MIRA
INFORM REPORT
|
Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AL SADIYAT BUILDING MATERIAL TRADING |
|
|
|
|
Registered Office : |
Hazza Bin Zayed Street 8223, Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
05.02.2007 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Distributors of building materials, false ceilings and decoration
materials. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
US$ 60,000 |
|
|
|
|
Status : |
New and Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : AL SADIYAT BUILDING MATERIAL TRADING
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 5th February 2007
Trade Licence Number : 99470
Membership Number : 216452
Invested Capital : UAE Dh 100,000
Total Workforce : 5
Line of Business : Distributors of building materials, false ceilings and
decoration materials.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL SADIYAT BUILDING
MATERIAL TRADING
ADDRESS
Registered & Physical Address
Location : Hazza Bin Zayed Street
PO Box : 8223
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6417487
Facsimile : (971-2) 6417489
Email : newvlean@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
Bader Faris
Hilal Al Halil Bahraini Proprietor & General Manager
LEGAL FORM &
OWNERS
Date of
Establishment : 5th February 2007
Legal Form : Sole Proprietorship
Trade Licence No. : 99470
Membership No. : 216452
Invested Capital : UAE Dh 100,000
Mr Bader Faris Hilal
Al Halil 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 import and distribution of building materials, false ceilings and
decoration materials.
Import Countries :
Europe and the Far East.
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
·
National Bank
of Abu Dhabi
Sheikh Khalifa Street
PO Box : 4
Abu Dhabi
Tel : (971-2) 6345777 / 6327113 / 6335262
Fax : (971-2) 6336078
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Investigations
undertaken in Abu Dhabi 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$ 60,000
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)