MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL BAHARAH ELECTRICAL AND SANITARY WARE TRADING EST |
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Registered Office : |
Al Ghuwair Area,
PO Box 24292, Sharjah |
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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 : |
03.11.1995 |
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Com. Reg. No.: |
21795, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and Retail of Electrical Items and Sanitary Ware
Products |
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 BAHARAH ELECTRICAL AND SANITARY WARE TRADING EST
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 3rd November 1995
Commercial Registration Number : 21795, Sharjah
Trade Licence Number : 114567
Chamber Membership Number : 27894
Invested Capital : UAE Dh 100,000
Total Workforce : 5
Activities : Wholesale and retail of electrical items and sanitary ware products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
AL BAHARAH
ELECTRICAL AND SANITARY WARE TRADING EST
ADDRESS
Registered & Physical Address
Location : Al Ghuwair Area
PO Box : 24292
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5614417
Facsimile : (971-6) 5621562
Mobile : (971-50) 6315092
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Abdullah
Hamad Mohamed Emirati Proprietor
& General Manager
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J.M
Kapoor - Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 3rd
November 1995
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 21795, Sharjah
Trade Licence No. : 114567
Chamber Member No. : 27894
Invested Capital
: UAE Dh 100,000
Mr Abdullah Hamad Mohamed is the sole proprietor of the
business.
OPERATIONS
Activities: Engaged in the wholesale and retail of
electrical items and sanitary ware products.
Import
Countries: Spain, Italy and
India
Operating Trend: Steady
Subject has a
workforce of 5 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 8,300,000 UAE Dh 10,050,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by J.M Kapoor, Assistant
General Manager.
BANKERS
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Habib Bank Ltd
PO Box : 300
Sharjah
Tel : (971-6) 5356116
Fax : (971-6) 5526473
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the subject
is 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%)