MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
I CARE GENERAL TRADING |
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Registered Office : |
Building No. 24,
Office 105, Dubai Health City, PO Box 505114, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
February 2008 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of cosmetic products, skin care products,
herbal remedies and perfumes |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : I CARE GENERAL TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : February 2008
Invested Capital : UAE Dh 100,000
Total Workforce : 15
Activities : Distributors of cosmetic products, skin care products, herbal remedies and perfumes.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 50,000
COMPANY NAME
I CARE GENERAL
TRADING
ADDRESS
Registered &
Physical Address
Building : Building No. 24, Office 105
Area : Dubai Health City
PO Box : 505114
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4233616
Facsimile : (971-4) 4233615
Email : ceo@icaregroup.ae
Premises
Subject operates from
a small suite of offices that are rented and located in the Dubai Health City.
KEY PRINCIPALS
Name Nationality Position
·
Aihsa Buti Al
Muhairy Emirati Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : February 2008
Legal Form :
Sole Proprietorship
Invested Capital
: UAE Dh 100,000
Mrs Aihsa Buti Al
Muhairy is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
cosmetic products, skin care products, herbal remedies and
perfumes.
Import
Countries: Europe and the Far East.
Subject has a
workforce of 15 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Dubai 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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%)