MIRA INFORM REPORT

 

 

Report Date :

6th May 2006

 

IDENTIFICATION DETAILS

 

Name :

GULAB STORES

 

 

Registered Office :

Al Fahidi Castle Co Building, Al Fahidi Street, Al Souq Al Kabir, P. O. Box 2442, Dubai, United Arab Emirates

 

 

Date of Incorporation :

08.03.1978

 

 

Com. Reg. No.:

3056

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Engaged in the import and distribution of ready made garments, footwear, luggage and travel requisites.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

US$ 100,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

 

 

SUMMARY

 

Company Name

GULAB STORES

Country of Origin

Dubai, United Arab Emirates

Legal Form

General Partnership

Registration Date

8th March 1978

Commercial Registration Number

3056, Dubai

Trade Licence Number

201127

Membership Number

4056

Partners Capital

UAE Dh 50,000

Total Workforce

15

Line of Business

Distributors of ready made garments, footwear, luggage and travel requisites.

Financial Condition

Satisfactory

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

COMPANY NAME

 

GULAB STORES

 

 

ADDRESS

 

Registered & Physical Address

 

Building      : Al Fahidi Castle Co Building

Street                   : Al Fahidi Street

Area            : Al Souq Al Kabir

 

PO Box        : 2442

 

Town           : Dubai

Country      : United Arab Emirates

 

Telephone   : (971-4) 3536503 / 3536504

Facsimile    : (971-4) 3535984

Email          : gulab@emirates.net.ae

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

    Name                                             Nationality          Position

 

·      Moolchand Khemchand                Indian                   Managing Partner

 

·      Bindu Khemchand                        Indian                   Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment

8th March 1978

 

 

Legal Form

Sharikat Tadhamun (General Partnership)

 

 

Commercial Reg. No.

3056, Dubai

 

 

Trade License No.

201127 (Expires 27th January 2006)

 

 

Membership No.

4056

 

 

Partners Capital

UAE Dh 50,000

 

 

    Name of Partner (s)                                      Percentage

 

·      Moolchand Khemchand                                   50%

 

·      Bindu Khemchand                                           50%

 

Note to the Legal Form

 

The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.

 

Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.

 

 

LINE OF BUSINESS

 

Operations

 

Engaged in the import and distribution of ready made garments, footwear, luggage and travel requisites.

 

Import Countries

 

Europe and the Far East.

 

Operating Trend

 

Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

 

                                      Year Ending 31/12/03 :                   Year Ending 31/12/04 :

 

Total Revenue                UAE Dh 2,800,000                  UAE Dh 3,050,000

 

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

 

 

BANKERS

 

·      United Bank Ltd

Murshid Bazaar Branch

PO Box : 1000

Dubai

Tel : (971-4) 2282025 / 2223191

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1978, subject is involved in the import and distribution of ready made garments, footwear, luggage and travel requisites.

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

Maximum suggested credit figure: US$ 100,000