MIRA
INFORM REPORT
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Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SILK BRIDGE TRADING EST |
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Registered Office : |
Nasser Abdullah
Anwahi Building, Al Suq Al Kabeer Street, Murshid Bazar, Al Bateen, Deira, PO
Box 4496, 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 : |
26.12.1989 |
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Com. Reg. No.: |
19308, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and Retail of Textiles and Readymade 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 : SILK BRIDGE TRADING EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 26th December 1989
Commercial Registration Number : 19308, Dubai
Trade Licence Number : 221516
Chamber Membership Number : 17984
Invested Capital : UAE Dh 50,000
Total Workforce : 6
Activities : Wholesale and retail of textiles and readymade garments
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
SILK BRIDGE TRADING
EST
ADDRESS
Registered & Physical Address
Building : Nasser Abdullah Anwahi Building
Street : Al Suq Al Kabeer Street
Area : Murshid Bazar, Al Bateen, Deira
PO Box : 4496
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2265416
Facsimile : (971-4) 2264587
Mobile : (971-50) 6586273
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
·
Mrs Layla Ali Emirati Proprietor
& General Manager
·
Yousef
Dhanerwala - Assistant
General Manager
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Murtada
Mulla - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 26th
December 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 19308, Dubai
Trade Licence No. : 221516
Chamber Member No. : 17984
Invested Capital
: UAE Dh 50,000
Mrs Layla Ali is
the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles and readymade garments, particularly children’s clothing.
Import
Countries: India and China
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
11,780,000 UAE Dh
12,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources. Mr Murtada Mulla refused to divulge any financial information.
BANKERS
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
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
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%)