MIRA
INFORM REPORT
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Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ENZO READY MADE
GARMENTS TRADING |
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Registered Office : |
Ajman New
Industrial Area, P O Box 22056, Ajman |
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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 October 2004 |
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Com. Reg. No.: |
35603, Ajman |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture
of clothing items, specializing in dresses, skirts and blouses. |
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 : ENZO READY MADE GARMENTS TRADING
Country of Origin : Ajman, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 4th October 2004
Commercial Registration Number : 35603, Ajman
Trade Licence Number : 38518
Membership Number : 35603
Invested Capital : UAE Dh 150,000
Total Workforce : 20
Line of Business : Manufacturers of clothing items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ENZO READY MADE
GARMENTS TRADING
ADDRESS
Registered & Physical Address
Location : Ajman New Industrial Area
PO Box : 22056
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7436470
Facsimile : (971-6) 7436480
Mobile : (971-50) 2234249
Email : anzo.ajman@yahoo.com
Premises
Subject operates
from a small suite of offices and a factory that are rented and located in the
Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
·
Mutaz Al
Shayah Syrian Proprietor
& General Manager
·
Mohamed Al
Khumairy Emirati Local
Sponsor
·
Moayad Al
Shayah - Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 4th
October 2004
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 35603, Ajman
Trade Licence No. : 38518
Membership No. : 35603
Invested Capital
: UAE Dh 150,000
Mr Mutaz Al Shayah
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 manufacture of clothing
items, specialising in dresses, skirts and blouses.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 20 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 4,836,000 UAE Dh
5,107,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Abu Dhabi
Main Street
PO Box : 988
Ajman
Tel : (971-6) 5422996
Fax : (971-6) 5425750
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2004, subject is owned and managed by Mr Mutaz Al Shayah, a Syrian national who
operates in Ajman under the local sponsorship of Mr Mohamed Al Khumairy.
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.
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%)