MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
JEBEL HAFEET READYMADE GARMENT TRADING LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16.04. 2005 |
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Com. Reg. No.: |
106144, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the import and distribution of ready made garments,
footwear, luggage, watches, perfumes, cosmetics and sunglasses. |
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 :
JEBEL HAFEET READYMADE GARMENT TRADING LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
16th April 2005
Commercial Registration Number :
106144,
Trade Licence Number :
566888
Membership Number :
96481
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
3
Line of Business :
Distributors of ready made garments, footwear, luggage, watches, perfumes, cosmetics and sunglasses.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
COMPANY NAME
JEBEL HAFEET READYMADE GARMENT TRADING LLC
ADDRESS
Registered & Physical Address
Building :
Area : Gold Souq,
Deira
PO Box : 171842
Town :
Country :
Telephone : (971-4) 2354944
/ 2354942
Facsimile : (971-4)
2354943
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
Suresh Kumar Sardarmal Shah Indian Managing Director
Shrikant Manoher Bhandarkar Indian Director
Prabhu Kishandas Kamra Indian Director
Zaein Obaid Dhaeen Hamad Al Huwaidi Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 16th
April 2005
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 106144,
Trade Licence No. : 566888 (Expires
15th April 2008)
Membership No. : 96481
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Zaein Obaid Dhaeen Hamad Al Huwaidi 51%
Suresh Kumar Sardarmal Shah 19%
Shrikant Manoher Bhandarkar 15%
Prabhu Kishandas Kamra 15%
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
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.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of ready
made garments, footwear, luggage, watches, perfumes, cosmetics and sunglasses.
Import Countries : Europe and the
Subject has a workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06 :
Total Revenue UAE
Dh 3,200,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of Ras Al Khaimah
PO Box : 1531
Tel : (971-4) 2226291
Fax : (971-4) 2281312
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2005, subject is involved in the import and distribution
of ready made garments, footwear, luggage, watches, perfumes, cosmetics and
sunglasses.
Local sources report that payment obligations are met in a generally timely
manner and the operating history is clear. As such the company is deemed 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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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%)