MIRA
INFORM REPORT
|
Report Date : |
01.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WARDAT AL MEZAEEN TRADING |
|
|
|
|
Registered Office : |
Mohamed
Abdulkarim Az-Zarooni Building, 2nd Floor, Flat No. 202, Al Daghaya
Street, Al Daghaya, Deira, PO Box
65098 & 65334, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
24.08.2003 |
|
|
|
|
Com. Reg. No.: |
98167, Dubai |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Wholesale and Retail of Readymade Garments, Textiles,
Perfumes and Cosmetics, Novelties and Giftware |
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$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : WARDAT AL MEZAEEN TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 24th August 2003
Commercial Registration Number : 98167, Dubai
Trade Licence Number : 548194
Chamber Membership Number : 80258
Invested Capital : UAE Dh 50,000
Total Workforce : 6
Activities : Wholesale and retail of readymade garments, textiles, perfumes and
cosmetics, novelties and giftware
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
WARDAT AL MEZAEEN
TRADING
ADDRESS
Registered & Physical Address
Building : Mohamed Abdulkarim Az-Zarooni Building, 2nd
Floor, Flat No. 202
Street : Al Daghaya Street
Area : Al Daghaya, Deira
PO Box : 65098 & 65334
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2351404
Facsimile : (971-4) 2291931
Mobile : (971-50) 3563430
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
Name Nationality Position
·
Tamim Bin Ali Bin
Jassim Al Bouainin Emirati Proprietor &
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 24th
August 2003
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 98167, Dubai
Trade Licence No. : 548194
(Expires 18/08/2008)
Chamber Member No. : 80258
Invested Capital
: UAE Dh 50,000
Mr Tamim Bin Ali
Bin Jassim Al Bouainin is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of readymade
garments, textiles, perfumes and cosmetics, novelties and giftware.
Import
Countries: India, Pakistan
and Egypt
Operating Trend: Steady
Subject has a
workforce of 6 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 7,290,000 UAE Dh 7,810,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box : 1709
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
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
business is considered to be a fair trade risk and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.27 |
|
UK Pound |
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.24 |
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%)