MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Real Estate
Department Building, Al Mussalla Street, Al Suq Al Kabir, P O Box 56000,
Dubai |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
5th July 1994 |
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Com. Reg. No.: |
31559 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of ready made garments, footwear, jewellery, artificial
flowers, perfumes, cosmetics and toys. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 5th July 1994
Commercial Registration Number : 31559,
Trade Licence Number : 234944
Membership Number : 31145
Invested Capital : UAE Dh 200,000
Total Workforce : 2
Line of Business : Distributors of ready made garments, footwear, jewellery,
artificial flowers, perfumes, cosmetics and toys.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Suq Al Kabir
PO Box : 56000
Town :
Country :
Telephone : (971-4) 2350996
Facsimile : (971-4) 2350996
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
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Khalid
Abdul Rahman Mohamed Al Jassmi Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 5th
July 1994
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 31559,
Trade Licence No. : 234944
(Expires 2nd July 2007)
Membership No. : 31145
Invested Capital
: UAE Dh 200,000
Mr Khalid Abdul
Rahman Mohamed Al Jassmi 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, artificial flowers, perfumes,
cosmetics and toys.
Import Countries
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Operating Trend
: Steady
Subject has a
workforce of 2 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year Ending
31/12/04 : Year
Ending 31/12/05 :
Total Revenue UAE Dh 3,150,000 UAE Dh
3,400,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates
Bank International Ltd
PO Box : 2923
Deira
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1994, subject is owned and managed by Mr Khalid Abdul Rahman Mohamed Al Jassmi
who is well respected in the local business community.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
business is considered to be a fair trade risk.
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)