohamed Alothman Saudi Director
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Abdulaziz
Mohamed Alothman Saudi Director
LEGAL FORM &
OWNERS
Date of Establishment : 17th
September 2006
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 7290
(Expires 28th August 2008)
Membership No. :
111049
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Bassam
Hussein Darraj 100%
Note to the Legal Form
A Free Zone Company (FZCO) 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
stainless and carbon steel.
Import Countries
: Europe and the
Subject has a
workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently available.
BANKERS
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Arab
Bank Plc
PO Box : 11364
Tel : (971-4) 2228845
Fax : (971-4) 2285974 / 2940847
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken
in Dubai did not reveal any sign of payment defaults or delays during initial
trading stages, and subject is believed to meet its payment obligations in a
timely manner, nevertheless, and in view of the company’s infancy and the lack
of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
Maximum suggested
credit figure: US$ 50,000
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%)