MIRA
INFORM REPORT
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Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ABU BAKER QASSIM & SONS |
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Registered Office : |
Al Shawaheen Area, P O Box – 203, Sharjah, |
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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 : |
26.04.1975 |
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Com. Reg. No.: |
829, Sharjah |
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Legal Form : |
Mouassasa Khassa (Sole Proprietorship) |
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Line of Business : |
Engaged in the import and distribution of novelty products,
games and electronic products. |
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 :
ABU BAKER QASSIM & SONS
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
26th April 1975
Commercial Registration Number :
829, Sharjah
Trade Licence Number :
11259
Membership Number :
1616
Invested Capital :
UAE Dh 100,000
Total Workforce :
4
Line of Business :
Distributors of novelty products, games and electronic products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
ABU BAKER QASSIM & SONS
ADDRESS
Registered & Physical Address
Location : Al Shawaheen
Area
PO Box : 203
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5327664
Facsimile : (971-6) 5332652
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
Abu Baker Qassim Pakistani Proprietor & General
Manager
Saif Salem Ali Yousef Emirati Local
Sponsor
Mohamed Ameen - Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 26th
April 1975
Legal Form :
Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 829,
Sharjah
Trade Licence No. : 11259
(Expires 20th April 2008)
Membership No. : 1616
Invested Capital : UAE
Dh 100,000
Mr Abu Baker Qassim 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
National Traders LLC
Saif Mohamed Ash Shamsi Building
Al Maktoum Street
Al Bateen
PO Box : 1295
Dubai
Tel : (971-4) 2263906 / 2264639
Fax : (971-4) 2266730
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of novelty products, games and
electronic
products.
Import Countries : China
and South Korea.
Operating Trend :
Steady
Subject has a workforce of 4 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
5,390,000 UAE
Dh 5,500,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Habib Bank AG Zurich
Immigration Road
PO Box : 1166
Sharjah
Tel : (971-6) 5730004
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1975, subject is involved in the import and distribution
of novelty products, games and electronic products.
Local sources report that payment obligations are met in a generally timely
manner and the operating history is clear. As such the business 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
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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. |
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%)