MIRA INFORM REPORT

 

 

Report Date :

17.11.2006

 

IDENTIFICATION DETAILS

 

Name :

PINK TOWER TRADING EST

 

 

Registered Office :

Sharaf Salman Ali Building, Ali Ibn Ali Talib Street, Al Souq Al Kabir, P. O. Box 43459, Dubai, United Arab Emirates

 

 

Date of Incorporation :

28th July 2002

 

 

Com. Reg. No.:

92055

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of ready made garments and textiles, perfumes and cosmetics, agarwood and incense, imitation jewellery and giftware, novelties, toys and games, suitcases and travel requisites.

 

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$ 60,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                                : PINK TOWER TRADING EST

Country of Origin                            : Dubai, United Arab Emirates

Legal Form                                       : Sole Proprietorship

Registration Date                             : 28th July 2002

Commercial Registration Number  : 92055, Dubai

Trade Licence Number                     : 536120

Membership Number                       : 70695

Invested Capital                               : UAE Dh 100,000

Total Workforce                               : 4

Line of Business                              : Distributors of ready made garments,

  textiles, jewellery, cosmetics, toys and

  luggage.

Financial Condition                         : Satisfactory

Payments                                         : Nothing detrimental uncovered

Operating Trend                               : Steady

 

 

 

COMPANY NAME

 

PINK TOWER TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Building      : Sharaf Salman Ali Building

Street                   : Ali Ibn Ali Talib Street

Area            : Al Souq Al Kabir

 

PO Box        : 43459

 

Town           : Dubai

Country      : United Arab Emirates

 

Telephone   : (971-4) 3523661 / 3523667

Facsimile    : (971-4) 5140408

 

 

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

 

·        Hussain Darwish Abbas Hussain                    Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th July 2002

 

Legal Form                    : Mouassasa Khassa (Sole Proprietorship)

 

Commercial Reg. No.    : 92055, Dubai

 

Trade License No.         : 536120 (Expires 21st July 2006)

 

Membership No.           : 70695

 

Invested Capital            : UAE Dh 100,000

 

Mr Hussain Darwish Abbas Hussain 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.

 

 

AFFILIATED COMPANIES

 

·      Milky Valley Trading Est

Sharaf Salman Ali Building

Ali Ibn Ali Talib Street

Al Souq Al Kabir

PO Box : 43459

Dubai

Tel : (971-4) 3523661 / 3523667

Fax : (971-4) 5140408

   

·      Pink Planet Trading LLC

Sharaf Salman Ali Building

Ali Ibn Ali Talib Street

Al Souq Al Kabir

PO Box : 43459

    Dubai

Tel : (971-4) 3523661 / 3523667

Fax : (971-4) 5140408

   

·      All View Trading Est

    Sharaf Salman Ali Building

    Ali Ibn Abi Talib Street

    Al Souq Al Kabir

    PO Box: 43459

    Dubai

    Tel: (971-4) 3535418

    Fax: (971-4) 3535420

    Email: allview@emirates.net.ae

 

·      Al Badawi Electrical Supply Co LLC

Royal House

Al Wuheida Street

Hor Al Anz Area

PO Box: 1143

Dubai

Tel: (971-4) 2620624

Fax: (971-4) 2620699

Email: mazenbas@emirates.net.ae

 

·      Tiny World Overseas LLC

    Sayed Sharaf Salman Ali Building

    Al Falah Street

    Al Souq Al Kabir

    PO Box: 44418

    Dubai

 

 

LINE OF BUSINESS

 

Operations

 

Engaged in the import and distribution of ready made garments and textiles, perfumes and cosmetics, agarwood and incense, imitation jewellery and giftware, novelties, toys and games, suitcases and travel requisites.

 

Import Countries

 

Europe and the Far East.

 

Operating Trend

 

Steady

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                   Year Ending 31/12/03:           Year Ending 31/12/03:

 

Total Revenue       UAE Dh 1,500,000                  UAE Dh 2,270,000

 

Local sources consider subject’s financial condition to be Satisfactory.

 

 

BANKERS

 

·      Habib Bank Ltd

Murshid Bazaar

PO Box : 50358

Dubai

Tel : (971-4) 2221281

    Fax : (971-4) 2284631

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 15,000,000:

 

Established in July 2002, Pink Tower Trading Est is a Sole Proprietorship owned by Hussain Darwish Abbas Hussain, who has interests in a number of ventures in Dubai. The subject is engaged in the import and distribution of ready made garments and textiles, perfumes and cosmetics, agarwood and incense, imitation jewellery and giftware, novelties, toys and games, suitcases and travel requisites.

 

According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.

 

Maximum suggested credit figure : US$ 60,000

 

 

 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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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