MIRA INFORM REPORT

 

 

Report Date :           

22.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NAJEEB STORE

 

 

Registered Office :

Yousef Habib Al Yousef Building, Ground Floor, Al Fahidi Street, Al Souq Al Kabir, P O Box 2280, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

31.07.1977

 

 

Com. Reg. No.:

2362, Dubai

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesale and retail of textiles and fabrics

 

 

No. of Employees :

11 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : NAJEEB STORE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 31st July 1977

Commercial Registration Number            : 2362, Dubai

Trade Licence Number                            : 204476

Chamber Membership Number                : 3601

Invested Capital                                     : UAE Dh 100,000

Total Workforce                                     : 11

Activities                                               : Wholesale and retail of textiles and fabrics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Kailesh Sajnani, Finance Manager

 

COMPANY NAME

 

NAJEEB STORE

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Yousef Habib Al Yousef Building, Ground Floor

Street               : Al Fahidi Street

Area                 : Al Souq Al Kabir

PO Box             : 2280

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3534305

Facsimile          : (971-4) 3531324

Email                : najeebs@emirates.net.ae

 

Please note that subject’s previous address was: Moosa Jaafar Ali Building, Al Souq Street, Al Souq Al Kabir, Dubai.

 

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

 

·       Abdul Rab Bin Mohamed Bin Saif                   Omani                           Proprietor & General Manager

 

·       Gulab Sajnani                                                     -                             Assistant General Manager

 

·       Kailesh Sajnani                                                   -                             Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st July 1977

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 2362, Dubai

 

Trade Licence No.       : 204476 (Expires 08/02/2012)

 

Chamber Member No. : 3601

 

Invested Capital           : UAE Dh 100,000

 

Mr Abdul Rab Bin Mohamed Bin Saif is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Omanian Overseas Trader

PO Box: 347

Dubai

Tel: (971-4) 3533621

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of textiles and fabrics.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 11 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 8,250,000                     UAE Dh 8,630,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.67

UK Pound

1

Rs.82.53

Euro

1

Rs.69.13

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.