MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AL WEHDA AL
JADEEDA TRADING EST |
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Registered Office : |
Abdullah Kharbash
Abdullah Building, Ras Al Khor Road, Ras Al Khor Area, P O Box 50352, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19th November 1989 |
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Com. Reg. No.: |
18945, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of ready made garments, footwear, luggage, perfumes,
cosmetics and gift items. |
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 : AL WEHDA AL JADEEDA TRADING EST
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 19th November 1989
Commercial Registration Number :
18945,
Trade Licence Number : 221346
Membership Number : 17614
Invested Capital : UAE Dh 60,000
Total Workforce : 5
Line of Business : Distributors of ready made garments, footwear,
luggage, perfumes, cosmetics and gift items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL WEHDA AL JADEEDA
TRADING EST
ADDRESS
Registered & Physical Address
Building : Abdullah Kharbash Abdullah
Building
Street : Ras Al Khor Road
Area : Ras Al Khor Area
PO Box : 50352
Town :
Country : United Arab Emirates
Telephone : (971-4) 3395533
Facsimile : (971-4) 3395595
Mobile : (971-50) 6512563
Email : nucaf@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
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Buti
Abdullah Ahmed Khalfan Al Marri Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 19th
November 1989
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 18945, Dubai
Trade Licence No. : 221346
(Expires 15th November 2007)
Membership No. : 17614
Invested Capital
: UAE Dh 60,000
Mr Buti Abdullah
Ahmed Khalfan Al Marri 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, footwear, luggage, perfumes, cosmetics and gift items.
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 3,000,000 UAE Dh
3,400,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Abu Dhabi
Commercial Bank
Al Rigga Road
PO Box : 5550
Dubai
Tel : (971-4) 2958888 / 3228141
Fax : (971-4) 2959310 / 3279632
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000
Established in
1989, subject is owned and managed by Mr Buti Abdullah Ahmed Khalfan Al Marri
who is well respected in the local business community.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
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%)