MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
EQUATOR GENERAL TRADING COMPANY |
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Registered Office : |
Abdullah Abdul Aziz Bin Shafi Building,
Naif Street, Al Daghaya , PO Box 20001, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.04.1968 |
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Com. Reg. No.: |
14178, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of Foodstuffs, Beverages and Automotive Spare
Parts and Accessories. |
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 : EQUATOR GENERAL TRADING COMPANY
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 19th April 1988
Commercial Registration Number : 14178, Dubai
Trade Licence Number : 216660
Membership Number : 13516
Invested Capital : UAE Dh 3,000,000
Total Workforce : 3
Line of Business : Distributors of foodstuffs, beverages and
automotive spare parts and accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
EQUATOR GENERAL TRADING COMPANY
ADDRESS
Registered & Physical Address
Building : Abdullah
Abdul Aziz Bin Shafi Building
Street : Naif Street
Area : Al Daghaya
PO Box : 20001
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2727636
/ 2625261
Facsimile : (971-4)
2717483
Email : equator@emirates.net.ae
Premises
Subject operates from a small suite of offices and a showroom that are
owned and located in the Central Business Area of Dubai.
KEY PRINCIPALS
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Abdullah Abdul Aziz Mirza Hassan Bin Shafi Proprietor &
General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 19th
April 1988
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 14178, Dubai
Trade Licence No. : 216660
Membership No. : 13516
Invested Capital : UAE Dh 3,000,000
Mr Abdullah Abdul Aziz Mirza Hassan Bin Shafi 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 import and distribution of batteries, nuts, flour,
confectionary,
chocolate, spices, coffee, beverages, tyres, rims, automotive spare
parts and
accessories..
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 3 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
6,480,000 UAE
Dh 6,750,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Abu Dhabi Commercial Bank
Al Rigga Road
PO Box : 5550
Dubai
Tel : (971-4)
2958888 / 3228141
Fax : (971-4)
2959310 / 3279632
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1988, subject is owned and managed by Mr Abdullah Abdul
Aziz Mirza Hassan Bin Shafi who is well respected in the local business
community.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
Maximum suggested credit figure: US$ 100,000
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%)