MIRA
INFORM REPORT
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Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
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Name : |
COUNTRY GIRL
FASHION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28th August 1994 |
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Com. Reg. No.: |
32069, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import, distribution and retail of textiles, readymade garments, shoes,
handbags and leather products as well as fashion accessories. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : COUNTRY GIRL FASHION
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 28th August 1994
Commercial Registration Number :
32069,
Trade Licence Number : 235496
Membership Number : 31818
Invested Capital : UAE Dh 100,000
Total Workforce : 5
Line of Business : Import, distribution and retail of textiles, readymade
garments, shoes, handbags and leather products
as well as fashion accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
COUNTRY GIRL
FASHION
ADDRESS
Registered & Physical Address
Building : Fatima Bint Essa Bin Thani
Building, Shop No. 4
Street : Al Ras Street
Area : Souk Al Marri, Al Ras, Deira
PO Box : 81090
Town :
Country : United Arab Emirates
Telephone : (971-4) 2261117
Facsimile : (971-4) 2295841
Premises
Subject operates
from a small suite of offices and a shop that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
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Ali
Hamad Ahmad Sanad Souwaidi Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 28th
August 1994
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 32069, Dubai
Trade Licence No. : 235496
(Valid until 17/08/2007)
Membership No. : 31818
Invested Capital
: UAE Dh 100,000
Mr Ali Hamad Ahmad
Sanad Souwaidi 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, distribution and
retail of textiles, readymade garments, shoes, handbags and leather products as
well as fashion accessories.
Import
Countries: India and
Pakistan
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 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 4,890,000 UAE Dh 5,025,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of
Souq Al Wasl Branch
PO Box : 2668
Dubai
Tel : (971-4) 2276111
Fax : (971-4) 2273703
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National
Bank of Ras Al Khaimah
Al Maktoum Street
PO Box : 1531
Dubai
Tel : (971-4) 2226291
Fax : (971-4) 2281312
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
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
business is considered to be a fair trade risk and the above credit figure is
within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
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%)