MIRA
INFORM REPORT
|
Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CHOICE LINE
TRADING EST |
|
|
|
|
Registered Office : |
Tariq Ahmed
Alhaidan Building, 2nd Floor, Suite No. 203, Al Souq Al Kabir Street,
Al Bateen, Murshid Bazar, Deira, P O Box 40370, Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
11th June 2003 |
|
|
|
|
Com. Reg. No.: |
97028, Dubai |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Import and
distribution of ready made garments, footwear, perfumes, cosmetics, toys 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$ 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : CHOICE LINE TRADING EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 11th June 2003
Commercial Registration Number : 97028, Dubai
Trade Licence Number : 545788
Membership Number : 78428
Invested Capital : UAE Dh 200,000
Total Workforce : 5
Line of Business : Distributors of ready made garments, footwear, perfumes, cosmetics,
toys and gift items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CHOICE LINE TRADING
EST
ADDRESS
Registered & Physical Address
Building : Tariq Ahmed Alhaidan Building, 2nd
Floor, Suite No. 203
Street : Al Souq Al Kabir Street
Area : Al Bateen, Murshid Bazar,
Deira
PO Box : 40370
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2249911 / 2352345 / 2351260
Facsimile : (971-4) 2213910 / 2351320
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
·
Fatima Abbas
Karam Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 11th
June 2003
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 97028, Dubai
Trade Licence No. : 545788
(Expires 6th June 2008)
Membership No. : 78428
Invested Capital
: UAE Dh 200,000
Mr Fatima Abbas
Karam 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
·
Choice Point
Trading
Tariq Ahmed Alhaidan Building
Al Souq Al Kabir Street
Al Bateen
PO Box : 46126
Dubai
Tel : (971-4) 2352345
Fax : (971-4) 2352346
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
ready made garments, footwear, perfumes, cosmetics, toys and gift items.
Import Countries
: Europe and the Far East.
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 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 3,750,000 UAE Dh 4,190,000
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
·
Habib Bank AG
Zurich
Trade Service Centre
Murshid Bazaar
PO Box : 888
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$ 150,000
Established in
2003, subject is involved in the import and distribution of ready made
garments, footwear, perfumes, cosmetics, toys and gift items.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk. As such the above credit figure is
considered to be admissible.
Maximum suggested
credit figure: US$ 100,000
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 |
|
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%)