MIRA
INFORM REPORT
|
Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BUSTAN AL KHAIRAT
FOODSTUFF TRADING |
|
|
|
|
Registered Office : |
Al Buteena Area,
P O Box 29749, Sharjah |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
18th February 2003 |
|
|
|
|
Com. Reg. No.: |
44385, Sharjah |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the import
and distribution of general foodstuff products, including rice, lentils,
beans, saffron, tea and other dried foods. |
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$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : BUSTAN AL KHAIRAT FOODSTUFF TRADING
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 18th February 2003
Commercial Registration Number : 44385, Sharjah
Trade Licence Number : 519428
Membership Number : 57544
Invested Capital : UAE Dh 25,000
Total Workforce : 15
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BUSTAN AL KHAIRAT
FOODSTUFF TRADING
ADDRESS
Registered & Physical Address
Location : Al Buteena Area
PO Box : 29749
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5658411 / 5647512
Facsimile : (971-6) 5655936
Email : balkfoost@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Nadim Ahmed
Abu Baker Indian
Proprietor & General Manager
·
Abdul Hamid
Abdullah Mohamed Al Ali Emirati
Local Sponsor
LEGAL FORM &
OWNERS
Date of Establishment : 18th
February 2003
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 44385,
Sharjah
Trade Licence No. : 519428
(Expires 16th February 2008)
Membership No. : 57544
Invested Capital
: UAE Dh 25,000
Mr Nadim Ahmed Abu
Baker 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
·
Bustan Al
Khairat Plaster Paint, Tiles and Decoration Contracting
PO Box : 29749
Sharjah
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
general foodstuff products, including rice, lentils, beans, saffron, tea and
other dried foods.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 15 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 3,900,000 UAE Dh
4,250,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2003, subject is owned and managed by Mr Nadim Ahmed Abu Baker, an Indian
national who operates in Sharjah under the local sponsorship of Mr Abdul Hamid Abdullah
Mohamed Al Ali.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company 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
|
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%)