MIRA
INFORM REPORT
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Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL SHIHHE INDUSTRY CO LLC |
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Registered Office : |
Murshid & Ali
Ash Shahi Building, Umm Ramool, PO Box
1061, Dubai |
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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 : |
03.06.1996 |
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Com. Reg. No.: |
46848, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of Plastic Products for Use in Bathrooms and
with Sanitary Ware |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL SHIHHE INDUSTRY CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd June 1996
Commercial Registration Number : 46848, Dubai
Trade Licence Number : 301156
Chamber Membership Number : 38661
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 14
Activities : Manufacture of plastic products for use in bathrooms and with sanitary ware
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
AL SHIHHE INDUSTRY
CO LLC
ADDRESS
Registered & Physical Address
Building : Murshid & Ali Ash Shahi
Building
Area : Umm Ramool
PO Box : 1061
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2857143
Facsimile : (971-4) 2852403
Mobile : (971-50) 6455669
Email : alshihhe@eim.ae
Premises
Subject operates from
a small suite of offices that are rented and located in the Industrial Area of
Dubai.
Branch Office (s)
Location Description
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Industrial
Area No. 2 Rented
workshop premises
Jebel Ali Free Zone
Dubai
Tel: (971-4) 8804350
Fax: (971-4) 8804355
KEY PRINCIPALS
Name Nationality Position
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Murshid
Mohamed Ahmed Al Shihhe Emirati Managing
Director
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Ali Mohamed
Ahmad Al Shihhe Emirati Director
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Nasser
Salahuddin
Pakistani Director
LEGAL FORM & OWNERS
Date of Establishment : 3rd
June 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 46848, Dubai
Trade Licence No. : 301156
Chamber Member No. : 38661
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Murshid
Mohamed Ahmed Al Shihhe 37%
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Ali Mohamed
Ahmad Al Shihhe 37%
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Nasser
Salahuddin 26%
AFFILIATED COMPANIES
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Al
Shihhe General Trading Co
Umm
Ramool
Dubai
Tel: (971-4)
2859943
OPERATIONS
Activities: Engaged in the manufacture of plastic
products for use in bathrooms and with sanitary ware.
Import
Countries: Asia and Europe
Operating Trend: Steady
Subject has a
workforce of 14 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
10,200,000 UAE Dh
10,600,000
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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Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
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
company is considered to be a fair trade risk and the above credit figure is
within subject’s financial means.
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%)