MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
FINE WAY INTERNATIONAL TRADING LLC |
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Registered Office : |
Fatima Bint Obaid
Building, Al Daghaya, PO Box 44175,
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 : |
07.02.2006 |
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Com. Reg. No.: |
78545, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of Ready Made Garments, Perfumes and Cosmetics, Footwear, Leather Products, Toys and Games. |
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 : FINE WAY INTERNATIONAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 7th February 2006
Commercial Registration Number : 78545, Dubai
Trade Licence Number : 577504
Chamber Membership Number : 104473
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Activities : Distributors of ready made garments, perfumes and cosmetics, footwear, leather products, toys and games.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
FINE WAY
INTERNATIONAL TRADING LLC
ADDRESS
Registered &
Physical Address
Building : Fatima Bint Obaid Building
Area : Al Daghaya
PO Box : 44175
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2254903
Facsimile : (971-4) 2263432
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
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Faisal Parmal
Abdulla Indian Managing Director
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Vali Parambil
Pourshotman Salil Indian Director
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Ahmed Ismail
Ahmed Abdulqader Al Naser Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 7th
February 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 78545, Dubai
Trade Licence No. : 577504
(Expires 6th February 2009)
Chamber Member No. : 104473
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Ahmed Ismail
Ahmed Abdulqader Al Naser 51%
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Faisal Parmal
Abdulla 37%
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Vali Parambil
Pourshotman Salil 12%
OPERATIONS
Activities: Engaged in the import and distribution of
ready made garments, perfumes and cosmetics, footwear,
leather products, toys and games.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 7 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE Dh 8,100,000
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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Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Established in
2006, subject is involved in the import and distribution of ready made
garments, perfumes and cosmetics, footwear, leather products, toys and games.
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk and the above
credit figure is considered to be 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.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%)