MIRA
INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
ENERGY SOLUTIONS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
25.05. 2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Electrical
Equipment, Power Generation and Transmission Instruments |
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 : ENERGY SOLUTIONS
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 25th May 2005
Trade Licence Number : 89191
Chamber Membership Number : 112686
Invested Capital : UAE Dh 100,000
Total Workforce : 10
Activities :
Import and distribution of electrical equipment,
power generation and
transmission instruments
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
ENERGY SOLUTIONS
ADDRESS
Registered & Physical Address
Building :
Street :
PO Box : 2094
Town :
Country :
Telephone : (971-2) 6226262
Facsimile : (971-2) 6226264
Email : sales@energysolutionsad.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Position
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Majid Salim Khamis Majid Al Bas Al Suwaidi Proprietor
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Mostafa Sulaiman General
Manager
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Mahesh Elangovan Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 25th
May 2005
Legal Form :
Sole Proprietorship
Trade Licence No. : 89191 (Expires 12/08/2009)
Chamber Member No. : 112686
Invested Capital
: UAE Dh 100,000
Mr Majid Salim Khamis Majid Al Bas Al Suwaidi is the
sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import
and distribution of electrical equipment, power generation and transmission
instruments.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of 10 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 7,900,000 UAE Dh 8,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Abu Dhabi Commercial Bank
PO Box : 939
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.99 |
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1 |
Rs.72.49 |
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Euro |
1 |
Rs.68.44 |
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%)