MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Souq Al Wasal, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.02.1968 |
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Com. Reg. No.: |
253, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import, distribution and retail of general merchandise,
specialising in textiles and fabrics including woven materials and cotton |
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 :
Country of Origin :
Legal Form :
Sole Proprietorship
Registration Date :
27th February 1968
Commercial Registration Number :
253,
Trade Licence Number :
206316
Membership Number :
113
Invested Capital :
UAE Dh 3,000,000
Total Workforce :
7
Line of Business :
Import, distribution and retail of general merchandise.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
ADDRESS
Registered & Physical Address
Location : Souq Al Wasal
Street :
Area : Naif
PO Box : 1917
Town :
Country :
Telephone : (971-4) 2266161
/ 2267667
Facsimile : (971-4)
2267671
Premises
Subject operates from a small suite of offices and a showroom with
storage facilities that are rented and located in the Central Business Area of
Dubai.
Branch Office (s)
Location Description
Sheikh Hamdan Bin Rashid Al
Deira
Tel: (971-4) 2267687
KEY PRINCIPALS
Yaqoob Murtaza Ishaq Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 27th
February 1968
Legal Form :
Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 253,
Trade Licence No. : 206316
Membership No. : 113
Invested Capital : UAE
Dh 3,000,000
Mr Yaqoob Murtaza Ishaq 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, distribution and retail of general
merchandise, specialising in textiles and fabrics including woven materials and
cotton.
Import Countries :
Operating Trend : Steady
Subject has a workforce of 7 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh
4,175,000 UAE
Dh 4,420,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Commercial Bank of
Deira
PO Box : 1709
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Founded in 1968, Al Sayed Yaqoob Khaloori is a small business owned by
Mr Yaqoob Murtaza Ishaq, a respected Emirati businessman. It deals in a range
of general merchandise, specialising in textiles and fabrics including woven
materials and cotton.
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.
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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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%)