MIRA
INFORM REPORT
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Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ANTARES TRADING |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15th November 1998 |
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Com. Reg. No.: |
33060, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of general foodstuff products, herbs and kitchen 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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ANTARES TRADING
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 15th November 1998
Commercial Registration Number : 33060, Sharjah
Trade Licence Number : 124950
Membership Number : 43333
Invested Capital : UAE Dh 150,000
Total Workforce : 5
Line of Business : Distributors of general foodstuff products, herbs
and kitchen equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ANTARES TRADING
ADDRESS
Registered & Physical Address
Building :
Street :
PO Box : 41161
Town : Sharjah
Country :
Telephone : (971-6) 5557656 / 5557989
Facsimile : (971-6) 5557992
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Govinda
Pillai Krishna Indian Proprietor & General Manager
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Hassan
Saeed Hassan Emirati Local
Sponsor
LEGAL FORM &
OWNERS
Date of Establishment : 15th
November 1998
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 33060,
Sharjah
Trade Licence No. : 124950
Membership No. : 43333
Invested Capital
: UAE Dh 150,000
Mr Govinda Pillai Krishna 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
general foodstuff products, herbs and kitchen equipment.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 5 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year Ending
31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 5,100,000 UAE Dh 5,350,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
PO Box : 25
Sharjah
Tel : (971-6) 5537222
Fax : (971-6) 5537880
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1998, subject is owned and managed by Mr Govinda Pillai Krishna, an Indian national who operates in
Sharjah under the local sponsorship of Mr Hassan Saeed Hassan.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company 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%)