MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAYTEE INTERNATIONAL COMPANY |
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Registered Office : |
Sheikh Mohamed Bin Hashir Al Maktoum Building, Al Suq Street, Al Suq
Al Kabir , PO Box 12829, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.01.1970 |
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Com. Reg. No.: |
1431, Dubai |
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Legal Form : |
General
Partnership |
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Line of Business : |
Distributor of
textiles and fabrics. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : KAYTEE INTERNATIONAL
COMPANY
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
General Partnership
Registration Date : 19th
January 1970
Commercial
Registration Number : 1431,
Dubai
Trade Licence Number : 200322
Membership Number : 541
Partners Capital : UAE Dh
500,000
Total Workforce : 17
Line of Business : Distributor
of textiles and fabrics.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
KAYTEE INTERNATIONAL COMPANY
ADDRESS
Registered & Physical Address
Building : Sheikh
Mohamed Bin Hashir Al Maktoum Building
Street : Al Suq
Street
Area : Al Suq Al
Kabir
PO Box : 12829
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3534584
/ 3531865
Facsimile : (971-4)
3531405
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
·
Kamal Kishor Odhrani Indian Managing Partner
· Heman Kanayalal Odhrani Indian Partner
·
Lata Bai Gimna Bai Indian Partner
LEGAL FORM & OWNERS
Date of
Establishment : 19th
January 1970
Legal Form : Sharikat Tadhamun
(General Partnership)
Commercial Reg.
No. : 1431, Dubai
Trade Licence No. : 200322 (Expires 6th February
2008)
Membership No. : 541
Partners Capital : UAE Dh 500,000
Name of Partner (s) Percentage
· Kamal Kishor Odhrani 34%
· Heman Kanayalal Odhrani 33%
· Lata Bai Gimna Bai 33%
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.
Notwithstanding
the English translation of its name, this type of company should not be compared
to the partnership concept under English Law. A Sharikat Tadhamun is considered
a company and has the attributes of a corporation similar to that of a
partnership under Scottish Law or to the “Societe en Nom Collectif” under
French Law.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of textiles and fabrics.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 17 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE
Dh 14,250,000 UAE Dh
14,810,000
Local sources consider subject’s financial condition to be Fair.
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 1970, subject is involved in the import and distribution
of textiles and fabrics.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
Maximum suggested credit figure: US$ 200,000
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%)