MIRA
INFORM REPORT
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Report Date : |
12.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL
JASMI AUTO SPARE PART TRADING |
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Registered Office : |
Al
Nuaimi Area, P O Box 5671, Ajman |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1st May 2000 |
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Com. Reg. No.: |
192561 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged
in the wholesale and retail of automotive spare parts, lubricants, oils and
greases. |
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 : |
Regular
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Litigation : |
Clear |
SUMMARY
Company Name : AL JASMI AUTO SPARE PART TRADING
Country of Origin : Ajman, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 1st May 2000
Commercial Registration Number : 192561, Ajman
Invested Capital : UAE Dh 150,000
Total Workforce : 5
Line of Business : Wholesalers and retailers of automotive spare parts, lubricants,
oils and greases.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL JASMI
AUTO SPARE PART TRADING
ADDRESS
Registered & Physical Address
Location : Al Nuaimi Area
PO Box : 5671
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7462280
Facsimile : (971-6) 7462280
Mobile : (971-50) 6546097
Email : aljasmi@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a showroom that are rented and
located in the Central Business Area of Ajman.
Branch Office (s)
Location Description
· PO Box : 31413 Rented
showroom premises
Deira
Dubai
Tel : (971-4) 2868383
KEY PRINCIPALS
·
Ahmed
Abdullah Al Jasmi Proprietor
& General Manager
·
Harry
Harren Assistant
General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1st May 2000
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 192561, Ajman
Invested
Capital : UAE Dh 150,000
Mr Ahmed
Abdullah Al Jasmi 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
wholesale and retail of automotive spare parts, lubricants, oils and greases.
Import
Countries :
Europe and Japan.
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 3,260,000 UAE Dh
3,600,000
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
Established
in 2000, subject is owned and managed by Mr Ahmed Abdullah Al Jasmi who is well
respected in the local business community.
According
to local sources subject is making steady progress in the local business market
and nothing detrimental has been reported regarding the manner in which
payments are fulfilled. As such the business is considered to be a fair trade
risk and the above credit figure is deemed admissible.
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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