MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SALEM AL DAWLA TRADING EST |
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Registered Office : |
Bur Dubai, PO Box 24359, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.10.1991 |
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Com. Reg. No.: |
23772, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and retailers of textiles and ready made garments |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SALEM AL DAWLA TRADING EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 18th October 1991
Commercial Registration Number : 23772, Dubai
Trade Licence Number : 226075
Membership Number : 22312
Invested Capital : UAE Dh 150,000
Total Workforce : 6
Line of Business : Wholesalers and retailers of textiles and ready
made garments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SALEM AL DAWLA TRADING EST
ADDRESS
Registered & Physical Address
Location : Bur Dubai
PO Box : 24359
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3538315
/ 3539384 / 3538415
Facsimile : (971-4)
3539384
Email : rajev_aswani@yahoo.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.
Branch Office (s)
· PO Box : 162
Fujairah
Tel : (971-9)
2224485
KEY PRINCIPALS
Name Nationality Position
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Aswani Tireth Indian Proprietor
& General Manager
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Salem Hassan Mohamed Al Dawla
Emirati Local Sponsor
LEGAL FORM & OWNERS
Date of
Establishment : 18th
October 1991
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 23772, Dubai
Trade Licence No. : 226075 (Expires 17th October
2008)
Membership No. : 22312
Invested Capital : UAE Dh 150,000
Mr Aswani Tireth 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 the wholesale and retail of textiles
and ready made garments.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 6 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
6,268,000 UAE
Dh 7,650,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Emirates Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4)
3160316
Fax : (971-4)
2264302
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1991, subject is involved in the wholesale and retail of
textiles and ready made garments.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
Local informants interviewed Mr Aswani Tireth who confirmed the correct
name for his company in Dubai. He said that his brother runs a company in
Fujairah with “Aswani Brother” in the name but his company in Dubai is named
after the local sponsor, Mr Salem Hassan Mohamed Al Dawla.
Maximum suggested credit figure: US$ 200,000
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%)