MIRA
INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
WORLD MARKET GENERAL TRADING EST |
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Registered Office : |
Abdul Aziz
Abdullah Jaafar Building, Al Ras Street, Al Souk Al Kabir, Gold Market, Deira,
PO Box 5351, 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 : |
30.01.1979 |
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Com. Reg. No.: |
4129, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and Retail of Textiles and Fabrics |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : WORLD MARKET GENERAL TRADING EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 30th January 1979
Commercial Registration Number : 4129, Dubai
Trade Licence Number : 201120
Chamber Membership Number : 5150
Invested Capital : UAE Dh 3,000,000
Total Workforce : 2
Activities : Wholesale and retail of textiles and fabrics
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
COMPANY NAME
WORLD MARKET
GENERAL TRADING EST
ADDRESS
Registered & Physical Address
Building : Abdul Aziz Abdullah Jaafar
Building
Street : Al Ras Street
Area : Al Souk Al Kabir, Gold
Market, Deira
PO Box : 5351
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2267277 / 2269104
Facsimile : (971-4) 2269595
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
Name Nationality Position
·
Ahmad Noor
Abdulnoor Jamal Al Banna Emirati Proprietor &
General Manager
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Ansari
Habib Al Rahman - Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 30th
January 1979
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4129, Dubai
Trade Licence No. : 201120
(Expires 26/01/2009)
Chamber Member No. : 5150
Invested Capital
: UAE Dh 3,000,000
Mr Ahmad Noor
Abdulnoor Jamal Al Banna is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles and fabrics.
Import
Countries: India, China and
Southeast Asia
Operating Trend: Steady
Subject has a
workforce of 2 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 5,300,000 UAE Dh 5,700,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Ansari Habib Al Rahman,
Assistant General Manager.
BANKERS
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Emirates Bank
International Ltd
Al Nasr Square
PO Box : 2923
Dubai
Tel : (971-4) 2281181
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.31 |
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Euro |
1 |
Rs.64.61 |
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%)