MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF PREFAB HOUSE FACTORY LTD |
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Registered Office : |
Emirates Street, Industrial Area No. 6, PO Box 6058, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.01.1977 |
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Com. Reg. No.: |
2, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Production of Timber Framed and Steel Prefabricated Housing Units. Manufacture of Doors, Architraves, Frames and Furniture. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,200,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF PREFAB HOUSE FACTORY LTD
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 6th January 1977
Commercial Registration Number : 2, Sharjah
Trade Licence Number : 31
Chamber Membership Number : 38
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Total Workforce : 550
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,200,000
COMPANY NAME
GULF PREFAB HOUSE FACTORY LTD
ADDRESS
Registered & Physical Address
Street : Emirates
Street
Area : Industrial
Area No. 6
PO Box : 6058
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5387993
Facsimile : (971-6)
5385513
Email : gulfab@emirates.net.ae
Premises
Subject operates from a suite of offices and a factory covering an area
of 35,000 square metres that are owned and located in the Industrial Area of
Sharjah.
Branch Office (s)
Location Description
· PO Box 41093 Sales
office
Abu Dhabi
Tel: (971-2)
6674491
Fax: (971-2)
6674215
KEY PRINCIPALS
Name Nationality Position
· Mohamed
A. Yassin Iraqi Emirati Managing
Director
· Jude
D'Sliva - Assistant
General Manager
· Chamnad
Andul Wahab - Chief
Accountant
· Majid
Al Hadad - Prefab
Housing Division Manager
· Taha
Qassim - Door
Division Manager
LEGAL FORM & OWNERS
Date of
Establishment : 6th
January 1977
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 2, Sharjah
Trade Licence No. : 31 (Expires 30/01/2009)
Chamber Member No. : 38
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Name of Shareholder (s) Percentage
· Mohamed
A. Yassin Iraqi 50%
· Gulf
General Investment Group 50%
Sharjah
United
Arab Emirates
OPERATIONS
Activities: Subject operations are performed through the following divisions:
·
Prefabricated Housing Division
Engaged in the
production of timber framed and steel prefabricated housing units.
· Gulf Doors & Furniture Division
Engaged in the
manufacture of doors, architraves, frames and furniture.
Import Countries: Europe and the United States of America.
Operating Trend: Steady
Subject has a workforce of approximately 550 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales UAE
Dh 183,000,000 UAE Dh
198,000,000
Local sources consider subject’s financial condition to be Good.
BANKERS
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United Arab Bank
PO Box : 881
Sharjah
Tel : (971-6) 5354111
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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.
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%)