MIRA
INFORM REPORT
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Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
EXCEL
INTERNATIONAL LLC |
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Registered Office : |
New Industrial
Area, P O Box 410, Ajman |
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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 : |
1987 |
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Com. Reg. No.: |
3963, Ajman |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the manufacture
and export of garments, including gent's and ladies trousers, tops, overalls, jackets,
dresses and skirts. |
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$ 600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EXCEL INTERNATIONAL LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1987
Commercial Registration Number : 3963, Ajman
Trade Licence Number : 43117
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 425
Line of Business : Manufacture and export of garments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
EXCEL INTERNATIONAL
LLC
ADDRESS
Registered & Physical Address
Location : New Industrial Area
PO Box : 410
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7436955 / 7436955
Facsimile : (971-6) 7436977
Email : excel@emirates.net.ae
Premises
Subject operates
from a large suite of offices, a warehouse and two factories that are owned and
located in the Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
·
Manohar
Sawlani Indian Managing
Director
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Mrs. Poonam Sawlani Indian Director
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Ramesh Sawlani Indian Director
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Abdullah Saeed Emirati Director
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P. Pardeep - Production
Manager
·
David Jathni - Marketing
Manager
·
S. Sunil - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1987
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 3963, Ajman
Trade Licence No. : 43117
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
·
Abdullah Saeed 51
%
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Manohar
Sawlani ]
]
·
Mrs. Poonam Sawlani ]
49 %
]
·
Ramesh Sawlani ]
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.
AFFILIATED COMPANIES
Subject is a member of the Deepaks Group of Companies based in Dubai, United
Arab Emirates. The group consists of the following concerns :
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Deepaks
General Trading LLC
Dubai
Tel : (971-4) 535051
Fax : (971-4) 534935
Email : deepaks@emirates.net.ae
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Deepaks LLC
Dubai
Tel : (971-4) 443182
Fax : (971-4) 493422
Email : deepaks@emirates.net.ae
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Meridian
Trading Company LLC
Dubai
Tel : (971-4) 532211
Fax : (971-4) 531050
Email : deepaks@emirates.net.ae
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Sago Company
LLC
Dubai
Tel : (971-4) 2267699
Fax : (971-4) 2269431
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Mubdy Garments
Factory LLC
New Industrial Area
PO Box : 1537
Ajman
Tel : (971-6) 7435479
Fax : (971-6) 7439507
·
Ameri General
Trading LLC
Ajman
Tel : (971-6) 7432991
Fax : (971-6) 7432207
Email : poonam@excelinternationalllc.com
LINE OF BUSINESS
Operations : Engaged in the manufacture and export of
garments, including gent's
and ladies trousers, tops, overalls, jackets, dresses and skirts.
Production
Capacity : 150,000 pieces a month
Import Countries
: China, Hong Kong, Taiwan, Korea,
Indonesia, India, Pakistan, Italy, France and Ireland.
Export Countries
: Subject’s largest export
markets are the United States of America and the EEC.
Brand Names : LIZ CLAIBORNE CARLIGRY
GAP ADELSTON
TOMMY HILLFIGER LITTLEWOODS
GUESS TESCO
AMERICAN EAGLE STORES TOPMAN
GYMBOREE K-MART
WAL-MART
Operating Trend
: Steady
Subject has a
workforce of approximately 425 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 48,500,000 UAE Dh 53,780,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
HSBC Bank
Middle East
Main Branch
Ajman
Tel : (971-6) 5537222
Fax : (971-6) 5537880
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National Bank
of Ras Al Khaimah
Al Maktoum Street
PO Box : 1531
Dubai
Tel : (971-4) 2226291
Fax : (971-4) 2281312
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction November 1999
Credit amount 200,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Excel International
LLC has been trading for 20 years in the manufacture and export of garments. It
is well established in the local business market and produces clothing under a
host of major brand names.
The company is run
by an efficient management team - Mr Manohar Sawlani, the Managing Director has
over 11 years experience in the textiles and garment trade.
Nothing detrimental was uncovered during the course of this
investigation regarding the manner in which the subject conducts its business
activities. The company meets its payments in a timely manner and the above
credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 600,000
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. |
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%)