MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAGUS INTERNATIONAL |
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Registered Office : |
Hilal Bin Salem
Bin Taraf Building, Sheikh Zayed Road, Al Quoz, PO Box 37536, 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 : |
22.08.1999 |
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Com. Reg. No.: |
80897, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Occupational Hygiene and Safety
Requisites |
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 : MAGUS INTERNATIONAL
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 22nd August 1999
Commercial Registration Number : 80897, Dubai
Trade Licence Number : 513809
Chamber Membership Number : 55854
Invested Capital : UAE Dh 100,000
Total Workforce : 5
Activities : Import and distribution of occupational hygiene and safety requisites
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
MAGUS INTERNATIONAL
ADDRESS
Registered & Physical Address
Building : Hilal Bin Salem Bin Taraf Building
Street : Sheikh Zayed Road
Area : Al Quoz
PO Box : 37536
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3393903
Facsimile : (971-4) 3384037
Email : magusdxb@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Industrial
Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Abdul Rahman
Mahmoud Said Fakhry Saudi Proprietor &
General Manager
LEGAL
FORM & OWNERS
Date of Establishment : 22nd
August 1999
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 80897, Dubai
Trade Licence No. : 513809
(Expires 21/08/2008)
Chamber Member No. : 55854
Invested Capital
: UAE Dh 100,000
Mr Abdul Rahman
Mahmoud Said Fakhry is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of occupational
hygiene and safety requisites.
Import
Countries: United Kingdom
and the United States of America
Operating Trend: Steady
Subject has a
workforce of 5 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 8,600,000 UAE Dh 9,120,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Emirates Bank
International Ltd
Al Nasr Square
PO Box : 2923
Dubai
Tel : (971-4) 2281181
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.33 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.66.75 |
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%)