MIRA INFORM REPORT

 

 

Report Date :

17.10.2007

 

IDENTIFICATION DETAILS

 

Name :

MIKA GENERAL TRADING LLC

 

 

Registered Office :

J S Fernandes Building, Al Riffa, P O Box 120824, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

25th August 2005

 

 

Com. Reg. No.:

75839, Dubai

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Engaged in the import and distribution of ready made garments, footwear, jewellery, luggage, perfumes, cosmetics and gift items.

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

SUMMARY

 

Company Name                         : MIKA GENERAL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 25th August 2005

Commercial Registration Number            : 75839, Dubai

Trade Licence Number                            : 572573

Membership Number                              : 100476

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 8

Line of Business                                    : Distributors of ready made garments, footwear, jewellery,

                                                  luggage, perfumes, cosmetics and gift items.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

COMPANY NAME

 

MIKA GENERAL TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : J S Fernandes Building

Area                 : Al Riffa

PO Box             : 120824

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3936221 / 3937455

Facsimile          : (971-4) 3936227 / 3937456

Email                : globeapex@yahoo.com

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Manish Shashei Kant Anadekat                      British                           Managing Director

 

·       Mansokh Lal Kreshnadas                               British                           Director

 

·       Nishteh Mansu Khilal                         British                           Director

 

·       Abdulaziz Ahmed Ali Ahmed                          Emirati                          Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th August 2005

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 75839, Dubai

 

Trade Licence No.       : 572573 (Expires 24th August 2008)

 

Membership No.          : 100476

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

 

Name of Shareholder (s)         Percentage

 

·       Abdulaziz Ahmed Ali Ahmed                                                              51%

 

·       Manish Shashei Kant Anadekat                                                          17%

 

·       Mansokh Lal Kreshnadas                                                                   16%

 

·       Nishteh Mansu Khilal                                                             16%

 

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 United Arab Emirates is 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 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, jewellery, luggage, perfumes, cosmetics and gift items.

 

Import Countries : Europe and GCC countries.

 

Operating Trend : Steady

 

Subject has a workforce of 8 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 4,106,000                                 UAE Dh 4,428,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Emirates Bank International Ltd

Baniyas Road

PO Box : 2923

Deira

Dubai

Tel : (971-4) 3160316

Fax : (971-4) 2264302

 

 

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, jewellery, luggage, perfumes, cosmetics and gift items.

 

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 business is deemed a fair trade risk.

 

 

 

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.

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions