MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL JABER GALLERY |
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Registered Office : |
Department of
Endowments and Islamic Affairs Building, Al Khor Street, Deira, PO Box 1940, 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 : |
31.07.1978 |
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Com. Reg. No.: |
14961, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Oriental Carpets, Novelties and
Gifts |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL JABER GALLERY
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 31st July 1978
Commercial Registration Number : 14961, Dubai
Trade Licence Number : 208027
Chamber Membership Number : 4703
Invested Capital : UAE Dh 300,000
Total Workforce : 30
Activities : Import and distribution of oriental carpets, novelties and gifts
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
AL JABER GALLERY
ADDRESS
Registered & Physical Address
Building : Department of Endowments and
Islamic Affairs Building
Street : Al Khor Street
Area : Deira
PO Box : 1940
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2667700
Facsimile : (971-4) 2622676
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Position
·
Abdullah Abdul
Rahman Jaber Belshalat Proprietor
& General Manager
·
Mohan
Daz Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 31st
July 1978
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 14961, Dubai
Trade Licence No. : 208027
(Expires 05/03/2009)
Chamber Member No. : 4703
Invested Capital
: UAE Dh 300,000
Mr Abdullah Abdul
Rahman Jaber Belshalat is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in import and distribution of
oriental carpets, novelties and gifts.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 30 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
13,500,000 UAE Dh
18,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National Bank
of Dubai
Baniyas Street
PO Box 777
Dubai
Tel: (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction February
2008
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
1978, subject is owned and managed by Mr Abdullah Abdul Rahman Jaber Belshalat
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 business is deemed 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.49.72 |
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UK Pound |
1 |
Rs.75.03 |
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Euro |
1 |
Rs.63.14 |
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%)