MIRA
INFORM REPORT
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Report Date : |
23rd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
FAIRWELL TRADING |
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Registered Office : |
Nasser
Abdullah Hussain Lootah Building, Al Bateen Street, Al Bateen, PO Box:
117021, Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
09.06.2004 |
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Com. Reg. No.: |
102633, 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 |
FAIRWELL TRADING |
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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 |
9th June 2004 |
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Commercial
Registration Number |
102633, Dubai |
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Trade
Licence Number |
558053 |
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Membership
Number |
88208 |
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Invested
Capital |
UAE Dh 100,000 |
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Total
Workforce |
4 |
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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 |
COMPANY NAME
FAIRWELL
TRADING
ADDRESS
Registered & Physical Address
Building : Nasser Abdullah Hussain Lootah
Building
Street : Al Bateen Street
Area : Al Bateen
PO Box : 117021
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2352653
Facsimile : (971-4) 2352654
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
·
Sultan
Mohamed Meftah Obaid Al Shamsi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 9th June 2004
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 102633, Dubai
Trade Licence No. : 558053 (Expires 6th June 2007)
Membership No. : 88208
Invested
Capital : UAE Dh 100,000
Mr
Sultan Mohamed Meftah Obaid Al Shamsi 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 GCC countries.
Subject
has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 :
Total
Revenue UAE Dh
4,280,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
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 2004, subject is involved in the import and distribution of ready made
garments, footwear, jewellery, perfumes, cosmetics and sunglasses.
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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