MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Ajman Industrial
Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27th January 2001 |
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Com. Reg. No.: |
21490, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and distribution
of ready made garments, footwear, jewellery, perfumes, cosmetics and gift
items. |
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 : 27th January 2001
Commercial Registration Number :
21490,
Membership Number : 31639
Invested Capital : UAE Dh 100,000
Total Workforce : 3
Line of Business : Distributors of ready made garments, footwear,
jewellery, perfumes, cosmetics and gift items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ADDRESS
Registered & Physical Address
Location :
PO Box : 18221
Town :
Country :
Telephone : (971-6) 7438820
Facsimile : (971-6) 7438801
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
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Mohamed
Ali Hassan Ahmed Al Mazouri Proprietor
& General Manager
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Abdul
Azeez Assistant
General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 27th
January 2001
History : Subject was originally named “Al Mayas
General Trading”, however on 5th February
2007 it changed its name to “Al Mayas International”.
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 21490,
Membership No. : 31639
Invested Capital
: UAE Dh 100,000
Mr Mohamed Ali
Hassan Ahmed Al Mazouri 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, footwear, jewellery, perfumes, cosmetics and gift items.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 3 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 2,600,000 UAE Dh
2,837,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Abu
Dhabi Commercial Bank
PO Box : 1843
Tel
: (971-6) 7443444
Fax
: (971-6) 7443300
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2001, subject is owned and managed by Mr Mohamed Ali Hassan Ahmed Al Mazouri
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.
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%)