MIRA
INFORM REPORT
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Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL
DHAWA AL AKHDAR CARPET & NOVELTY TRADING |
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Registered Office : |
Salaheddine
Street, Shop No. 28, Souq Al Arasa, P O Box 24421, Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
28th January 2006 |
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Com. Reg. No.: |
541099, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged
in the wholesale and retail of carpets, upholstery, handicraft, giftware and
novelties. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 60,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL DHAWA AL AKHDAR CARPET & NOVELTY TRADING
Also Known As : GREEN LIGHT FOR CARPET & HANDICRAFTS
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 28th January 2006
Commercial Registration Number : 541099, Sharjah
Trade Licence Number : 541099
Membership Number : 71483
Invested Capital : UAE Dh 50,000
Total Workforce : 6
Line of Business :
Wholesale and retail of carpets, upholstery,
handicraft, giftware and novelties.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL
DHAWA AL AKHDAR CARPET & NOVELTY TRADING
ALSO KNOWN AS
GREEN
LIGHT FOR CARPET & HANDICRAFTS
ADDRESS
Registered & Physical Address
Street : Salaheddine
Street, Shop No. 28
Area : Souq
Al Arasa
PO Box : 24421
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5220806
Facsimile : (971-6) 5221817
Mobile : (971-50) 6388819
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Sharjah.
KEY PRINCIPALS
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Bade
Mohamed Abdullah Salem Proprietor &
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 28th
January 2006
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 541099, Sharjah
Trade Licence No. : 541099
Membership No. : 71483
Invested Capital
: UAE Dh 50,000
Mr Bade Mohamed Abdullah Salem 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
wholesale and retail of carpets, upholstery, handicraft, giftware and
novelties.
Import
Countries: China and India.
Subject has a
workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Dubai Islamic
Bank
PO Box: 1409
Sharjah
Tel: (971-6) 5726444
Fax: (971-6) 5727555
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Al
Dhawa Al Akhdar Carpet & Novelty Trading is a newly established business with operations commencing in January
2006. It is engaged in the wholesale and retail of
carpets, upholstery, handicraft, giftware and novelties.
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,
however a measure of caution would be prudent given the lack of financial and
payment due to the short operating history.
Maximum suggested
credit figure: US$ 60,000
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. |
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%)