MIRA INFORM REPORT

 

 

Report Date :

26.09.2007

 

IDENTIFICATION DETAILS

 

Name :

REGAL TRADERS

 

 

Registered Office :

Ahmed Abdullah Humaid Building, Al Faheidi Street, Al Suq Al Kabir, Bur Dubai, P O Box 52, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1952

 

 

Com. Reg. No.:

3054, Dubai

 

 

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 :

Regular

 

 

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, Bur Dubai

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

 

·       Banque Paribas

PO Box 7233

Dubai

Tel: (971-4) 2215281

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

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.

 

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