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MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPECIALIZED POWER PRODUCTS EST (SPPE) |
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Registered Office : |
Mohamed Hassan Baba Hassan Building, Al Souq Al Kabir, PO Box 120901, 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 : |
12.08.2002 |
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Com. Reg. No.: |
92284, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and Retail of Electrical Fittings, Wires, Cables, Power Generation, Transmission and Distribution Equipment |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SPECIALIZED POWER PRODUCTS EST (SPPE)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 12th August 2002
Commercial Registration Number : 92284, Dubai
Trade Licence Number : 536542
Chamber Membership Number : 70988
Invested Capital : UAE Dh 100,000
Total Workforce : 7
Activities : Wholesale and retail of electrical fittings, wires, cables, power generation, transmission and distribution equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
COMPANY NAME
SPECIALIZED POWER
PRODUCTS EST (SPPE)
ADDRESS
Registered &
Physical Address
Building : Mohamed Hassan Baba Hassan Building
Area : Al Souq Al Kabir
PO Box : 120901
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3387305
Facsimile : (971-4) 3342207
Mobile : (971-50) 6526018
Email : sppe@eim.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Ali Mohamed
Abdullah Shukralla Al Emadi Emirati Proprietor
& General Manager
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R. Francis - Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
August 2002
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 92284, Dubai
Trade Licence No. : 536542
(Expires 06/08/2008)
Chamber Member No. : 70988
Invested Capital
: UAE Dh 100,000
Mr Ali Mohamed
Abdullah Shukralla Al Emadi is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of electrical
fittings, wires, cables, power generation, transmission and distribution
equipment.
Import
Countries: China, Japan and
India
Subject has a
workforce of 7 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 6,900,000 UAE Dh 7,700,000
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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Dubai Islamic
Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
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.
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.67.34 |
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%)