MIRA
INFORM REPORT
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Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL ACCAD C & G TRADING |
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Registered Office : |
Mohamed Saeed
Alghaith Building, Al Dhiyafah Road, Al Hudhaibah, PO Box 49337, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.01.2005 |
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Com. Reg. No.: |
105439 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Operators of a department store. |
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 : AL ACCAD C & G TRADING
Also Known As : AL ACCAD DEPARTMENT STORES
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 17th January 2005
Commercial Registration Number : 105439, Dubai
Trade Licence Number : 565038
Membership Number : 93918
Invested Capital : UAE Dh 100,000
Total Workforce : 28
Line of Business : Operators of a department store.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
AL ACCAD C & G TRADING
ALSO KNOWN AS
AL ACCAD DEPARTMENT
STORES
ADDRESS
Registered & Physical Address
Building : Mohamed Saeed Alghaith Building
Street : Al Dhiyafah Road
Area : Al Hudhaibah
PO Box : 49337
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3382822
Facsimile : (971-4) 3382444
Premises
Subject operates from
a small suite of offices and a department store that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
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Abdulaziz
Mohamed Saleh Al Accad Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
January 2005
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 105439, Dubai
Trade Licence No. : 565038
(Expires 16th January 2009)
Membership No. : 93918
Invested Capital
: UAE Dh 100,000
Mr Abdulaziz
Mohamed Saleh Al Accad 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 as operators of a department store.
Import Countries
: South Africa, Europe and
the Far East.
International
Suppliers:
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Wensleydale
Farms South Africa
Subject has a
workforce of 28 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06:
Total Revenue UAE Dh
6,800,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank of
Abu Dhabi
Deira Souk Branch
PO Box : 4436
Dubai
Tel : (971-4) 2226141
Fax : (971-4) 2226145
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
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
company is considered to be 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%)