MIRA
INFORM REPORT
|
Report Date : |
15.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
REGAL TRADERS |
|
|
|
|
Registered Office : |
Ahmed Abdullah
Humaid Building, Al Faheidi Street, Al Suq Al Kabir, P O Box 52, Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1952 |
|
|
|
|
Com. Reg. No.: |
3054 |
|
|
|
|
Legal Form : |
General Partnership |
|
|
|
|
Line of Business : |
Engaged in the import,
distribution and retail of textiles and fabrics. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 250,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : REGAL TRADERS
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Start Date : 1952
Registration Date : 22nd September 1968
Commercial Registration Number : 3054, Dubai
Trade Licence Number : 201814
Membership Number : 291
Partners Capital : UAE Dh 1,000,000
Total Workforce : 85
Line of Business : Distributors of textiles and fabrics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
REGAL TRADERS
ADDRESS
Registered & Physical Address
Building : Ahmed Abdullah Humaid Building
Street : Al Faheidi Street
Area : Al Suq Al Kabir
PO Box : 52
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3532320
Facsimile : (971-4) 3534707 / 3535774
Email : regal@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices, a showroom and a warehouse that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Vikram Vasudev
Shroff Indian Managing Partner
·
Shroff Vasudev
Chamdas Indian Partner
·
Gopal Chamdas
Shroff Indian Partner
·
Rajkumar
Vasudev Shroff Indian Partner
LEGAL FORM &
OWNERS
Date of Establishment : 1952, however
subject was registered on 22nd September 1968.
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 3054, Dubai
Trade Licence No. : 201814
(Expires 20th February 2008)
Membership No. : 291
Partners Capital : UAE Dh 1,000,000
Name of Partner (s) Percentage
·
Shroff Vasudev
Chamdas 30%
·
Gopal Chamdas
Shroff 30%
·
Rajkumar
Vasudev Shroff 20%
·
Vikram Vasudev
Shroff 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.
AFFILIATED COMPANIES
·
Regal Garments
Ahmed Abdulla Humaid Building
Al Faheidi Street
Al Suq Al Kabir
PO Box : 52
Dubai
Tel : (971-4) 3532320
Fax : (971-4) 3534707 / 3535774
·
Rajkamal
Communications
Ahmed Abdulla Humaid Building
Al Faheidi Street
Al Suq Al Kabir
PO Box : 52
Dubai
Tel : (971-4) 3532320
Fax : (971-4) 3534707 / 3535774
·
Regal
International
Ahmed Abdulla Humaid Building
Al Faheidi Street
Al Suq Al Kabir
PO Box : 52
Dubai
Tel : (971-4) 3532320
Fax : (971-4) 3534707 / 3535774
LINE OF BUSINESS
Operations : Engaged in the import, distribution and retail
of textiles and fabrics.
Import Countries
: Europe and India.
Operating Trend
: Steady
Subject has a
workforce of 85 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 17,680,000 UAE Dh 19,350,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1968, subject is involved in the import and distribution of textiles and
fabrics.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 250,000
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)