MIRA
INFORM REPORT
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Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
JERUSALEM CORNER
GENERAL TRADING EST |
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Registered Office : |
Mohamed Yousuf Al
Budoor Building, Al Bateen Street, Al Bateen, P O Box 385, 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 : |
20th June 1976 |
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Com. Reg. No.: |
470, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of linens, bedding and mattresses. |
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 : JERUSALEM CORNER GENERAL TRADING EST
Also Known As : AL QUDS CORNER GENERAL TRADING EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 20th June 1976
Commercial Registration Number : 470, Dubai
Trade Licence Number : 202803
Membership Number : 2185
Invested Capital : UAE Dh 3,000,000
Total Workforce : 10
Line of Business : Distributors of linens, bedding and mattresses.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
JERUSALEM CORNER
GENERAL TRADING EST
ALSO KNOWN AS
AL QUDS CORNER
GENERAL TRADING EST
ADDRESS
Registered & Physical Address
Building : Mohamed Yousuf Al Budoor Building
Street : Al Bateen Street
Area : Al Bateen
PO Box : 385
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2264597
Facsimile : (971-4) 2262339
Email : alqudscorner@hotmail.com
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
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Abdulla
Mahmoud Mohamed Al Marzouqi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 20th
June 1976
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 470, Dubai
Trade Licence No. : 202803
(Expires 5th March 2008)
Membership No. : 2185
Invested Capital
: UAE Dh 3,000,000
Mr Abdulla Mahmoud
Mohamed Al Marzouqi 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
linens, bedding and mattresses.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 10 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 3,960,000 UAE Dh
4,435,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in
1976, subject is involved in the import and distribution of linens, bedding and
mattresses.
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.
Please note that
“Jerusalem Corner General Trading Est” is the English translation of “Al Quds
Corner General Trading Est” and that the subject is registered with the Dubai
Chamber of Commerce and Industry under the name “Jerusalem Corner General
Trading Est”.
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%)