MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
KEWALRAM &
SONS |
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Registered Office : |
Hassan Abdullah
Az Zaroonei Building, Al Faheidi Street, Al Suq Al Kabir, P O Box 2719, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2nd February 1968 |
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Com. Reg. No.: |
4741, Dubai |
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Legal Form : |
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 : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : KEWALRAM & SONS
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Registration Date : 2nd February 1968
Commercial Registration Number : 4741, Dubai
Trade Licence Number : 204477
Membership Number : 371
Partners Capital : UAE Dh 100,000
Total Workforce : 11
Line of Business : Distributors of textiles and fabrics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
KEWALRAM & SONS
ADDRESS
Registered & Physical Address
Building : Hassan Abdullah Az Zaroonei
Building
Street : Al Faheidi Street
Area : Al Suq Al Kabir
PO Box : 2719
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3535627 / 3536532
Facsimile : (971-4) 3535251
Email : kewalram@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
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Kishore Kumar Sunderdas Indian Managing Partner
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Bhalia
Bhauuabbs Indian Partner
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Anoop Kumar
Bhagwandas Indian Partner
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Jay Kumar
Bhagwandas Indian Partner
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Bhatiia Ashok
Kumar Indian General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2nd
February 1968
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 4741, Dubai
Trade Licence No. : 204477
(Expires 19th April 2007)
Membership No. : 371
Partners Capital : UAE Dh 100,000
Name of Partner (s) Percentage
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Kishore Kumar
Sunderdas 25%
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Bhalia
Bhauuabbs 25%
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Anoop Kumar
Bhagwandas 25%
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Jay Kumar
Bhagwandas 25%
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 India.
Operating Trend
: Steady
Subject has a
workforce of 11 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 6,490,000 UAE Dh 6,600,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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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$ 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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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%)