MIRA
INFORM REPORT
|
Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PREETAM TEXTILES LLC |
|
|
|
|
Registered Office : |
Jaffar Hussain
Nasser Building, Al Fahidi Street, Al Souq Al Kabir, Bur Dubai, PO Box 51671, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
1.11. 1989 |
|
|
|
|
Com. Reg. No.: |
47789, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Wholesaler and Retailer of Textiles |
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$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : PREETAM TEXTILES LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1st November 1989
Commercial Registration Number : 47789, Dubai
Trade Licence Number : 221117
Chamber Membership Number : 17423
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Activities : Wholesale and retail of textiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
PREETAM TEXTILES
LLC
ADDRESS
Registered & Physical Address
Building : Jaffar Hussain Nasser Building
Street : Al Fahidi Street
Area : Al Souq Al Kabir, Bur Dubai
PO Box : 51671
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3532212
Facsimile : (971-4) 3532833
Mobile : (971-50) 6246691
Email : preetam@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
·
Sunder Lal
Udharam Indian Managing
Director
·
Udharam
Odharmal Bhatia Indian Director
·
Ibrahim Thani
Al Wael Emirati Director
·
Padam
Kumar - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
November 1989
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 47789, Dubai
Trade Licence No. : 221117
Chamber Member No. : 17423
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Ibrahim Thani
Al Wael 51%
·
Udharam
Odharmal Bhatia 24%
·
Sunder Lal
Udharam
25%
AFFILIATED COMPANIES
·
Salama
Trading LLC
Bur Dubai
PO Box 51671
Dubai
Tel: (971-4) 3535442
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles.
Import
Countries: India, China and
Southeast Asia.
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 2,800,000 UAE Dh 3,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 and the above credit figure is
within subject’s financial means.
The financial
information contained within this report has been verified by Mr Sunder Lal
Udharam – Managing Director.
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%)