MIRA
INFORM REPORT
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Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHOICE POINT TRADING |
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Registered Office : |
Tariq Ahmed
Alhaidan Building, Al Souq Al Kabir Street, Al Bateen, PO Box 46126, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
04.04.2004 |
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Com. Reg. No.: |
101450, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of Ready Made Garments, Luggage, Watches,
Jewellery 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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CHOICE POINT TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 4th April 2004
Commercial Registration Number : 101450, Dubai
Trade Licence Number : 555298
Chamber Membership Number : 86080
Invested Capital : UAE Dh 100,000
Total Workforce : 7
Activities : Distributors of ready made garments, luggage, watches, jewellery and gift items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
CHOICE POINT
TRADING
ADDRESS
Registered & Physical Address
Building : Tariq Ahmed Alhaidan Building
Street : Al Souq Al Kabir Street
Area : Al Bateen
PO Box : 46126
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2352345
Facsimile : (971-4) 2352346
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
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Fatima Abbas
Karam Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 4th
April 2004
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 101450, Dubai
Trade Licence No. : 555298
Chamber Member No. : 86080
Invested Capital
: UAE Dh 100,000
Mrs Fatima Abbas
Karam is the sole proprietor of the business.
AFFILIATED COMPANIES
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Choice Line
Trading Est
Tariq Ahmed Alhaidan Building
Al Souq Al Kabir Street
Al Bateen
PO Box : 40370
Dubai
Tel : (971-4) 2249911
Fax : (971-4) 2213910
OPERATIONS
Activities: Engaged in the import and distribution of
ready made garments, luggage, watches, jewellery and gift items.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a workforce
of 7 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 9,230,000 UAE Dh 10,675,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2004, subject is owned and managed by Mrs Fatima Abbas Karam who is well respected
in the local business community.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
business is considered to be a fair trade risk and the above credit figure is
deemed to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.58 |
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UK Pound |
1 |
Rs.81.43 |
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Euro |
1 |
Rs.64.52 |
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%)