MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SALAH GENERAL TRADING FZE |
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Registered Office : |
EOC (Electronic
Office Centre) No. E, 587, PO Box 2475, Ajman |
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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 : |
15.12. 2005 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Distributors of General Merchandise |
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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SALAH GENERAL TRADING FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 15th December 2005
Trade Licence Number : 0587
Issued Capital : UAE Dh 180,000
Paid up Capital : UAE Dh 180,000
Total Workforce : 3
Activities : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SALAH GENERAL
TRADING FZE
ADDRESS
Registered Address
Location : EOC (Electronic Office Centre) No.
E, 587
PO Box : 2475
Town : Ajman
Country : United Arab Emirates
Physical Address
Street : Al
Fayed Street
Area : Bur Dubai
PO Box : 45982
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3539441
/ 3534678
Facsimile : (971-4) 3539640
Mobile : (971-50)
4765183
Email : salahfze@gmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Suburban Business Area of Dubai.
KEY PRINCIPALS
Name Position
·
Arup
Bose Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 15th
December 2005
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 0587
Issued Capital : UAE Dh 180,000
Paid up Capital : UAE Dh 180,000
Name of Shareholder (s) Percentage
·
Arup
Bose 100%
OPERATIONS
Activities: Engaged in the import and distribution of
general merchandise, including ceramic tiles, road
blocks, ready made garments, textiles and electronic products.
Import Countries: Europe and the Far East
International
Suppliers:
·
State
Trade Corporation India
·
Bonito
Empex Pvt Ltd India
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GB
Export India
·
Network
Pvt Ltd India
Operating Trend: Steady
Subject has a
workforce of 3 employees (including 2 casual workers).
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 2,800,000 UAE Dh 3,150,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Habib Bank Ltd
Murshid Bazaar
PO Box 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
Acc No. 020104-20311-105-273096
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2005, subject is involved in the import and distribution of ready made
garments, textiles and electronic products.
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
company 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.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)