MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHEBA IRANIAN CARPETS & ANTIQUES STORE |
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Registered Office : |
Al Soor Street, Block 4, PO Box
1360950, Sharjah |
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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 : |
28.01.1980 |
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Com. Reg. No.: |
4106, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Traders of Handcrafts, Hand Made Carpets, and Antiques. |
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 :
SHEBA IRANIAN CARPETS & ANTIQUES STORE
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
28th January 1980
Commercial Registration Number :
4106, Sharjah
Trade Licence Number :
14202
Chamber Membership Number :
6194
Invested Capital :
UAE Dh 50,000
Total Workforce :
5
Activities :
Traders of handcrafts, hand made carpets, and antiques.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 150,000
COMPANY NAME
SHEBA IRANIAN CARPETS & ANTIQUES STORE
ADDRESS
Registered &
Physical Address
Location : Al Soor
Street, Block 4
PO Box : 1360950,
Sharjah
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5724849
Facsimile : (971-6) 5727480
Mobile : (971-50)
6786168
Email : rashadcarpets@yahoo.co.uk
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area Sharjah.
KEY PRINCIPALS
Name Position
Mohamed Shareef Mohamed Al Ghazzali Proprietor
Rashid Qaid Sharaf General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 28th
January 1980
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 4106, Sharjah
Trade Licence No. : 14202
Chamber Member No. : 6194
Invested Capital : UAE Dh 50,000
Mr Mohamed Shareef Mohamed Al Ghazzali is the sole proprietor of the
business.
Local sources report that whilst Mr Mohamed Shareef Mohamed Al Ghazzali
is the registered Proprietor of the subject, Mr Rashid Qaid Sharaf is believed
to have an unofficial stake in the subject’s ownership.
OPERATIONS
Activities : Engaged as
traders of handcrafts, hand made carpets, and antiques.
Import Countries : Iran, Turkey and
Asia
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 4,790,000 UAE Dh
5,100,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Mr Rashid Qaid Sharaf.
BANKERS
Emirates Bank International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 733300
Fax : (971-6) 730077
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.
Please note that PO Box 26940 is used by the following companies:
- Persian Carpet Kingdom LLC
- Abraj Al Emirate Persian
Carpet Novelty
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%)