MIRA
INFORM REPORT
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Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL MAKRANI
FASHIONS EST |
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Registered Office : |
Dubai Tower, Flat
No. 1802, Baniyas Square, Al Rigga, P O Box 41605, 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 : |
17th January 2001 |
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Com. Reg. No.: |
85794, 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, footwear, jewellery, perfume,
cosmetics and toys. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL MAKRANI FASHIONS EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 17th January 2001
Commercial Registration Number : 85794, Dubai
Trade Licence Number : 523636
Membership Number : 61880
Invested Capital : UAE Dh 120,000
Total Workforce : 2
Line of Business : Distributors of ready made garments, footwear,
jewellery, perfume, cosmetics and toys.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL MAKRANI FASHIONS
EST
ADDRESS
Registered & Physical Address
Building : Dubai Tower, Flat No. 1802
Street : Baniyas Square
Area : Al Rigga
PO Box : 41605
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2243464
Facsimile : (971-4) 2243465
Email : aghassan@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
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Walid Almas
Walid Khamis Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
January 2001
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 85794, Dubai
Trade Licence No. : 523636
(Expires 15th January 2008)
Membership No. : 61880
Invested Capital
: UAE Dh 120,000
Mr Walid Almas
Walid Khamis 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, footwear, jewellery, perfume, cosmetics and toys.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 2 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 Sales UAE Dh 3,627,000 UAE Dh
3,960,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Habib Bank Ltd
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
2001, subject is owned and managed by Mr Walid Almas Walid Khamis who is well
respected in the local business community.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
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%)