MIRA
INFORM REPORT
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Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHINE BEAUTY FLOWERS & FISHES EST |
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Registered Office : |
Al Hamra Al Gedidah Area, PO Box 2364
& 41251, Umm Al Quwain |
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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 : |
27.11.2006 |
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Com. Reg. No.: |
6232, Umm Al Quwain |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Aquarium
Products, Fishes and Artificial Flowers. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : SHINE BEAUTY FLOWERS & FISHES EST
Country of Origin : Umm Al Quwain, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 27th November 2006
Commercial Registration Number : 6232, Umm Al Quwain
Trade Licence Number : 2767
Membership Number : 5624
Invested Capital : UAE Dh 25,000
Total Workforce : 3
Line of Business :
Import and distribution of aquarium products, fishes
and artificial flowers.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
SHINE
BEAUTY FLOWERS & FISHES EST
ADDRESS
Registered & Physical Address
Location : Al Hamra Al Gedidah Area
PO Box : 2364 & 41251
Town : Umm Al Quwain
Country : United Arab
Emirates
Telephone : (971-50) 7262302
Email : shineuae@emirates.net.ae
Premises
Subject operates from a small suite of offices and a showroom with
storage facilities that are rented and located in the Central Business Area of Umm Al Quwain
KEY PRINCIPALS
·
Mohamed Yousef Ali Mohamed Proprietor
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M.G. George General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 27th
November 2006
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 6232, Umm Al
Quwain
Trade Licence No. : 2767 (Expires
28/11/2008)
Membership No. : 5624
Invested Capital : UAE Dh 25,000
Mr Mohamed Yousef Ali Mohamed is the
sole proprietor of the business. Mr Mohamed Yousef
Ali Mohamed is an Emirati national.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines
Mouassasa Khassa as the business of an individual where liability for all debts
is unlimited. The business is the entire responsibility of its proprietor, who
is liable for all its debts to the extent of his entire wealth. There are no
legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of aquarium
products, fishes and artificial flowers.
Import Countries: United Kingdom and the United States of America.
Subject has a workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Sales UAE
Dh 3,800,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Arab Bank for Investment and Foreign Trade
King Faisal Street
PO Box 29992
Sharjah
Tel: (971-6) 5744888
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Shine Beauty Flowers & Fishes Est is a relatively
new business with operations commencing in November 2006. It is engaged in the
import and distribution of aquarium products, fishes
and artificial flowers.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.
Maximum suggested credit figure: US$ 100,000
NOTE
Please note that the correct registered name for the subject is “Shine Beauty Flowers & Fishes Est” and not “Shine
Beauty Flowers Trade Co” as you requested.
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%)