MIRA
INFORM REPORT
|
Report Date : |
21.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AWLADONA
READYMADE GARMENT TRADING |
|
|
|
|
Registered Office : |
New Industrial
Area, P O Box 20765, Ajman |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
5th September 2004 |
|
|
|
|
Com. Reg. No.: |
35390, Ajman |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the wholesale
and retail of ready made garments and textiles. |
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 : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : AWLADONA READYMADE GARMENT TRADING
Country of Origin : Ajman, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 5th September 2004
Commercial Registration Number : 35390, Ajman
Trade Licence Number : 35390
Invested Capital : UAE Dh 100,000
Total Workforce : 8
Line of Business : Wholesalers and retailers of ready made garments and textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AWLADONA READYMADE
GARMENT TRADING
ADDRESS
Registered & Physical Address
Location : New Industrial Area
PO Box : 20765
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7432425 / 7431637 / 7480696
Facsimile : (971-6) 7431638
Email : awladna@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
Asif Ismail Kadia
Indian Proprietor & General Manager
Saif Ahmed Al Suwaidi Emirati Local Sponsor
LEGAL FORM &
OWNERS
Date of Establishment : 5th
September 2004
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 35390, Ajman
Trade Licence No. : 35390
Invested Capital
: UAE Dh 100,000
Mr Asif Ismail Kadia 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 wholesale and retail of
ready made garments and textiles.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 8 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 3,100,000 UAE Dh
3,300,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Abu Dhabi
Commercial Bank
PO Box : 1843
Ajman
Tel
: (971-6) 7443444
Fax
: (971-6) 7443300
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in
2004, subject is owned and managed by Mr Asif
Ismail Kadia, an Indian national who operates in Ajman under the local
sponsorship of Mr Saif Ahmed Al Suwaidi.
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%)