MIRA
INFORM REPORT
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Report Date : |
09.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF PAINTS &
ADHESIVE FACTORY |
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Registered Office : |
Municipality
Building, Cement Factory Street, P O Box 15381, Al Ain |
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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 : |
30th May 1982 |
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Com. Reg. No.: |
4441, Al Ain |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture
of paint, adhesives and plaster. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF PAINTS & ADHESIVE FACTORY
Country of Origin : Al Ain, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 30th May 1982
Commercial Registration Number : 4441, Al Ain
Trade Licence Number : 6908
Membership Number : 520
Invested Capital : UAE Dh 6,000,000
Total Workforce : 87
Line of Business : Manufacturers of paint, adhesives and plaster.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GULF PAINTS &
ADHESIVE FACTORY
ADDRESS
Registered & Physical Address
Building : Municipality Building
Street : Cement Factory Street
PO Box : 15381
Town : Al Ain
Country : United Arab Emirates
Telephone : (971-3) 7211670 / 7212888
Facsimile : (971-3) 7210044
Email : hisham@gulfpaints.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Al Ain.
Branch Office (s)
Location Description
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PO Box : 8013 Office
premises
Abu Dhabi
Tel : (971-2) 6440434 / 6733424
Fax : (971-2) 6445239 / 6733430
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PO Box : 22403 Office
premises
Sharjah
KEY PRINCIPALS
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Sheikh Ahmed
Bin Suroor Al Daheri Proprietor
& General Manager
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Adnan
Ibrahim Administration
Manager
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Ghassan Khalid Sales
Manager
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Hassan Abu
Hashim Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 30th
May 1982
Legal Form :
Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 4441, Al Ain
Trade
Licence No. : 6908 (Expires 5th December 2008)
Membership
No. : 520
Invested Capital
: UAE Dh 6,000,000
Sheikh Ahmed Bin
Suroor Al Daheri 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 manufacture of paint,
adhesives and plaster.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 87 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/05 : Year
Ending 31/12/06 :
Total Sales UAE Dh 18,670,000 UAE Dh 19,850,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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United Arab
Bank
Sheikh Faisal Bin Sultan Al Qassimi Building
PO Box : 16077
Al Ain
Tel : (971-3) 7663122
Fax : (971-3) 7665168
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1982, subject is owned and managed by Sheikh Ahmed Bin Suroor Al Daheri who is
well respected in the local business community.
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 and the above credit figure is
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 250,000
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%)