MIRA
INFORM REPORT
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Report Date : |
26th
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
NEW AGE FASHION LLC |
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Registered Office : |
Mina
Road, 1766 Sharjah,
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 : |
2nd September 2001 |
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Com. Reg. No.: |
40363, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesalers and retailers of ready made
garments and cosmetics. |
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 |
NEW AGE FASHION LLC |
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Country of Origin |
Sharjah, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
2nd September 2001 |
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Commercial Registration Number |
40363, Sharjah |
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Trade Licence Number |
511208 |
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Membership Number |
52104 |
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Issued Capital |
UAE Dh 150,000 |
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Paid up Capital |
UAE Dh 150,000 |
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Total Workforce |
10 |
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Line of Business |
Wholesalers and retailers of ready made garments and cosmetics. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
NEW AGE
FASHION LLC
ADDRESS
Registered
& Physical Address
Location : Mina Road
PO Box : 1766
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5732171 / 7429317 / 5722750
Facsimile : (971-6) 5723307
Mobile : (971-50) 6249811
Email : aashang@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a showroom that are rented and
located in the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
Shan
Raman Kulth Korouni Indian Managing Director
Ahmed
Bin Saif Bin Sayed Al Saiji Emirati Director
LEGAL FORM & OWNERS
Date
of Establishment : 2nd September 2001
Legal
Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial
Reg. No. : 40363, Sharjah
Trade
Licence No. : 511208 (Expires 31st
August 2006)
Membership
No. : 52104
Issued
Capital : UAE Dh 150,000
Paid
up Capital : UAE Dh 150,000
Name of
Shareholder (s) Percentage
Ahmed
Bin Saif Bin Sayed Al Saiji 51%
Shan
Raman Kulth Korouni 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 150,000, 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
wholesale and retail of ready made garments and cosmetics.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 10 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
3,450,000 UAE
Dh 3,820,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
Habib
Bank AG Zurich
Immigration
Road
PO Box :
1166
Sharjah
Tel :
(971-6) 5730004
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 2001, subject is involved in the wholesale and retail of ready made garments
and cosmetics.
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 company 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 |