MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL MEDWAR TRADING |
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Registered Office : |
Abdul Salam
Mohamed Abdul Salam Building, Sikkat Al Khail Street, Al Bateen, P O Box 31258,
Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11th October 2000 |
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Com. Reg. No.: |
83617, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of ready made garments, luggage, jewellery, perfumes
and cosmetics. |
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 : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : AL MEDWAR TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 11th October 2000
Commercial Registration Number : 83617, Dubai
Trade Licence Number : 519268
Membership Number : 60698
Invested Capital : UAE Dh 100,000
Total Workforce : 4
Line of Business : Distributors of ready made garments, luggage,
jewellery, perfumes and cosmetics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL MEDWAR TRADING
ADDRESS
Registered & Physical Address
Building : Abdul Salam Mohamed Abdul Salam
Building
Street : Sikkat Al Khail Street
Area : Al Bateen
PO Box : 31258
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2291062
Facsimile : (971-4) 2291062
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
·
Sharifa
Ibrahim Hassan Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 11th
October 2000
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 83617, Dubai
Trade Licence No. : 519268
(Expires 11th June 2007)
Membership No. : 60698
Invested Capital
: UAE Dh 100,000
Mr Sharifa Ibrahim
Hassan 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
ready made garments, luggage, jewellery, perfumes and cosmetics.
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
31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 4,500,000 UAE Dh
4,720,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2000, subject is owned and managed by Mr Sharifa Ibrahim Hassan who is well
respected in the local business community.
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
business is considered to be a fair trade risk and the above credit figure is
deemed 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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)