MIRA INFORM REPORT
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Report Date : |
17.11.2006 |
IDENTIFICATION DETAILS
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Name : |
TINY
WORLD OVERSEAS LLC |
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Registered Office : |
Sayed
Sharaf Salman Ali Building, Al Falah Street, Al Souq Al Kabir, P. O. Box
44418 / 43459, Dubai, United Arab Emirates |
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Date of Incorporation : |
21st
January 2004 |
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Com. Reg. No.: |
65741 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Engaged
in the import and distribution of general merchandise, including ready made
garments, textiles, footwear, perfumes and cosmetics, watches, sunglasses and
jewellery. |
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$
60,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : TINY WORLD OVERSEAS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st January 2004
Commercial Registration Number : 65741, Dubai
Trade Licence Number : 552835
Membership Number : 83907
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Line of Business : Distributors of general merchandise.
Financial Condition : Satisfactory
Payments : Nothing detrimental uncovered
COMPANY NAME
TINY WORLD OVERSEAS LLC
ADDRESS
Registered & Physical Address
Building : Sayed Sharaf Salman Ali Building
Street : Al Falah Street
Area : Al Souq Al Kabir
PO Box : 44418 / 43459
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3535418
Facsimile : (971-4) 3536517
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
·
Jay Prakash
Sachdava Indian
Director
·
Hussain
Darwish Abbas Hussain Emirati
Director
LEGAL FORM & OWNERS
Date of Establishment : 21st
January 2004
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg. No. : 65741,
Dubai
Trade License No. : 552835
(Expires 19th January 2007)
Membership No. :
83907
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Hussain
Darwish Abbas Hussain 51%
·
Jay Prakash
Sachdava 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
·
Pink Planet
Trading LLC
Sharaf Salman Ali Building
Ali Ibn Abi Talib Street
Al Souq Al Kabir
PO Box: 43459
Dubai
Tel: (971-4) 3523661 / 3523667
Fax: (971-4) 5140408
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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
·
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
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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
·
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
LINE OF BUSINESS
Operations
Engaged in the
import and distribution of general merchandise, including ready made garments,
textiles, footwear, perfumes and cosmetics, watches, sunglasses and jewellery.
Import Countries
Europe and the Far
East.
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 31/12/05:
Total Revenue UAE
Dh 2,700,000
Local sources consider subject’s financial condition to be Satisfactory.
BANKERS
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Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken in Dubai did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.
Maximum suggested
credit figure: US$ 60,000
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 |