MIRA
INFORM REPORT
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Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
LEATHERS CITY
READYMADE GARMENTS TRADING |
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Registered Office : |
Hyatt Regency
Building, 1st Floor, Office No. 142, Al Sabkha Street, Al Bateen, P
O Box 251406, 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 : |
4th October 2004 |
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Com. Reg. No.: |
104215, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and
distribution of ready made garments and leather 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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : LEATHERS CITY READYMADE GARMENTS TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 4th October 2004
Commercial Registration Number : 104215, Dubai
Trade Licence Number : 561871
Membership Number : 91363
Invested Capital : UAE Dh 100,000
Total Workforce : 5
Line of Business : Distributors of ready made garments and leather products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
LEATHERS CITY
READYMADE GARMENTS TRADING
ADDRESS
Registered & Physical Address
Building : Hyatt Regency Building, 1st
Floor, Office No. 142
Street : Al Sabkha Street
Area : Al Bateen
PO Box : 251406
Town :
Dubai
Country : United Arab Emirates
Telephone : (971-4) 2096488 / 2298689
Facsimile : (971-4) 2096481 / 2298690
Email : leatherciti@gmail.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
KEY PRINCIPALS
·
Omar Abdul
Rahman Hamad Al Medfa Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 4th
October 2004
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 104215, Dubai
Trade Licence No. : 561871
(Expires 28th September 2008)
Membership No. : 91363
Invested Capital
: UAE Dh 100,000
Mr Omar Abdul
Rahman Hamad Al Medfa 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 and leather products.
Import Countries
: Europe and the Far East.
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 3,800,000 UAE Dh
4,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 3160316
Fax : (971-4) 2264302
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 involved in the import and distribution of ready made garments and
leather 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%)