MIRA
INFORM REPORT
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Report Date : |
23.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ESTABRAQ FOR FURNITURE |
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Registered Office : |
Al Shafi Street, New Rayyan,
PO Box 4212, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
September 2007 |
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Com. Reg. No.: |
188439, Doha |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and retail of
curtains, textiles and sofa accessories. |
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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
New & Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ESTABRAQ FOR FURNITURE
Country of Origin : Qatar
Legal Form : Sole Proprietorship
Registration Date : September 2007
Commercial Registration Number : 188439, Doha
Invested Capital : QR 200,000
Total Workforce : 13
Line of Business :
Wholesale and retail of curtains, textiles and sofa
accessories.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ESTABRAQ FOR FURNITURE
ADDRESS
Registered & Physical Address
Street : Al Shafi Street
Area : New Rayyan
PO Box : 4212
Town : Doha
Country : Qatar
Telephone : (974) 4808645 / 5810453
Facsimile : (974) 4805562 / 4692698
Email : alestabraq@qatar.net.qa
Premises
Subject operates from a small suite of offices and a showroom that are rented
and located in the Central Business Area of Doha.
KEY PRINCIPALS
· Issa
Rashid Al Humaidi Proprietor
& General Manager
· Hani
Sukar Assistant
General Manager
· Mohamed
Ibrahim Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : September 2007
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 188439, Doha
Invested Capital : QR 200,000
Mr Issa Rashid Al Humaidi 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.
AFFILIATED COMPANIES
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Issa For Electrical & Trading
PO Box 4212
Doha
Tel: (974) 4367576
LINE OF BUSINESS
Operations : Engaged as
wholesalers and retailers of curtains, textiles and
sofa accessories.
Import Countries : India, Turkey and
Saudi Arabia.
Subject has a workforce of 13 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
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Qatar Islamic Bank
Al Khleej
Insurance Building
Grand Hamad Avenue
PO Box : 559
Doha
Tel : (974)
4409409
Fax : (974)
4412700
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Opinion on the credit figure of US$ 150,000:
Estabraq For Furniture is a newly established business with
operations commencing in September 2007. It is engaged in the wholesale and retail of curtains, textiles and sofa accessories.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding the
manner in which payments are fulfilled. As such the business is considered to
be a fair trade risk, however a measure of caution would be prudent given the
lack of financial and payment records due to the short operating history.
Maximum suggested credit figure: US$ 50,000
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%)