MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Abdullah Al
Ghurair Building, Al Daghaya Street, Al Daghaya, P O Box 64769, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
8th January 2003 |
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Com. Reg. No.: |
94624, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import, distribution
and retail of textiles, readymade garments, footwear, handbags and leather
products, watches and imitation jewellery, giftware, perfumes and cosmetics. |
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 : 8th January 2003
Commercial Registration Number :
94624,
Trade Licence Number : 541003
Membership Number : 74412
Invested Capital : UAE Dh 50,000
Total Workforce : 6
Line of Business : Import, distribution and retail of textiles, readymade garments, footwear,
handbags and leather products, watches and imitation jewellery,
giftware, perfumes and cosmetics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ADDRESS
Registered & Physical Address
Building : Abdullah Al Ghurair Building
Street : Al Daghaya Street
Area : Al Daghaya
PO Box : 64769
Town :
Country : United Arab Emirates
Telephone : (971-4) 2295982
Facsimile : (971-4) 2295983
Mobile : (971-50) 4410306
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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Hamoud
Hamdan Mohamed Al Qubaisi Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 8th
January 2003
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 94624, Dubai
Trade Licence No. : 541003
Membership No. : 74412
Invested Capital
: UAE Dh 50,000
Mr Hamoud Hamdan
Mohamed Al Qubaisi 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 textiles, readymade garments, footwear, handbags and leather products,
watches and imitation jewellery, giftware, perfumes and cosmetics.
Import
Countries: India, Japan and
Europe.
Operating Trend
: Steady
Subject has a
workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 3,290,000 UAE Dh 3,600,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates
Bank International Ltd
Beniyas Road
Deira
PO Box : 2923
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Royal Sea
International Trading was established in 2003 and is engaged in the import,
distribution and retail of textiles, readymade garments, footwear, handbags and
leather products, watches and imitation jewellery, giftware, perfumes and
cosmetics.
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 and the above credit figure is
within subject’s financial means.
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%)