MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL MUKHLES TRADING |
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Registered Office : |
Husain Khan Sahib Building, Flat Number 21-24, Al Nahquad Street, Bur
Dubai, PO Box 111639 & 45859, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.09.2001 |
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Com. Reg. No.: |
88096, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributor of ready made garments, footwear,toys, games, jewellery, perfumes, cosmetics and leather products |
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 : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : AL MUKHLES TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 1st September 2001
Commercial Registration Number : 88096, Dubai
Trade Licence Number : 528312
Membership Number : 21708
Invested Capital : UAE Dh 100,000
Total Workforce : 8
Line of Business : Distributor of ready made garments, footwear,
toys, games, jewellery, perfumes, cosmetics and
leather products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL MUKHLES TRADING
ADDRESS
Registered & Physical Address
Building : Husain Khan
Sahib Building, Flat Number 21-24
Street : Al Nahquad
Street
Area : Bur Dubai
PO Box : 111639 &
45859
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3930187
Facsimile : (971-4)
3932903
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
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Hamad Hadi Saleh Al
Mukhles Proprietor & General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1st
September 2001
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 88096, Dubai
Trade Licence No. : 528312
Membership No. : 21708
Invested Capital : UAE Dh 100,000
Mr Hamad Hadi Saleh Al Mukhles is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations: Engaged in the import and
distribution of ready made garments, footwear, toys,
games, jewellery, perfumes, cosmetics and leather products.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh
4,645,000 UAE
Dh 4,900,000
Local sources consider subject’s financial condition to be Fair.
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
Opinion on the credit figure of US$ 150,000:
Established in 2001, subject is owned and managed by Mr Hamad Hadi Saleh
Al Mukhles 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 and the above credit figure is considered to be within
subject’s financial means.
Maximum suggested credit figure: US$ 150,000
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%)