MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SHAHAB STORES |
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Registered Office : |
P O Box – 4614, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17.01.1974 |
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Com. Reg. No.: |
325, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of readymade garments, textiles
and fabrics |
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 :
SHAHAB STORES
Country of Origin :
Legal Form :
Sole Proprietorship
Registration Date :
17th January 1974
Commercial Registration Number :
325,
Trade Licence Number :
205581
Membership Number :
1205
Invested Capital :
UAE Dh 3,000,000
Total Workforce :
12
Line of Business :
Distributors of readymade garments, textiles and fabrics.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
SHAHAB STORES
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Bateen
PO Box : 4614
Town :
Country :
Telephone : (971-4) 2267400
Facsimile : (971-4)
2269729
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
Mustafa Mohamed Mahmood Al Marzooqi Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 17th
January 1974
Legal Form :
Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 325,
Trade Licence No. : 205581
Membership No. : 1205
Invested Capital : UAE
Dh 3,000,000
Mr Mustafa Mohamed Mahmood Al Marzooqi 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 readymade
garments, textiles and fabrics.
Import Countries : Europe and the
Operating Trend : Steady
Subject has a workforce of 12 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
5,820,000 UAE
Dh 5,945,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
HSBC Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1974, subject is owned and managed by Mr Mustafa Mohamed
Mahmood Al Marzooqi who is well respected in the local business community.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the business is
deemed a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
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%)