MIRA
INFORM REPORT
|
Report Date : |
09.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AL JABER GALLERY LTD |
|
|
|
|
Registered Office : |
Department of Endowments and Islamic Affairs Building, Al Khor Street,
Deira, PO Box 1940, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
31.07.1978 |
|
|
|
|
Com. Reg. No.: |
14961, Dubai |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Distributors of Oriental Carpets, Novelties and Gifts. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
Membership Number : 4703
Invested Capital : UAE Dh 300,000
Total Workforce : 7
Line of Business : Distributors of oriental carpets, novelties and gifts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
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
·
Abdullah Abdul Rahman Jaber Belshalat Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 31st July
1978
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 14961, Dubai
Trade Licence No. : 208027 (Expires 5th March 2009)
Membership No. : 4703
Invested Capital : UAE Dh 300,000
Mr Abdullah Abdul Rahman Jaber Belshalat 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 oriental carpets, novelties and
gifts.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 7 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
12,900,000 UAE
Dh 13,500,000
Local sources consider subject’s financial condition to be Fair.
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.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 and the above credit figure is considered to be within
subject’s financial means.
Maximum suggested credit figure: US$ 200,000
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)