MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
GERMAN TEC AUTO SPARE PARTS TRADING |
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Registered Office : |
Mussaffah
Industrial Area, PO Box 107094, Abu Dhabi |
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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 : |
03.08.2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Auto Spare Parts |
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 : GERMAN TEC AUTO SPARE PARTS TRADING
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 3rd August 2005
Trade Licence Number : 90320
Chamber Membership Number : 115180
Invested Capital : UAE Dh 100,000
Total Workforce : 6
Activities : Import and distribution of auto spare parts
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
GERMAN TEC AUTO
SPARE PARTS TRADING
ADDRESS
Registered & Physical
Address
Location : Mussaffah Industrial Area
PO Box : 107094
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5515174 / 5515173
Facsimile : (971-2) 5515174
Premises
Subject operates
from a small suite of offices, a showroom and a warehouse that are rented and
located in the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
Omar
Rashid Mohamed Mubarak Al Qubaisi Emirati Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 3rd
August 2005
Legal Form :
Sole Proprietorship
Trade Licence No. : 90320
(Expires 04/11/2008)
Chamber Member No. : 115180
Invested Capital
: UAE Dh 100,000
Mr Omar Rashid Mohamed Mubarak Al Qubaisi is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
auto spare parts.
Import
Countries: Germany, United
States of America, China and India
Operating Trend: Steady
Subject has a
workforce of 6 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 8,700,000 UAE Dh 10,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Abu
Dhabi Commercial Bank
Mussafah
PO Box : 9331
Abu Dhabi
Tel : (971-2) 5544272
Fax : (971-2) 5544273
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 and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)