MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BURJ YOONIS
READYMADE GARMENTS |
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Registered Office : |
Salem Musabah Bin
Hamoodah Building, Al Ras Street, Al Ras, P O Box 114927, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14th March 2004 |
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Com. Reg. No.: |
101120, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of ready made 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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : BURJ YOONIS READYMADE GARMENTS
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 14th March 2004
Commercial Registration Number : 101120, Dubai
Trade Licence Number : 554626
Membership Number : 85412
Invested Capital : UAE Dh 100,000
Total Workforce : 6
Line of Business : Distributors of ready made garments, textiles and fabrics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BURJ YOONIS
READYMADE GARMENTS
ADDRESS
Registered & Physical Address
Building : Salem Musabah Bin Hamoodah
Building
Street : Al Ras Street
Area : Al Ras
PO Box : 114927
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2264789
Facsimile : (971-4) 2264789
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
·
Abdul Rahman Ahmed
Abdul Rahman Younus Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 14th
March 2004
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 101120, Dubai
Trade Licence No. : 554626
(Expires 12th March 2008)
Membership No. : 85412
Invested Capital
: UAE Dh 100,000
Mr Abdul Rahman
Ahmed Abdul Rahman Younus 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
ready made garments, textiles and fabrics.
Import Countries
: Europe and the Far East.
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 3,000,000 UAE Dh
3,400,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
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 Abdul Rahman Ahmed Abdul Rahman Younus
who is well respected in the local business community.
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
company is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
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%)