MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Shawaheen Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.12.1998 |
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Com. Reg. No.: |
33225, Sharjah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesalers and retailers of ready made garments and clothing
accessories. |
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$ 125,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date : 10th
December 1998
Commercial
Registration Number : 33225,
Sharjah
Trade Licence Number : 125054
Membership Number : 43507
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 8
Line of Business :
Wholesalers and retailers of ready made garments and clothing
accessories.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ADDRESS
Registered & Physical Address
Location : Al Shawaheen Area
PO Box : 28385
Town : Sharjah
Country :
Telephone : (971-6) 5684300
Facsimile : (971-6) 5696173
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Pritam
Keswani Indian Managing
Director
·
Mohamed
Ali Ahmed Jamal Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 10th
December 1998
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 33225,
Sharjah
Trade Licence No. : 125054
Membership No. : 43507
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
· Mohamed Ali Ahmed Jamal 51%
· Pritam Keswani 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 150,000, 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
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 recognized by law depending on the way
the internal agreement is made.
LINE OF BUSINESS
Operations : Engaged in the wholesale and retail of
ready made garments and clothing accessories.
Import Countries
: Europe and the
Operating Trend : Steady
Subject has a
workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 6,280,000 UAE Dh
6,490,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
PO Box : 25
Sharjah
Tel : (971-6) 5537222
Fax : (971-6) 5537880
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1998, subject is involved in the wholesale and retail of ready made garments
and clothing accessories.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 125,000
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)