MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
NILE LAND TRADING
EST |
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Registered Office : |
Heirs of Mohamed
Noor Saif Building, Al Ras Street, Al Ras, Deira, P O Box 39370 & 171898,
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 : |
4th May 1999 |
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Com. Reg. No.: |
79752, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of textiles, ready made garments, footwear, luggage,
perfumes and cosmetics, watches and sunglasses. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : NILE LAND TRADING EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 4th May 1999
Commercial Registration Number : 79752, Dubai
Trade Licence Number : 511673
Membership Number : 54371
Invested Capital : UAE Dh 100,000
Total Workforce : 11
Line of Business : Distributors of textiles, ready made garments, footwear, luggage,
perfumes and cosmetics, watches and sunglasses.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NILE LAND TRADING
EST
ADDRESS
Registered & Physical Address
Building : Heirs of Mohamed Noor Saif
Building
Street : Al Ras Street
Area : Al Ras, Deira
PO Box : 39370 & 171898
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2217986
Facsimile : (971-4) 2277409
Premises
Subject operates
from a small suite of offices and a showroom with storage facilities that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
·
Mohamed Ali
Hassan Ali Al Balooshi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 4th
May 1999
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 79752, Dubai
Trade Licence No. : 511673
(Expires 30th April 2008)
Membership No. : 54371
Invested Capital
: UAE Dh 100,000
Mr Mohamed Ali
Hassan Ali Al Balooshi 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, luggage, perfumes and cosmetics, watches and
sunglasses.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 11 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
4,180,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Middle East
Bank Ltd
Arbift Tower
Baniyas Street
PO Box : 5547
Dubai
Tel : (971-4) 2220121
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Emirates Bank
International Ltd
Beniyas Road
Deira
PO Box : 2923
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1999, subject is owned and managed by Mr Mohamed Ali Hassan Ali Al Balooshi who
is well respected in the local business community.
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
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. |
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%)