MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALINCO PIPE SUPPLY FZE |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, PO Box 17447, 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 : |
1993 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Distribution of Pipes, Fittings, Flanges and
Accessories |
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 : ALINCO PIPE SUPPLY FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Start Date : 1993
Registration Date : 7th May 2000
Trade Licence Number : 2016
Chamber Membership Number : 58624
Issued Capital : UAE Dh 13,000,000
Paid up Capital : UAE Dh 13,000,000
Total Workforce : 40
Activities : Import and distribution of pipes, fittings, flanges and accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
ALINCO PIPE SUPPLY FZE
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17447
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8838148
Facsimile : (971-4) 8838149
Email : indpipe@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Ali Nasser
Othman Al Nasser Saudi Managing
Director
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Sayani Ashfaq - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1993, however it was registered on 7th May
2000
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 2016
(Expires 06/05/2009)
Chamber Member No. : 58624
Issued Capital : UAE Dh 13,000,000
Paid up Capital : UAE Dh 13,000,000
Name of Shareholder (s) Percentage
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Ali Nasser
Othman Al Nasser 100%
AFFILIATED COMPANIES
·
Ali N Al
Nasser & Co
Rakah Road
Al Khobar 31952
Saudi Arabia
Tel : (966-3) 8140444
Fax : (966-3) 8140111
OPERATIONS
Activities: Engaged in the import and distribution of
S.S. & C.S. pipes, fittings, flanges and accessories.
Import
Countries: Europe and GCC
countries
Operating Trend: Steady
Subject has a
workforce of 40 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
10,820,000 UAE Dh
12,105,000
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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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel
: (971-4) 2535000
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.
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%)