MIRA
INFORM REPORT
|
Report Date : |
23rd
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
MUBARAK HUSAIN READYMADE GARMENTS TRADING |
|
|
|
|
Registered Office : |
Umm Al
Tarafa, PO Box: 62502, Sharjah, United Arab Emirates |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Date of Incorporation : |
08.03.2005 |
|
|
|
|
Com. Reg. No.: |
533565, Sharjah |
|
|
|
|
Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
|
|
|
|
Line of Business : |
Engaged
in the import and distribution of ready made garments and related
accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$
100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company
Name |
MUBARAK HUSAIN READYMADE GARMENTS TRADING |
|
Country
of Origin |
Sharjah, United Arab Emirates |
|
Legal
Form |
Sole Proprietorship |
|
Registration
Date |
8th March 2005 |
|
Commercial
Registration Number |
533565, Sharjah |
|
Trade
Licence Number |
533565 |
|
Membership
Number |
67837 |
|
Invested
Capital |
UAE Dh 150,000 |
|
Total
Workforce |
5 |
|
Line
of Business |
Distributors of ready made garments and related accessories. |
|
Financial
Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
COMPANY NAME
MUBARAK
HUSAIN READYMADE GARMENTS TRADING
ADDRESS
Registered & Physical Address
Location : Umm Al Tarafa
PO Box : 62502
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5616122
Facsimile : (971-6) 5616122
Mobile : (971-50) 8649779
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Mubarak
Husain Indian Proprietor &
General Manager
·
Ayman
Gamal Emirati Local Sponsor
LEGAL FORM & OWNERS
Date of Establishment : 8th March 2005
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 533565, Sharjah
Trade Licence No. : 533565
Membership No. : 67837
Invested
Capital : UAE Dh 150,000
Mr
Mubarak Husain 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 and related accessories.
Import
Countries :
Europe and the Far East.
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
31/12/06 :
Total
Revenue UAE Dh 3,500,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
United
Bank Ltd
PO Box : 669
Sharjah
Tel : (971-6) 5682094
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 2005, subject is owned and managed by Mr Mubarak Husain, an Indian national
who operates in Sharjah under the local sponsorship of Mr Ayman Gamal.
In view
of subject’s infancy, extensive payment and financial are not available,
therefore dealings are recommended to be on secured terms, and a close
monitoring of subject’s business development is advisable.
Maximum
suggested credit figure: US$ 100,000
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and principal
sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|