MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
OCCASIONS TRADING |
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Registered Office : |
Karama Shopping Centre, Al Karama , 6602 & 78711, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2007 |
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Date of Incorporation : |
20th September 1993 |
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Com. Reg. No.: |
28980, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and distribution of textiles, ready made garments, giftware, perfumes and cosmetics. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : OCCASIONS TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 20th September 1993
Commercial Registration Number : 28980, Dubai
Trade Licence Number : 232024
Membership Number : 28220
Invested Capital : UAE Dh 200,000
Total Workforce : 5
Line of Business : Import and distribution of textiles, ready made
garments, giftware, perfumes and cosmetics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
OCCASIONS TRADING
ADDRESS
Registered & Physical Address
Building : Karama
Shopping Centre
Area : Al Karama
PO Box : 6602 &
78711
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3370018
Facsimile : (971-4)
3370038
Mobile : (971-50)
7886776
Email : santoshkinger@hotmail.com
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
· Ismail Mohamed
Murad Mohamed Al Mazmi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 20th
September 1993
Legal Form : Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg.
No. : 28980, Dubai
Trade Licence No. : 232024
Membership No. : 28220
Invested Capital : UAE Dh 200,000
Mr Ismail Mohamed Murad Mohamed Al Mazmi is the sole proprietor of the
business. Mr Ismail Mohamed Murad Mohamed Al Mazmi is an Emirati national.
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 blankets, towels, linens, ready made garments, shoes, handbags, leather
products, watches and spare parts, imitation jewellery, gifts, toys, games,
suitcases, travel requisites, perfumes and cosmetics.
Import Countries : France,
India and China.
Operating Trend : Steady
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue UAE Dh
8,800,000 UAE
Dh 9,320,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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The Standard Chartered Bank
Khalid Bin Waleed
Street
Mankhool Branch
PO Box : 999
Dubai
Tel: (971-4)
2520455
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National Bank of Dubai (NBD)
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:
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk and
the above credit figure is 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%)