MIRA INFORM REPORT

 

 

Report Date :

13.07.2012

 

IDENTIFICATION DETAILS

 

Name :

MORNING RISE GENERAL TRADING

 

 

Registered Office :

Al Naba Area, P O Box 2770, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

15.01.1995

 

 

Com. Reg. No.:

26381, Sharjah

 

 

Legal Form :

Proprietorship Concern

 

 

Line of Business :

distribute general merchandise

 

 

No. of Employees :

Not Available 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : MORNING RISE GENERAL TRADING

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 15th January 1995

Commercial Registration Number            : 26381, Sharjah

Trade Licence Number                            : 181818

Chamber Membership Number                : 35954

Invested Capital                                     : UAE Dh 50,000

Activities                                               : General trade licence

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

MORNING RISE GENERAL TRADING

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Al Naba Area

PO Box             : 2770

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5510274

Facsimile          : (971-6) 5510274

 

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

·       Ashwaq Ali Rashid Huamaid                          Emirati                                      Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th January 1995

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 26381, Sharjah

 

Trade Licence No.       : 181818 (Expired 12/01/2010)

 

Chamber Member No. : 35954

 

Invested Capital           : UAE Dh 50,000

 

Mr Ashwaq Ali Rashid Huamaid is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Subject operates a general trade licence, enabling it to distribute general merchandise.

 

 

FINANCIAL DATA

 

Companies registered in Sharjah are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Sharjah

Al Boorj Avenue

     PO Box: 4

     Sharjah

Tel: (971-6) 5547747

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that we were unable to contact the subject directly during our investigation. Local informants report that the subject’s trade licence number expired on 12th January 2010 and has not been renewed.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.86.28

Euro

1

Rs.68.15

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.