MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABBAS NAMAT TRADING LLC |
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Registered Office : |
Mohamed Abdur
Rahman Khansaheb Building, Al Faheidi Street, Al Souq Al Kabir, PO Box 42899, 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 : |
11.03.1996 |
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Com. Reg. No.: |
51527, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Ready Made Garments for Ladies and Children. Production of Sofas and Curtain Accessories. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ABBAS NAMAT TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th March 1996
Commercial Registration Number : 51527, Dubai
Trade Licence Number : 241041
Chamber Membership Number : 37707
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 10
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
Person Interviewed : Rajan Shibu Rajan, Managing Director
COMPANY NAME
ABBAS NAMAT TRADING
LLC
ADDRESS
Registered & Physical Address
Building : Mohamed Abdur Rahman Khansaheb
Building
Street : Al Faheidi Street
Area : Al Souq Al Kabir
PO Box : 42899
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3536144
Facsimile : (971-4) 3536709
Mobile : (971-50) 6545072
Email : antrading03@yahoo.com
Premises
Subject operates
from a small suite of offices, a showroom and a warehouse that are rented and
located in the Central Business Area of Dubai.
Branch Office
(s)
Location Description
·
Baqali
Building, Shop No. 7 Rented
showroom premises
Juma Masjid Road
Dubai
KEY PRINCIPALS
Name Nationality Position
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Rajan Shibu
Rajan Indian Managing Director
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Abbas Namat
Abbas Mohamed Al Farsi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 11th
March 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 51527, Dubai
Trade Licence No. : 241041
(Expires 10/03/2009)
Chamber Member No. : 37707
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Abbas Namat
Abbas Mohamed Al Farsi 51%
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Rajan Shibu
Rajan 49%
OPERATIONS
Activities: Subject’s activities are performed through
the following divisions:
· Clothing Division
Under this division subject is
engaged in the wholesale and retail of ready made garments for ladies and
children.
· Furniture Division
Engaged in the production of
sofas and curtain accessories.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 10 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 1,900,000 UAE Dh 2,600,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Rajan Shibu Rajan, Managing Director
BANKERS
·
Middle East
Bank Ltd
Arbift Tower
Baniyas Street
PO Box 5547
Dubai
Tel: (971-4) 2220121
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.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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%)