MIRA
INFORM REPORT
|
Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
NIRMALS
INTERNATIONAL PALACE |
|
|
|
|
Registered Office : |
Musabeh
Salem Musabeh Building, Al Suq Al Kabir Street, Al Bateen, P. O. Box 45048
& 6558, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Date of Incorporation : |
10.03.1992 |
|
|
|
|
Com. Reg. No.: |
24908 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Import
and distribution of textiles, ready made garments, footwear and gift items. |
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$
200,000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
correct |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : NIRMALS INTERNATIONAL PALACE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 10th March 1992
Commercial Registration Number : 24908, Dubai
Trade Licence Number : 227352
Membership Number : 23466
Invested Capital : UAE Dh 3,000,000
Total Workforce : 8
Line of Business : Distributors of textiles, ready made garments, footwear and gift
items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NIRMALS
INTERNATIONAL PALACE
ADDRESS
Registered & Physical Address
Building : Musabeh Salem Musabeh Building
Street : Al Suq Al Kabir Street
Area : Al Bateen
PO Box : 45048 & 6558
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2253293
Facsimile : (971-4)
Email : nirmals@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
·
Ali
Mohamed Juma Saeed Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 10th March 1992
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 24908, Dubai
Trade Licence No. : 227352 (Expires 28th February
2007)
Membership No. : 23466
Invested
Capital : UAE Dh 3,000,000
Mr Ali
Mohamed Juma Saeed 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 textiles, ready made garments, footwear and gift
items.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 8 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 6,100,000 UAE Dh
6,350,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Emirates
Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
Acc No. 0033 0434 60 001
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1992, subject is owned and managed by Mr Ali Mohamed Juma Saeed who is well
respected in the local business community.
According
to local sources, subject’s financial condition is satisfactory whilst payments
are made in a timely manner. The company’s operating history is reportedly
clear and the above credit figure is considered to be within subject’s
financial means.
Maximum
suggested credit figure: US$ 200,000
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|