MIRA INFORM REPORT

 

 

Report Date :

02.03.2007

 

 

IDENTIFICATION DETAILS

 

Name :

REWA TRADING EST

 

 

Registered Office :

Ibrahim Ali Al Zarouni Building, Sikkat Al Khalil Street, Al Bateen, P O Box 2500 & 65391, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

27th December 1992

 

 

Com. Reg. No.:

27213

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of ready made garments, textiles embroidery and sewing requisites.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 80,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

SUMMARY

 

Company Name                         : REWA TRADING EST

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 27th December 1992

Commercial Registration Number            : 27213, Dubai

Trade Licence Number                            : 229865

Membership Number                              : 26052

Invested Capital                                     : UAE Dh 100,000

Total Workforce                                     : 5

Line of Business                                    : Distributors of ready made garments, textiles and sewing requisites.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

REWA TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Ibrahim Ali Al Zarouni Building

Street               : Sikkat Al Khalil Street

Area                 : Al Bateen

PO Box             : 2500 & 65391

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2258378 / 2583788

Facsimile          : (971-4) 2259341

Email                : rewadxb@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

 

·         Salah Khadim Al Masam                                          Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th December 1992

 

Legal Form                  : Mouassasa Khassa (Sole Proprietorship)

 

Commercial Reg. No.  : 27213, Dubai

 

Trade Licence No.       : 229865 (Expires 26th December 2006)

 

Membership No.          : 26052

 

Invested Capital           : UAE Dh 100,000

 

Mr Salah Khadim Al Masam 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.

 

 

AFFILIATED COMPANIES

 

·       Max Pro LLC

     Mohamed Amin Al Kazim Building

     Khalid Ibn Al Waleed Street

     Al Mankhool

     PO Box : 10318

     Dubai

     Tel : (971-4) 3555525

     Fax : (971-4) 3555565

     Email : majid@maxprocomputer.com

 

·       Silicon Valley LLC

Mohamed Abdur Razaq Abdur Rahim Building

Khalid Bin Al Waleed Street

Al Rifaa

PO Box: 29589

Dubai

Tel : (971-4) 3936669

Fax: : (971-4) 3936665

Email: siliconv@emirates.net.ae

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import and distribution of ready made garments, textiles embroidery and sewing requisites.

 

Import Countries : Europe and GCC countries.

 

Operating Trend : Steady

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                    Year Ending 31/12/04:                            Year Ending 31/12/05:

 

Total Revenue                UAE Dh 2,375,000                                 UAE Dh 2,590,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Bank of Baroda

PO Box : 5107

Dubai

Tel : (971-4) 5531955

Fax : (971-4) 5536962

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1992, subject is owned and managed by Mr Salah Khadim Al Masam 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$ 80,000

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions