MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL WAR TEXTILES LTD |
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Registered Office : |
Hotel Deira Palace, Shop No. 11, Deira, PO Box 1168, 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 : |
04.02.1968 |
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Com. Reg. No.: |
2194, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and Retail of Textiles, Fabrics, 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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL WAR TEXTILES TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 4th February 1968
Commercial Registration Number : 2194, Dubai
Trade Licence Number : 200890
Chamber Membership Number : 82
Invested Capital : UAE Dh 50,000
Total Workforce : 18
Activities : Wholesale and retail of textiles, fabrics, and ready made garments
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 175,000
COMPANY NAME
AL WAR TEXTILES TRADING
ADDRESS
Registered &
Physical Address
Building : Hotel Deira Palace, Shop
No. 11
Area : Deira
PO Box : 1168
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2267560
Facsimile : (971-4)
2269823
Mobile : (971-50)
6588287
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
· Mohamed Rashed Obaid
Mohamed Al Dehail Emirati Proprietor &
General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 4th
February 1968
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 2194, Dubai
Trade Licence No. : 200890 (Expires 12/05/2009)
Chamber Member No. : 82
Invested Capital : UAE Dh 50,000
Mr Mohamed Rashed Obaid Mohamed Al Dehail is the sole proprietor of the
business.
OPERATIONS
Activities: Engaged in the wholesale and retail of textiles, fabrics, and ready
made garments.
Import Countries: Pakistan, India, China and Thailand
Operating Trend: Steady
Subject has a workforce of 18 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 15,800,000 UAE Dh
16,100,000
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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Commercial Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4)
3523355
Fax : (971-4)
3527655 / 2524796
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.47 |
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UK Pound |
1 |
Rs. 84.00 |
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Euro |
1 |
Rs. 66.14 |
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%)