MIRA
INFORM REPORT
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Report Date : |
15.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMIRATES NATURAL DRINKING WATER |
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Registered Office : |
Nasser Abdullah
Lootah Building, Al Maktoum Street, Rigga Al Bateen, PO Box 1520, 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 : |
22.10.1984 |
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Com. Reg. No.: |
9737, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Bottled Mineral Water |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints\ |
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Litigation : |
Clear |
SUMMARY
Company Name : EMIRATES NATURAL DRINKING WATER
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 22nd October 1984
Commercial Registration Number : 9737, Dubai
Trade Licence Number : 205296
Chamber Membership Number : 11325
Invested Capital : UAE Dh 4,000,000
Total Workforce : 25
Activities : Import and distribution of bottled mineral water
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
EMIRATES NATURAL
DRINKING WATER
ADDRESS
Registered & Physical Address
Building : Nasser Abdullah Lootah Building
Street : Al Maktoum Street
Area : Rigga Al Bateen
PO Box : 1520
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2228958 / 2214455
Facsimile : (971-4) 2228029 / 2211016
Email : emiwater@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Nasser
Abdullah Hussain Lootah Emirati Proprietor &
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 22nd
October 1984
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 9737, Dubai
Trade Licence No. : 205296
(Expires 18/01/2009)
Chamber Member No. : 11325
Invested Capital
: UAE Dh 4,000,000
Mr Nasser Abdullah
Hussain Lootah is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
bottled mineral water.
Import
Countries: France and Asia
Operating Trend: Steady
Subject has a
workforce of 25 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
12,800,000 UAE Dh
15,350,000
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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Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.63 |
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UK Pound |
1 |
Rs.83.76 |
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Euro |
1 |
Rs.66.49 |
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%)