MIRA
INFORM REPORT
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Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHAMA FOOD
INDUSTRIES |
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Registered Office : |
Plot No. 290, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15th June 1998 |
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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, including herbs, spices and
bakery ingredients. |
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 : SHAMA FOOD INDUSTRIES
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 15th June 1998
Trade Licence Number : 506043
Membership Number : 50054
Invested Capital : UAE Dh 250,000
Total Workforce : 13
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SHAMA FOOD
INDUSTRIES
ADDRESS
Registered & Physical Address
Location : Plot No. 290
Street : Al Qusais Street
Area : Al Qusais Industrial Area
PO Box : 80336
Town :
Country : United Arab Emirates
Telephone : (971-4) 2676156 / 2679079
Facsimile : (971-4) 2674874
Email : spiceuae@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are owned and located in the
Industrial Area of Dubai.
KEY PRINCIPALS
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Saeed
Ahmed Khalifa Obaid Bin Humaidan Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 15th
June 1998
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Trade Licence No. : 506043
(Expires 8th June 2008)
Membership No. : 50054
Invested Capital
: UAE Dh 250,000
Mr Saeed Ahmed
Khalifa Obaid Bin Humaidan 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, including herbs, spices and bakery ingredients.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 13 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 4,300,000 UAE Dh
4,750,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction August 2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1998, subject is owned and managed by Mr Saeed Ahmed Khalifa Obaid Bin Humaidan
who is well respected in the local business community.
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.
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%)