MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AL WEHDA AL JADEEDA TRADING EST |
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Registered Office : |
P O Box – 50352, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.11.1989 |
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Com. Reg. No.: |
18945, |
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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, luggage, perfumes, cosmetics and gift items |
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 WEHDA AL JADEEDA TRADING EST
Country of Origin :
Legal Form :
Sole Proprietorship
Registration Date :
19th November 1989
Commercial Registration Number :
18945,
Trade Licence Number :
221346
Membership Number :
17614
Invested Capital :
UAE Dh 60,000
Total Workforce :
5
Line of Business :
Distributors of ready made garments, footwear, luggage, perfumes, cosmetics and
gift items.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AL WEHDA AL JADEEDA TRADING EST
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Ras Al Khor
Area
PO Box : 50352
Town :
Country :
Telephone : (971-4) 3395533
Facsimile : (971-4)
3395595
Email : nucaf@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 Dubai.
KEY PRINCIPALS
Buti Abdullah Ahmed Khalfan Al Marri Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 19th
November 1989
Legal Form :
Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 18945,
Trade Licence No. : 221346
(Expires 15th November 2007)
Membership No. : 17614
Invested Capital : UAE
Dh 60,000
Mr Buti Abdullah Ahmed Khalfan Al Marri 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, luggage, perfumes, cosmetics and gift items.
Import Countries : Europe and the
Operating Trend : Steady
Subject has a workforce of 5 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
3,000,000 UAE
Dh 3,400,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Abu Dhabi Commercial Bank
PO Box : 5550
Tel : (971-4) 2958888 / 3228141
Fax : (971-4) 2959310 / 3279632
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 1989, subject is owned and managed by Mr Buti Abdullah
Ahmed Khalfan Al Marri 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$ 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%)