MIRA INFORM REPORT
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Report Date : |
17.11.2006 |
IDENTIFICATION DETAILS
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Name : |
PINK
PLANET TRADING LLC |
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Registered Office : |
Sharaf
Salman Ali Building, Ali Ibn Abi Talib Street, Al Souq Al Kabir, P. O. Box
43459, Dubai, United Arab Emirates |
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Date of Incorporation : |
20th
February 2002 |
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Com. Reg. No.: |
58619 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Engaged
in the import and distribution of ready made garments and textiles, perfumes
and cosmetics, agarwood and incense, imitation jewellery and giftware,
novelties, toys and games, suitcases and travel requisites. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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$
75,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : PINK PLANET TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 20th February 2002
Commercial Registration Number : 58619, Dubai
Trade Licence Number : 532175
Membership Number : 67407
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Line of Business : Distributors of ready made garments,
textiles, jewellery, cosmetics, toys and
luggage.
Financial Condition : Satisfactory
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PINK PLANET TRADING LLC
ADDRESS
Registered & Physical Address
Building : Sharaf Salman Ali Building
Street : Ali Ibn Abi Talib Street
Area : Al Souq Al Kabir
PO Box : 43459
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3523661 / 3523667 / 3535418 /
3537755
Facsimile : (971-4) 3536261 / 5140408
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Santosh Badi
Nahari Vedo Indian Director
·
Hussain
Darwish Abbas Hussain Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 20th
February 2002
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg. No. : 58619,
Dubai
Trade License No. : 532175
(Expires 18th February 2007)
Membership No. :
67407
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Hussain
Darwish Abbas Hussain 51%
·
Santosh Badi
Nahari Vedo 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.
AFFILIATED COMPANIES
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All View
Trading Est
Sharaf Salman Ali Building
Ali Ibn Abi Talib Street
Al Souq Al Kabir
PO Box: 43459
Dubai
Tel: (971-4) 3535418
Fax: (971-4) 3535420
Email: allview@emirates.net.ae
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Pink Tower
Trading Est
Sharaf Salman Ali Building
Ali Ibn Ali Talib Street
Al Souq Al Kabir
PO Box : 43459
Dubai
Tel : (971-4) 3523661 / 3523667
Fax : (971-4) 5140408
·
Al Badawi
Electrical Supply Co LLC
Royal House
Al Wuheida Street
Hor Al Anz Area
PO Box: 1143
Dubai
Tel: (971-4) 2620624
Fax: (971-4) 2620699
Email: mazenbas@emirates.net.ae
·
Milky Valley
Trading Est
Sharaf Salman Ali Building
Ali Ibn Ali Talib Street
Al Souq Al Kabir
PO Box: 43459
Dubai
Tel: (971-4) 3523661 / 3523667
Fax: (971-4) 5140408
·
Tiny World
Overseas LLC
Sayed Sharaf Salman Ali
Building
Al Falah Street
Al Souq Al Kabir
PO Box: 44418
Dubai
LINE OF BUSINESS
Operations
Engaged in the
import and distribution of ready made garments and textiles, perfumes and
cosmetics, agarwood and incense, imitation jewellery and giftware, novelties,
toys and games, suitcases and travel requisites.
Import Countries
Europe and the Far
East.
Operating Trend
Steady
Subject has a
workforce of 6 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 1,850,000 UAE Dh 2,700,000
Local sources consider subject’s financial condition to be Satisfactory.
BANKERS
·
National Bank
of Dubai
Baniyas Street
PO
Box : 777
Dubai
Tel : (971-4) 2222241
·
Mashreq Bank
Plc
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
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Habib Bank Ltd
Trade Service Centre
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$ 15,000,000
Pink Planet Trading
LLC commenced operations in February 2002 and is engaged in the import and
distribution of ready made garments and textiles, perfumes and cosmetics,
agarwood and incense, imitation jewellery and giftware, novelties, toys and
games, suitcases and travel requisites.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent given the magnitude of the transaction.
Maximum suggested
credit figure: US$ 75,000
RATING EXPLANATIONS
RATING
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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 |