MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL GHALA READY MADE GARMENTS TRADING CO LLC |
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Registered Office : |
Al Khor Building,
Creek Road, PO Box 8842, Dubai |
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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 : |
9th April 1985 |
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Com. Reg. No.: |
43753, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Readymade Garments, Footwear,
Handbags and Leather Products, and Imitation Jewellery |
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 : AL GHALA READY MADE GARMENTS TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th April 1985
Commercial Registration Number : 43753, Dubai
Trade Licence Number : 204885
Chamber Membership Number : 1813
Issued Capital : UAE Dh 450,000
Paid up Capital : UAE Dh 450,000
Total Workforce : 15
Activities : Wholesale and retail of readymade garments, footwear, handbags and
leather products, and imitation jewellery
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
AL GHALA READY MADE
GARMENTS TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Al Khor Building
Street : Creek Road
PO Box : 8842
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2253310
Facsimile : (971-4) 2253677
Email : booms@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
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Ishwar
Bhugromal Chanduani Indian Managing Director
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Anil Ishwar
Chanduani Indian Director
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Govind
Bhugromal Chanduani Indian Director
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Ali Saleh
Mohamed Al Mulla Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 9th
April 1985
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43753, Dubai
Trade Licence No. : 204885
(Expires 03/04/2009)
Chamber Member No. : 1813
Issued Capital : UAE Dh 450,000
Paid up Capital : UAE Dh 450,000
Name of Shareholder (s) Percentage
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Ali Saleh
Mohamed Al Mulla 51.120%
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Ishwar
Bhugromal Chanduani 17.780%
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Anil Ishwar
Chanduani 15.550%
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Govind
Bhugromal Chanduani 15.550%
OPERATIONS
Activities: Engaged in the wholesale and retail of
readymade garments, footwear, handbags and leather products, and imitation
jewellery.
Import
Countries: India and China
Operating Trend: Steady
Subject has a
workforce of 15 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
13,800,000 UAE Dh
16,100,000
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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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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%)