MIRA INFORM REPORT
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Report Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
CITY
GIRL TRADING LLC |
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Registered Office : |
Sheikh
Hamad Bin Juma Al Maktoum Building, Al Suq Street, Al Suq Al Kabir, PO Box :
254 & 43549, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
26.12.1995 |
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Com. Reg. No.: |
78681, Dubai |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Importer and Distributors of ready made garments, footwear, jewellery, perfumes 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 |
CITY GIRL 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 |
26th December 1995 |
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Commercial Registration Number |
78681, Dubai |
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Trade Licence Number |
240239 |
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Membership Number |
36733 |
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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 |
5 |
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Line of Business |
Distributors of ready made garments, footwear, jewellery, perfumes 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
CITY
GIRL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Sheikh Hamad Bin Juma Al Maktoum
Building
Street : Al Suq Street
Area : Al Suq Al Kabir
PO Box : 254 & 43549
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3493366
Facsimile : (971-4) 3985855
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Nankani
Ram Kewal Ram Indian Managing Director
·
Salah
Mohamed Noor Abdul Karim Mahood Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 26th December 1995
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 78681, Dubai
Trade Licence No. : 240239 (Expires 25th December
2006)
Membership No. : 36733
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Salah
Mohamed Noor Abdul Karim Mahood 51%
·
Nankani
Ram Kewal Ram 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 ready made garments, footwear, jewellery, perfumes
and cosmetics.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 5 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
4,100,000 UAE
Dh 4,250,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
Acc No. 021-101761-001
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 Nankani Ram Kewal Ram, an Indian
national who operates in Dubai under the local sponsorship of Mr Salah Mohamed
Noor Abdul Karim Mahood.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered 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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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