MIRA
INFORM REPORT
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Report Date : |
20th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL BUSTAN FOODSTUFF TRADING EST |
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Registered Office : |
Khor Fakhan Al Quaranish, 21212 &
10217, Sharjah, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
28th January 1998 |
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Com. Reg. No.: |
141840, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuff
products. |
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 : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL BUSTAN FOODSTUFF TRADING EST |
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Country of Origin |
Sharjah, United Arab Emirates |
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Legal Form |
Sole Proprietorship |
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Registration Date |
28th January 1998 |
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Commercial Registration Number |
141840, Sharjah |
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Trade Licence Number |
141840 |
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Membership Number |
401234 |
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Invested Capital |
UAE Dh 100,000 |
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Total Workforce |
5 |
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Line of Business |
Distributors of general foodstuff products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL BUSTAN FOODSTUFF TRADING EST
ADDRESS
Registered & Physical Address
Location : Khor Fakhan Al Quaranish
PO Box : 21212 & 10217
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-9) 2370264
Facsimile : (971-6) 5682782
Mobile : (971-50) 6265322
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Sharjah.
KEY PRINCIPALS
Abdullah Khalfan Mohamed Ali Al Shariki Proprietor & General Manager
LEGAL FORM & OWNERS
Date of Establishment : 28th January 1998
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 141840, Sharjah
Trade Licence No. : 141840 (Expires 27th January 2007)
Membership No. : 401234
Invested Capital : UAE Dh 100,000
Mr Abdullah Khalfan Mohamed Ali Al Shariki is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of general foodstuff products.
Import Countries : Europe and GCC countries.
Operating Trend : Steady
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total Revenue UAE Dh 3,900,000 UAE Dh 4,180,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Abu Dhabi Commercial Bank
Mina Road
PO Box : 4377
Sharjah
Tel : (971-6) 5737000
Fax : (971-6) 5725331
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1998, subject is owned and managed by Mr Abdullah Khalfan Mohamed Ali Al Shariki 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 and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 150,000
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/normal. |
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 |