MIRA
INFORM REPORT
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Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIJI TRADING |
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Registered Office : |
Industrial Area, PO Box 801
& 1772, Fujairah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.10.2006 |
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Com. Reg. No.: |
10218, Fujairah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Building Materials, Construction and
Hardware 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$ 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 : SIJI TRADING
Country of Origin : Fujairah,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 17th
October 2006
Commercial
Registration Number : 10218,
Fujairah
Trade Licence Number : 100198
Membership Number : 10430
Invested Capital : UAE Dh
300,000
Total Workforce : 25
Line of Business : Operations
are performed through subjects
divisions (see below for details).
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
SIJI TRADING
ADDRESS
Registered & Physical Address
Location : Industrial Area
PO Box : 801 & 1772
Town : Fujairah
Country : United Arab
Emirates
Telephone : (971-9) 222218
/ 2010606 / 2010350 / 2010455
Facsimile : (971-9) 220128
/ 2281009
Mobile : (971-50)
6290108
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Fujairah.
KEY PRINCIPALS
·
Farhan Al Sharifi General
Manager
·
Marwan Al Khateibi Purchasing
Manager
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Mohamed Al Moathen Administration Manager
·
Bassam Mansour Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 17th
October 2006
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 10218, Fujairah
Trade Licence No. : 100198 (Expires 15th October
2008)
Membership No. : 10430
Invested Capital : UAE Dh 300,000
Gulf International Trading Co is the sole proprietor of the business.
LINE OF BUSINESS
Operations: Subject’s activities are performed through the following divisions:
· Building Materials Division
Engaged in the import and distribution of
building materials, construction and hardware products.
· Auto Spare Parts Division
Engaged in the import and distribution of
automotive spare parts.
Import Countries : Europe and the Far East.
Subject has a workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
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National Bank of Fujairah
PO Box 887
Fujairah
Tel : (971-9) 2224518 / 2224513
Fax : (971-9) 2224516 / 2229470
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Subject is a member of the Fujairah National Group which is run by
Sheikh Saleh Bin Mohamed Al Sharqi, who is a member of the ruling family of the
Emirate of Fujairah.
Investigations undertaken in Fujairah did not reveal any sign of payment
defaults or delays during initial trading stages, and subject is believed to
meet its payment obligations in a timely manner, nevertheless, and in view of
the company’s infancy and the lack of a more consistent payment and financial
record, a measure of caution is advisable and a close monitoring of subject’s
business development is recommended.
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%)