MIRA
INFORM REPORT
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Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAX TARGET TRADING |
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Registered Office : |
Matrola
Building, 5th Floor, Suite No 507, Souq Al Kabir, Deira, PO Box
118236, 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 : |
16.04.2001 |
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Com. Reg. No.: |
393614, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Wholesale of
Readymade Garments, Textiles, Shoes, Perfumes, and Leather Accessories |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MAX TARGET TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 16th April 2001
Commercial Registration Number : 393614, Dubai
Trade Licence Number : 405944
Chamber Membership Number : 292955
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 26
Activities :
Import and wholesale of readymade garments, textiles,
shoes, perfumes, and leather accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
COMPANY NAME
MAX TARGET TRADING
ADDRESS
Registered & Physical Address
Building : Matrola
Building, 5th Floor, Suite No 507
Area : Souq
Al Kabir, Deira
PO Box : 118236
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3933638
Facsimile : (971-4) 3920337
Email : maxtarget@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Michael
Shaun German Managing Director
·
Frank
Verginia Germany Director
·
Saleem
Ghaffour Emirati Director
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K.
Farooq - Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 16th
April 2001
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 393614, Dubai
Trade Licence No. : 405944
Chamber Member No. : 292955
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Saleem
Ghaffour 51%
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Michael
Shaun ]
] 49%
·
Frank
Verginia ]
OPERATIONS
Activities: Engaged in the import and wholesale of readymade garments, textiles, shoes, perfumes, and
leather
accessories.
Import
Countries: India and
Pakistan
Operating Trend: Steady
Subject has a
workforce of 26 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
81,200,000 UAE Dh
87,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by K. Farooq, Administration
Manager.
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 the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is 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.44.26 |
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UK Pound |
1 |
Rs.79.00 |
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Euro |
1 |
Rs.63.53 |
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%)