MIRA
INFORM REPORT
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Report Date : |
4th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SEA OF INCENSE & PERFUME |
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Registered Office : |
Endowments
& Islamic Affairs Department Building, 4th Floor, 40 Sikkat Al
Khail Street, Murshid Bazaar, PO Box: 113569, Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
07.12.2003 |
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Com. Reg. No.: |
99568, Dubai |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Importer
and Distributor of perfumes, cosmetics and incense. |
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$
100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
SEA OF INCENSE & PERFUME |
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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 |
7th December 2003 |
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Commercial
Registration Number |
99568, Dubai |
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Trade
Licence Number |
551206 |
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Membership
Number |
82676 |
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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 perfumes, cosmetics and incense. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
SEA OF
INCENSE & PERFUME
ADDRESS
Registered & Physical Address
Building : Endowments & Islamic Affairs
Department Building, 4th Floor
Street : 40 Sikkat Al Khail Street
Area : Murshid Bazaar
PO Box : 113569
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2295913
Facsimile : (971-4) 2295914
Mobile : (971-50) 6112067
Email : yamuflehi@hotmail.com
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
·
Yasser
Ahmed Mohsin Al Muflahi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th December 2003
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 99568, Dubai
Trade Licence No. : 551206 (Expires 30th November
2007)
Membership No. : 82676
Invested
Capital : UAE Dh 100,000
Mr
Yasser Ahmed Mohsin Al Muflahi 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 perfumes, cosmetics and incense.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
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
31/12/04 : Year
Ending 31/12/05 :
Total
Revenue UAE Dh 3,100,000 UAE Dh
3,600,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Dubai
Islamic Bank
PO Box : 1080
Dubai
Tel :
(971-4) 2953000
Fax :
(971-4) 2954111
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 2003, subject is owned and managed by Mr Yasser Ahmed Mohsin Al Muflahi who
is well respected in the local business community.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
Maximum
suggested credit figure: US$ 100,000
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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