MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SHARDA TRADING EST |
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Registered Office : |
Souk
Al Mussala Building, 1st Floor, Al Fahidi Street, Bur Dubai, PO
Box: 331, Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
19.03.1969 |
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Com. Reg. No.: |
501, Dubai |
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Legal Form : |
Sharikat
Tadhamun (General Partnership) |
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Line of Business : |
Engaged
in the import and distribution of textiles and fabrics. |
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 |
SHARDA TRADING EST |
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Country
of Origin |
Dubai, United Arab Emirates |
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Legal
Form |
General Partnership |
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Registration
Date |
19th March 1969 |
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Commercial
Registration Number |
501, Dubai |
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Trade
Licence Number |
203796 |
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Membership
Number |
449 |
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Partners
Capital |
UAE Dh 3,000,000 |
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Total
Workforce |
12 |
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Line
of Business |
Distributors of textiles and fabrics. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
SHARDA
TRADING EST
ADDRESS
Registered & Physical Address
Building : Souk Al Mussala Building, 1st
Floor
Street : Al Fahidi Street
Area : Bur Dubai
PO Box : 331
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3521140
Facsimile : (971-4) 3522082
Email : sanjay1@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 Dubai.
KEY PRINCIPALS
Name Nationality Position
· Nathumal Kundanmal Indian Managing Partner
· Shewakramani Suresh Nathumal Indian Partner
· Shewak Ramani Alias Devi Nathumal Indian Partner
· Sanjay Shewakramani Nathumal Indian Partner
LEGAL FORM & OWNERS
Date of Establishment : 19th March 1969
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 501, Dubai
Trade Licence No. : 203796 (Expires 10th March 2008)
Membership No. : 449
Partners
Capital : UAE Dh 3,000,000
Name of Partner (s) Percentage
· Nathumal Kundanmal 30%
· Shewakramani Suresh Nathumal 25%
· Shewak Ramani Alias Devi Nathumal 25%
· Sanjay Shewakramani Nathumal 20%
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of textiles and fabrics.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 12 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
4,800,000 UAE Dh
5,000,000
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
Opinion
on the credit figure of US$ 150,000
Established
in 1969, subject is owned and managed by a number of Indian nationals and is
involved in the import and distribution of textiles and fabrics.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the business 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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