MIRA INFORM REPORT

 

 

 

 

Report Date :

23.01.2013

 

IDENTIFICATION DETAILS

 

Name :

LIWA CHEMICALS FOR PETROLEUM & INDUSTRIAL SUPPLIES ESTABLISHMENT

 

 

Registered Office :

Marina Plaza Building,  Lulu Street, PO Box 29861, Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

10.07.1997

 

 

Com. Reg. No.:

35452, Abu Dhabi

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Import and distribution of chemicals, well drilling equipment, lubricants and greases

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

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

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.51

UK Pound

1

Rs.84.85

Euro

1

Rs.71.43

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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

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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%)

 

 

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.