MIRA
INFORM REPORT
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Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALFA ELECTRICAL MATERIALS EST |
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Registered Office : |
Mohamed Natar
Alhai Building, Al Burj Street, Al Nasser Square, Hardware Market, Naif, Deira,
PO Box 51352, 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 : |
28.11. 1989 |
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Com. Reg. No.: |
19066, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Light Fixtures and Fittings and
Electrical Products as well as Offering Fitting and Installation Services |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ALFA ELECTRICAL MATERIALS EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 28th November 1989
Commercial Registration Number : 19066, Dubai
Trade Licence Number : 221366
Chamber Membership Number : 17717
Invested Capital : UAE Dh 3,000,000
Total Workforce : 60
Activities : Import and distribution of light fixtures and fittings and electrical products as well as offering fitting and installation services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
COMPANY NAME
ALFA ELECTRICAL
MATERIALS EST
ADDRESS
Registered & Physical Address
Building : Mohamed Natar Alhai Building
Street : Al Burj Street, Al Nasser
Square, Hardware Market
Area : Naif, Deira
PO Box : 51352
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2270860
Facsimile : (971-4) 2270747
Email : alfaelec@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Mohamed
Hussain Ali Mohamed Al Shamali Emirati Proprietor
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Ramesh
N. Chandanwani - General
Manager
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Noel
Harish - Sales
Manager
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MR
D'Sai - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 28th
November 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 19066, Dubai
Trade Licence No. : 221366
(Expires 18/11/2008)
Chamber Member No. : 17717
Invested Capital
: UAE Dh 3,000,000
Mr Mohamed Hussain
Ali Mohamed Al Shamali is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
light fixtures and fittings, electrical products such as wires and cables, power generation,
transmission and distribution equipment.
Subject also offers
fitting and installation contracting services.
Import
Countries: India, China
& the United Kingdom
Brand Names: RELITE & TANBY
Operating Trend: Steady
Subject has a
workforce of 60 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
18,100,000 UAE Dh
20,400,000
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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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1989, subject is owned and managed by Mr Mohamed Hussain Ali Mohamed Al Shamali
who is well respected in the local business community.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk. As such the above credit figure is
considered to be 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%)