MIRA
INFORM REPORT
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Report Date : |
2nd
June, 2006. |
IDENTIFICATION
DETAILS
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Name : |
CONCORDE
TEXTILES TRADING LLC |
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Registered Office : |
Alfardan
Real Estate Building, Abra Lane, Al Souq Al Kabir, PO Box 42853, Dubai,
United Arab Emirates |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
13.08.1995 |
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Com. Reg. No.: |
48765,
Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of textiles, ready made garments and footwear. |
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$
150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
CONCORDE TEXTILES TRADING LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
13th August 1995 |
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Commercial Registration Number |
48765, Dubai |
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Trade Licence Number |
235535 |
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Membership Number |
34960 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
4 |
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Line of Business |
Distributors of textiles, ready made garments and footwear. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
CONCORDE
TEXTILES TRADING LLC
ADDRESS
Registered & Physical Address
Building : Alfardan Real Estate Building
Street : Abra Lane
Area : Al Souq Al Kabir
PO Box : 42853
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3538505
Facsimile : (971-4) 3538506
Email : rajul@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a showroom that are owned and
located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Pardeeb
Lunjani Khem Indian Managing Director
·
Mohamed
Foolath Ahmed Abdullah Emirati Director
LEGAL
FORM & OWNERS
Date of Establishment : 13th August 1995
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 48765, Dubai
Trade Licence No. : 235535 (Expires 22nd July 2006)
Membership No. : 34960
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Mohamed
Foolath Ahmed Abdullah 51%
·
Pardeeb
Lunjani Khem 49%
Note
to the Legal Form
A
Limited Liability Company (LLC) is defined in the Company Law as a company
incorporated with not less than two and not more than fifty shareholders, each
responsible only for the liabilities of the company to the extent of their
share participation in the capital of the company.
The
Company Law provides that the capital of a Limited Liability Company (LLC)
should not be less than UAE Dh 300,000, which should be divided into equal
shares of a value not less than
UAE Dh
100 each.
This
type of company may engage in any form of legitimate business, with the exception
of insurance, banking and investment of funds.
Non
UAE Participation
The
participation of non-Emirati in a trade or business in the United Arab Emirates
is governed by the
Foreign
Business Investment Law, which sets capital requirements and requires 51
percent Emirati participation in capital and profits.
It is
common for the 51 percent to be held by the UAE national on paper only with the
foreign partner(s) providing all the capital requirements for the company and
paying an annual fee to the local partner.
Under
this arrangement the above ownership may not reflect the actual profit
distribution within the company, as the company may have internal management
agreements in place that provides full management of the company in return for
a share of the company’s assets and profits. This internal relationship may or
may not be recognised by law depending on the way the internal agreement is
made.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of textiles, ready made garments and footwear.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total
Revenue UAE Dh
2,800,000 UAE
Dh 2,950,000
Local
sources consider subject’s financial condition to be Fair.
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
Opinion
on the credit figure of US$ 150,000:
Established
in 1995, subject is owned and managed by Mr Pardeeb Lunjani Khem, an Indian
national who operates in Dubai under the local sponsorship of Mr Mohamed
Foolath Ahmed Abdullah.
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 and the above credit
figure is deemed to be within subject’s financial means.
Maximum
suggested credit figure: US$ 150,000
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/normal. |
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 |