MIRA
INFORM REPORT
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Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PINK AL SHELA INTERNATIONAL LLC |
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Registered Office : |
Abdulrazaq Ali Hassan Al Zarooni Building, Al Daghaya Street, Souk Al
Martri, Deira, PO Box 65061, 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 : |
15.08.2006 |
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Com. Reg. No.: |
998376, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import, Wholesale and Retail of textiles, blankets, towels
and linen, readymade garments, footwear, imitation jewellery, watches and
spare parts, novelties and giftware. |
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 : PINK AL SHELA INTERNATIONAL LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th August 2006
Commercial Registration Number : 998376, Dubai
Trade Licence Number : 584781
Membership Number : 110182
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Line of Business : Import, wholesale and retail of textiles, blankets, towels and
linen, readymade garments, footwear, imitation jewellery,
watches and spare parts, novelties and giftware.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
PINK AL SHELA INTERNATIONAL LLC
ADDRESS
Registered & Physical Address
Building : Abdulrazaq
Ali Hassan Al Zarooni Building
Street : Al Daghaya
Street
Area : Souk Al
Martri, Deira
PO Box : 65061
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2295058
Facsimile : (971-4)
2295056
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
· Ahmed Hussein Sayed
Ameer Shahbaz Pakistani Managing Director
· Majeed Khan Sultan
Mohamed Pakistani Director
· Mohamed Yonis Mula
Juma Khan Pakistani Director
· Nisriya Ali Salem
Saeed Darwish Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 15th
August 2006
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 998376, Dubai
Trade Licence No. : 584781
Membership No. : 110182
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Nisriya Ali Salem
Saeed Darwish 51%
· Ahmed Hussein
Sayed Ameer Shahbaz 17%
· Majeed Khan Sultan
Mohamed 16%
· Mohamed Yonis Mula
Juma Khan 16%
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, wholesale and retail of textiles, blankets,
towels and linen,
readymade garments, footwear, imitation
jewellery, watches and spare parts, novelties and giftware.
Import Countries: France, China and Pakistan
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 31/12/07:
Total Revenue UAE
Dh 4,050,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
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
Opinion on the credit figure of US$ 150,000:
Pink Al Shela International LLC is a relatively new business with
operations commencing in August 2006. It is engaged in the import, wholesale
and retail of textiles, blankets, towels and linen, readymade garments,
footwear, imitation jewellery, watches and spare parts, novelties and giftware.
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 company 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%)