MIRA
INFORM REPORT
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Report Date : |
23rd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ARABIAN VEIL TRADING EST |
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Registered Office : |
Ahmed
Mohamed Belqaizi Building, Al Bateen Street, Murshid Bazaar, PO Box: 85799,
Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
17.10.2000 |
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Com. Reg. No.: |
84952, Dubai |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Engaged
in the import and distribution of ready made garments, footwear, jewellery,
perfumes, cosmetics 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 : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
ARABIAN VEIL TRADING EST |
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Country
of Origin |
Dubai, United Arab Emirates |
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Legal
Form |
Sole Proprietorship |
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Registration
Date |
17th October 2000 |
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Commercial
Registration Number |
84952, Dubai |
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Trade
Licence Number |
521868 |
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Membership
Number |
60773 |
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Invested
Capital |
UAE Dh 100,000 |
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Total
Workforce |
5 |
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Line
of Business |
Distributors of ready made garments, footwear, jewellery, perfumes, cosmetics and sunglasses. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
ARABIAN
VEIL TRADING EST
ADDRESS
Registered & Physical Address
Building : Ahmed Mohamed Belqaizi Building
Street : Al Bateen Street
Area : Murshid Bazaar
PO Box : 85799
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2250120
Facsimile : (971-4) 2291810
Premises
Subject
operates from a small suite of offices and a showroom that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
·
Abdul
Rahman Mohamed Hassan Al Marzooqi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th October 2000
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 84952, Dubai
Trade Licence No. : 521868 (Expires 16th October
2007)
Membership No. : 60773
Invested
Capital : UAE Dh 100,000
Mr Abdul
Rahman Mohamed Hassan Al Marzooqi 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, perfumes,
cosmetics and sunglasses.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/04 : Year
Ending 31/12/05 :
Total
Revenue UAE Dh 4,180,000 UAE Dh
4,600,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel :
(971-4) 2227121 / 2253222
Fax :
(971-4) 2220943 / 2254565
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 2000, subject is owned and managed by Mr Abdul Rahman Mohamed Hassan Al
Marzooqi 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 business 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/normal. |
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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