MIRA
INFORM REPORT
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Report Date : |
12.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
BLACK
ROSE TRADING LLC |
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Registered Office : |
Real
Estate Department Building, Al Faheidi Street, Al Souq Al Kabir, P O Box
28939, Dubai |
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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 : |
26th April 1998 |
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Com. Reg. No.: |
52184 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import
and distribution of ready made garments and textiles, footwear, handbags and
leather products, suitcases and travel requisites, perfumes and cosmetics,
imitation jewellery, giftware, toys and games. |
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$
100,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : BLACK ROSE TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 26th April 1998
Commercial Registration Number : 52184, Dubai
Trade Licence Number : 505121
Membership Number : 49270
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Line of Business : Distributors of ready made garments, footwear, luggage,
perfumes and toys.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BLACK
ROSE TRADING LLC
ADDRESS
Registered & Physical Address
Building : Real Estate Department Building
Street : Al Faheidi Street
Area : Al Souq Al Kabir
PO Box : 28939
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3537755 / 2264498
Facsimile : (971-4) 3536261 / 2251093
Email : info@blackrose.co.ae
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
· Harish Gobindram Bulchandani Indian Managing
Director
· Kailash Harish Bulchandani Indian Director
· Ali Humaid Obaid Abed Al Shamsi Emirati Director
· Vishwas Hedaoo - Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 26th April 1998
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 52184, Dubai
Trade Licence No. : 505121 (Expires 20th April 2007)
Membership No. : 49270
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Ali Humaid Obaid Abed Al Shamsi 51%
· Harish Gobindram Bulchandani 25%
· Kailash Harish Bulchandani 24%
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
· Royal Apple Trading
Real Estate Department Building
Al Rifaa Street
PO Box: 48958
Dubai
Tel: (971-4) 3334622 / 3536261
Fax: (971-4) 3200571
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of ready made garments and textiles, footwear, handbags
and leather products, suitcases and travel requisites, perfumes and cosmetics,
imitation jewellery, giftware, toys and games.
Import
Countries :
Korea, Indonesia, China and Europe.
International
Suppliers:
·
Dream
Impact Korea
·
OTC
Sehan Indonesia
·
Shaoxing
Ltd China
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
3,050,000 UAE
Dh 3,215,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Habib
Bank Ltd
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
Established
in 1998, subject is owned and managed by Mr Harish Gobindram Bulchandani and Mr
Ali Humaid Obaid Abed Al Shamsi, who are Indian nationals operating in Dubai
under the local sponsorship of Mr Ali Humaid Obaid Abed Al Shamsi.
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
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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