MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ITALIAN MARBLE ESTABLISHMENT |
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Registered Office : |
Hazza Bin Zayed
Street, PO Box 43071, 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 : |
09.12.1992 |
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Com. Reg. No.: |
24096, Abu Dhabi |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Import, Distribution
and Finishing of Marble and Granite |
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 : ITALIAN MARBLE ESTABLISHMENT
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 9th
December 1992
Commercial
Registration Number : 24096,
Abu Dhabi
Trade Licence
Number : 38835
Chamber Membership
Number : 49867
Invested Capital : UAE Dh
150,000
Total Workforce :
30
Activities :
Import, distribution and finishing of marble and granite
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 200,000
COMPANY NAME
ITALIAN MARBLE
ESTABLISHMENT
ADDRESS
Registered & Physical
Address
Location : Hazza Bin Zayed Street
PO Box : 43071
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 4480227
Facsimile : (971-2) 6418831
Mobile : (971-50) 6177509
Email : italmar@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices, a showroom and workshop that are rented and
located in the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
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Sergio
Tartarelli Italian Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 9th
December 1992
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 24096, Abu
Dhabi
Trade Licence No. : 38835
Chamber Member No. : 49867
Invested Capital
: UAE Dh 150,000
Mr Sergio
Tartarelli is the sole proprietor of the business. Mr Sergio Tartarelli is an
Italian national who operates in Abu Dhabi under the local sponsorship of Mr Nasser Ali Salem Awad Al Darmki.
OPERATIONS
Activities: Engaged
in the import, distribution and finishing of marble and granite.
Import
Countries: Italy, Spain and India
Operating Trend: Steady
Subject has a
workforce of 30 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 14,100,000 UAE Dh 15,000,000
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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Abu
Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
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.
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%)