MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL MAWAKEB NUTS TRADING EST |
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Registered Office : |
New Industrial Area, PO Box 5394, Ajman |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
2.01.2006 |
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Com. Reg. No.: |
33255 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and Retailers of Nuts and Seeds |
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 $ 75,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : AL MAWAKEB NUTS TRADING EST
Country of Origin : Ajman, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 2nd January 2006
Commercial Registration Number : 33255, Ajman
Trade Licence Number : 33255
Membership Number : 42175
Invested Capital : UAE Dh 100,000
Total Workforce : 8
Line of Business : Wholesalers and retailers of nuts and seeds.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL MAWAKEB NUTS TRADING EST
ADDRESS
Registered & Physical Address
Location : New Industrial Area
PO Box : 5394
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7439826 / 7439827
Facsimile : (971-6) 7439829
Email : info@mawakeb.nuts.com
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Industrial Area of Ajman.
Branch Office (s)
Location Description
PO Box : 52209 Office premises
Dubai
Tel : (971-4) 2711407
Fax : (971-4) 2737258
KEY PRINCIPALS
Name Nationality Position
Mohamed Koti Karwara Konat Indian Proprietor & General Manager
Ms Fatema Rashed Al Ramela Emirati Local Sponsor
LEGAL FORM & OWNERS
Date of Establishment : 2nd January 2006
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 33255, Ajman
Trade Licence No. : 33255 (Expires 1st January 2008)
Membership No. : 42175
Invested Capital : UAE Dh 100,000
Mr. Mohamed Koti Karwara Konat 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 wholesale and retail of nuts and seeds, including peanuts,
massalla, green peas, chana, boondi and fried dal.
Import Countries : Africa and the Far East.
Subject has a workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
National Bank of Abu Dhabi
Main Street
PO Box : 988
Ajman
Tel : (971-6) 5422996
Fax : (971-6) 5425750
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Investigations undertaken in Ajman did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.
Maximum suggested credit figure: US$ 75,000
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%)