MIRA
INFORM REPORT
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Report Date : |
09.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
BU HUMAID GENERAL
TRADING EST |
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Registered Office : |
Industrial Area,
P O Box 2333, Umm Al Quwain |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28th August 2005 |
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Com. Reg. No.: |
5479, Umm Al Quwain |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of building materials and hardware. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BU HUMAID GENERAL TRADING EST
Country of Origin : Umm Al Quwain, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 28th August 2005
Commercial Registration Number : 5479, Umm Al Quwain
Trade Licence Number : 465
Membership Number : 4855
Invested Capital : UAE Dh 100,000
Total Workforce : 8
Line of Business : Distributors of building materials and hardware.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
BU HUMAID GENERAL
TRADING EST
ADDRESS
Registered & Physical Address
Location : Industrial Area
PO Box : 2333
Town : Umm Al Quwain
Country : United Arab Emirates
Telephone : (971-6) 7666450
/ 7666490
Facsimile : (971-6) 7666490
Mobile : (971-50) 6469212
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Umm Al Quwain.
KEY PRINCIPALS
·
Ali
Yousef Mubarak Ahmed Proprietor
& General Manager
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Abdullah
Al Aidroos Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 28th
August 2005
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 5479, Umm Al
Quwain
Trade Licence No. : 465
(Expires 28th August 2008)
Membership No. : 4855
Invested Capital
: UAE Dh 100,000
Mr Ali Yousef Mubarak Ahmed 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 and hardware.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
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 Sales UAE Dh 3,800,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Dubai Islamic
Bank
PO Box : 1409
Sharjah
Tel : (971-6) 5726444
Fax : (971-6) 5727555
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 Ali Yousef
Mubarak Ahmed who is well respected in the local business community.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed 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%)