MIRA INFORM REPORT

 

 

Report Date :

19.01.2012

 

IDENTIFICATION DETAILS

 

Name :

AL WIFAQ FINANCE COMPANY PSC

 

 

Registered Office :

Airport Road PO Box 40448 Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Year of Establishment :

1982

 

 

Legal Form :

Private Shareholding Company

 

 

Line of Business :

Providers of financing and investment in commercial enterprises and management services.

 

 

No. of Employees :

25

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 500,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : AL WIFAQ FINANCE COMPANY PSC

Country of Origin                                    : Abu Dhabi, United Arab Emirates

Legal Form                                            : Private Shareholding Company

Registration Date                                   : 1982

Trade Licence Number                            : 655043

Chamber Membership Number                : 193994

Issued Capital                                        : UAE Dh 500,000,000

Paid up Capital                                      : UAE Dh 500,000,000

Total Workforce                                     : 25

Activities                                               : Providers of financing and investment in commercial enterprises and

                                                            management services.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 500,000

 

 

 

 

COMPANY NAME

 

AL WIFAQ FINANCE COMPANY PSC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Airport Road

 

PO Box             : 40448

 

Town                 : Abu Dhabi

Country             : United Arab Emirates

 

Telephone         : (971-2) 4035600

Facsimile          : (971-2) 4436046

Mobile               : (971-50) 4809006

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Abu Dhabi.

 

Branch Offices

 

Location                                                                                                       Description

 

·       Al Habthoor Building                                                                                      Office premises

Abu Hail Area

PO Box: 122809

Dubai

Tel: (971-4) 2397967

Fax: (971-4) 2388194

 

Subject also has branches located in Al Ain and Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                                                           Position

 

·       Ahmed Aqeeba                                                                                             General Manager

 

·       Thamer Al Gamal                                                                                          Customer Service Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1982

 

Legal Form                  : Private Shareholding Company

 

Trade Licence No.       : 655043 (Expires 08/06/2012)

 

Chamber Member No. : 193994

 

Issued Capital              : UAE Dh 500,000,000

 

Paid up Capital            : UAE Dh 500,000,000

 

Name of Shareholder (s)                                             Percentage

 

·       Union National Bank                                                              79.6%

Dubai

 

·       Sheikh Nahyan Mubarak Al Nahyan                                        20.4%

 

 

OPERATIONS

 

Activities: Engaged in the provision of financing and investment in commercial enterprises and management

     services.

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Companies registered in Abu Dhabi, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Union National Bank

Baniyas Street

PO Box: 38660

Dubai

Tel: (971-4) 2211188

 

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.66

UK Pound

1

Rs.77.72

Euro

1

Rs.64.63

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.