MIRA
INFORM REPORT
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Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL THAQAFAH BUILDING MATERIAL TRADING |
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Registered Office : |
Mawaleh
Area, PO Box 69616, 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 : |
28.08.2006 |
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Com. Reg. No.: |
546380 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Building 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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL THAQAFAH BUILDING MATERIAL TRADING
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 28th August 2006
Commercial Registration Number : 546380
Trade Licence Number : 546380
Chamber Membership Number : 74802
Invested Capital : UAE Dh 500,000
Total Workforce : 5
Activities : Import and distribution of building materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
AL THAQAFAH BUILDING
MATERIAL TRADING
ADDRESS
Registered & Physical Address
Location : Mawaleh
Area
PO Box : 69616
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5348242
Facsimile : (971-6) 5348243
Mobile : (971-50) 8821253
Email : atbmt@eim.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Sabiha
Sajid Ali Sheikh Indian Proprietor
·
Najib Ullah
Khan - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 28th
August 2006
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 546380
Trade Licence No. : 546380
Chamber Member No. : 74802
Invested Capital
: UAE Dh 500,000
Mr Sabiha Sajid Ali Sheikh is the sole proprietor of
the business. Mr Sabiha Sajid Ali Sheikh is an Indian
national who operates in Sharjah under the local sponsorship of Imal Ibrahim.
OPERATIONS
Activities: Engaged in the import and distribution of
building materials.
Import
Countries: India and China
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 7,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Mashreq Bank
Plc
Foreign Trade Centre
Al Boorj Avenue
PO Box : 9271
Sharjah
Tel : (971-6) 5351366 / 5354873
Fax : (971-6) 5372903
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Al Thaqafah
Building Material Trading is a relatively new business with operations
commencing in August 2006. It is engaged in the import and distribution of
building materials.
According
to local sources subject is making steady progress in the local business market
and nothing detrimental has been reported regarding the manner in which
payments are fulfilled. As such the business is considered to be a fair trade
risk and the above credit figure is deemed to be admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.78 |
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UK Pound |
1 |
Rs.80.57 |
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Euro |
1 |
Rs.64.29 |
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%)