MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
PINK LINE TEXTILES TRADING LLC |
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Registered Office : |
Naif Plaza, Shop
No. 49, Al Mussalla Street, Deira, PO Box 39418 |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
15.01.2000 |
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Com. Reg. No.: |
1024529, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Textiles, Fabrics, Readymade
Garments, Leather Products and
Footwear |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : PINK LINE TEXTILES TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th January 2000
Commercial Registration Number : 1024529, Dubai
Trade Licence Number : 516089
Chamber Membership Number : 57595
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 8
Activities : Wholesale and retail of textiles, fabrics, readymade garments, leather
products and footwear
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
PINK LINE TEXTILES
TRADING LLC
ADDRESS
Registered & Physical Address
Building : Naif Plaza, Shop No. 49
Street : Al Mussalla Street
Area : Deira
PO Box : 39418
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2226525
Facsimile : (971-4) 2226519
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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Mohamed Atiq
Mohamed Khalil Indian Managing Director
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Ibrahim Sayed Saeed
Sayed Abdul Hussain Al Shiba Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 15th
January 2000
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1024529,
Dubai
Trade Licence No. : 516089
(Expires 14/01/2009)
Chamber Member No. : 57595
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Ibrahim Sayed
Saeed Sayed Abdul Hussain Al Shiba 51%
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Mohamed Atiq
Mohamed Khalil 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles, fabrics, readymade garments, leather products and
footwear.
Import
Countries: India and Europe
Operating Trend: Steady
Subject has a
workforce of 8 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 7,300,000 UAE Dh 8,000,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Habib Bank AG
Zurich
Baniyas Road
PO Box 3306
Dubai
Tel: (971-4) 2214535
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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%)