MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANJAY FASHION LLC |
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Registered Office : |
Ismail Abdullah Alyasi Building, Ali Ibn Abi Talib Street, Al Souq Al
Kabir, PO Box 43562, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
02.03.2005 |
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Com. Reg. No.: |
72559, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Import, distribution
and retail of textiles, fabrics, luggage, perfumes and cosmetics and toys |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : MANJAY FASHION LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 2nd
March 2005
Commercial
Registration Number : 72559,
Dubai
Trade Licence Number : 566344
Membership Number : 95169
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 4
Line of Business : Import,
distribution and retail of textiles, fabrics, luggage,
perfumes and cosmetics and toys.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
COMPANY NAME
MANJAY FASHION LLC
ADDRESS
Registered & Physical Address
Building : Ismail
Abdullah Alyasi Building
Street : Ali Ibn Abi
Talib Street
Area : Al Souq Al
Kabir
PO Box : 43562
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3539619
Facsimile : (971-4)
3539612
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
· Sarita Raju
Janjwani Indian Managing Director
· Raju Thakordas
Janjwani Indian Director
· Natalia Alexandar Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 2nd
March 2005
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 72559, Dubai
Trade Licence No. : 566344 (Expires 26th February
2009)
Membership No. : 95169
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Natalia Alexandar 51%
· Raju Thakordas
Janjwani 25%
· Sarita Raju
Janjwani 24%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a
company incorporated with not less than two and not more than fifty
shareholders, each responsible only for the liabilities of the company to the
extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company
(LLC) should not be less than UAE Dh
300,000, which should be divided into equal shares of a value not less than UAE
Dh 100 each.
This type of company may engage in any form of legitimate business, with
the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United
Arab Emirates is governed by the Foreign Business Investment Law, which sets capital
requirements and requires 51 percent Emirati participation in capital and
profits.
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal management
agreements in place that provides full management of the company in return for
a share of the company’s assets and profits. This internal relationship may or
may not be recognised by law depending on the way the internal agreement is
made.
LINE OF BUSINESS
Operations : Engaged in the import, distribution and retail of
textiles, fabrics, luggage, perfumes and
cosmetics and toys.
Import Countries : Europe and the Far East.
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06:
Total Revenue UAE
Dh 4,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4)
2221281
Fax : (971-4)
2284631
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Manjay Fashion LLC is a relatively new business with operations commencing in March 2005. It is engaged in the import, distribution and retail of textiles, fabrics, luggage, perfumes and cosmetics and toys.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.
Maximum suggested credit figure: US$ 100,000
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%)