MIRA
INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AL GURG
STATIONERY |
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Registered Office : |
Easa Saleh Al
Gurg Building, Khalid Ibn Al Waleed Street, Al Souq Al Kabir, P O Box 325,
Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15th November 1982 |
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Com. Reg. No.: |
8472, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of stationery items, writing instruments, books,
newspapers and office equipment. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL GURG STATIONERY
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 15th November 1982
Commercial Registration Number :
8472,
Trade Licence Number : 207177
Membership Number : 9823
Invested Capital : UAE Dh 100,000
Total Workforce : 22
Line of Business : Distributors of stationery items, writing instruments,
books, newspapers and office equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL GURG STATIONERY
ADDRESS
Registered & Physical Address
Building : Easa Saleh Al Gurg Building
Street : Khalid Ibn Al Waleed Street
Area : Al Souq Al Kabir
PO Box : 325
Town :
Country : United Arab Emirates
Telephone : (971-4) 3930899
Facsimile : (971-4) 3930727
Email : gurgstat@emirates.net.ae
Premises
Subject operates from
a small suite of offices, a showroom and a warehouse that are owned and located
in the Central Business Area of Dubai.
KEY PRINCIPALS
·
Easa
Saleh Al Gurg Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 15th
November 1982
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 8472, Dubai
Trade Licence No. : 207177
(Expires 3rd November 2008)
Membership No. : 9823
Invested Capital
: UAE Dh 100,000
Mr Easa Saleh Al
Gurg 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
Subject is a member of the Easa Saleh Al Gurg Group which consists of
the following concerns :
·
Easa
Saleh Al Gurg Group
Easa Saleh Al Gurg Building
Khalid Bin Walid Street
Dubai
Tel : (971-4) 3931555
Fax : (971-4) 3933900
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Interiors
Umm Hurair Road
PO Box : 325
Dubai
Tel : (971-4) 3370116
Fax : (971-4) 3367657
Email : intrs@emirates.net.ae
·
Al Gurg
Building Services Ltd Co LLC
Al Ramool Area
Rashidiya
Dubai
Tel : (971-4) 2857770
Fax : (971-4) 2858713
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Al Gurg
Communications
Khalid Bin Walid Street
Dubai
Tel : (971-4) 3512173
Fax : (971-4) 3512121
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Al
Mashrabia Furniture Industry
Al Awir Industrial Area
PO Box : 325
Dubai
Tel : (971-4) 3330883 / 3338379
Fax : (971-4) 3522518
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Al Gurg
Fosroc Co LLC
Umm Ramool, Plot No. 202
PO Box : 657
Dubai
Tel : (971-4) 2858606 /
2858787
Fax : (971-4) 2859649 /
2852023
Email : agfdxb@emirates.net.ae
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
stationery items, writing instruments, books, newspapers and office equipment.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 22 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 9,120,000 UAE Dh
9,250,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Arab
Bank Plc
Ittihad Street
PO Box : 11364
Dubai
Tel : (971-4) 2228845
Fax
: (971-4) 2285974 / 2940847
·
National
Bank of Fujairah
PO Box 2979
Dubai
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction December 2002
Credit amount 57,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1982, Al Gurg Stationery enjoys a good reputation in the local market. It
specialises import and distribution of stationery items, writing instruments, books,
newspapers and office equipment.
The business is
owned by Mr Easa Saleh Al Gurg, a wealthy and well known Emirati businessman,
and is a member of the Easa Saleh Al Gurg Group of companies.
As far as payment
obligations are concerned, nothing detrimental has been heard regarding the
manner in which they are conducted, and as such the company is deemed a sound
trade risk. The above credit figure is considered to be within subject’s
financial means.
Maximum suggested
credit figure: US$ 200,000
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%)