MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
TAD LOGISTICS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
12th March 2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
provision of clearing, forwarding and warehousing services. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : TAD LOGISTICS
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 12th March 2005
Trade Licence Number : 5333
Membership Number : 95373
Invested Capital : UAE Dh 100,000
Total Workforce : 8
Line of Business : Providers of clearing, forwarding and warehousing services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
TAD LOGISTICS
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 111095
Town :
Country : United Arab Emirates
Telephone : (971-4) 8836553
Facsimile : (971-4) 8836557
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
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Khalid
Bin Abdullah Bin Ibrahim Al Bawardi Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 12th
March 2005
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Trade Licence No. : 5333
(Expires 11th March 2008)
Membership No. : 95373
Invested Capital
: UAE Dh 100,000
Mr Khalid Bin Abdulla
Bin Ibrahim Al Bawardi 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.
LINE OF BUSINESS
Operations : Engaged in the provision of clearing,
forwarding and warehousing services.
Subject has a
workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/06 :
Total Revenue UAE Dh 3,900,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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UAE
Exchange LLC
Naif Road
PO Box: 31314
Dubai
Tel: (971-4) 2268616
Fax: (971-4) 2260276
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2005, subject is owned and managed by Mr Khalid Bin Abdullah Bin Ibrahim Al
Bawardi who is well respected in the local business community.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
business is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
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%)