MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
NISHJEET TRADERS LLC |
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Registered Office : |
Real Estate
Department Building, Ali Ibn Abi Talib Street, Al Suq Al Kabir, P O Box – 6952, 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 : |
22.07.1979 |
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Com. Reg. No.: |
42861, Dubai |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Import and distribution of ready made garments, textiles,
perfumes and cosmetics. |
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 : NISHJEET TRADERS LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 22nd
July 1979
Commercial Registration
Number : 42861, Dubai
Trade Licence Number : 204396
Membership Number : 5907
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 5
Line of Business :
Distributors of ready made garments, textiles, perfumes and
cosmetics.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NISHJEET TRADERS LLC
ADDRESS
Registered &
Physical Address
Building : Real Estate Department Building
Street : Ali Ibn Abi Talib Street
Area : Al Suq Al Kabir
PO Box : 6952
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3536564 / 3535673
Facsimile : (971-4) 3535240
Email : asnani@emirates.net.ae
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
Asnani Jhaman Nathumal Indian Managing Director
Jitesh Jhaman Asnani Indian Director
Ibrahim Abdullah Abdul
Rahman Murad Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 22nd July 1979
Legal Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 42861, Dubai
Trade Licence No. : 204396
Membership No. : 5907
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Ibrahim Abdullah Abdul
Rahman Murad 51%
Asnani Jhaman Nathumal 25%
Jitesh Jhaman Asnani 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 and distribution of ready made garments, textiles, perfumes and cosmetics.
Import Countries :
Europe and the Far East.
Operating Trend :
Steady
Subject has a workforce
of 5 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency : United Arab
Emirates Dirham (UAE Dh)
Year Ending 31/12/06: Year Ending
31/12/07:
Total Revenue UAE Dh 11,275,000 UAE Dh 11,800,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
HSBC Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in 1979, subject
is involved in the import and distribution of ready made garments, textiles,
perfumes and cosmetics.
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.
Maximum suggested
credit figure: US$ 150,000
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%)