MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
LIWA CHEMICALS FOR PETROLEUM & INDUSTRIAL SUPPLIES ESTABLISHMENT |
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Registered Office : |
Marina Plaza Building, Lulu Street,
PO Box 29861, 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 : |
10.07.1997 |
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Com. Reg. No.: |
35452, Abu Dhabi |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and distribution of chemicals, well drilling equipment, lubricants and greases |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : LIWA CHEMICALS FOR PETROLEUM & INDUSTRIAL SUPPLIES
ESTABLISHMENT
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 10th July 1997
Commercial Registration Number : 35452, Abu Dhabi
Economic Department Number : 1001423
Chamber Membership Number : 74223
Invested Capital : UAE Dh 1,000,000
Total Workforce : 15
Activities : Import and distribution of chemicals, well drilling equipment, lubricants and greases
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
LIWA CHEMICALS FOR PETROLEUM & INDUSTRIAL SUPPLIES ESTABLISHMENT
ADDRESS
Registered & Physical Address
Building : Marina Plaza
Building
Street : Lulu Street
PO Box : 29861
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6334446
Facsimile : (971-2)
6334436
Email : liwachem@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Position
· Saleh Salem Bin Omair Proprietor
& General Manager
· Suha Pardkar Assistant General
Manager
· Rejo Jose Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 10th
July 1997
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 35452, Abu Dhabi
Economic Dept. No. : 1001423
Chamber Member No. : 74223
Invested Capital : UAE Dh 1,000,000
Mr Saleh Salem Bin Omair
is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of chemicals, well drilling
equipment, lubricants and greases.
Import Countries: Australia, India, China and the United Kingdom
International Suppliers:
· Atmos
International Ltd United Kingdom
Operating Trend: Steady
Subject has a workforce of 15 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 5,430,000 UAE Dh
6,800,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Abu Dhabi Commercial Bank
Corniche Street
PO Box : 2054
Abu Dhabi
Tel : (971-2) 6275500
Fax : (971-2) 6275400
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction April
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in 1997, subject is owned and managed by Mr Saleh Salem Bin Omair who is well respected in the local
business community.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the business is
deemed a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)