MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROYAL BEAUTY TRADING LLC |
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Registered Office : |
Makia Ismail Albaqali Building, Al Mussalla Street, Alsouq Alkabir, PO
Box 30775, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24.03.1998 |
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Com. Reg. No.: |
75666, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import, distribution and retail of textiles, ready made
garments, footwear, leather products, watches, imitation jewellery, giftware,
toys, games, novelties, travel requisites, 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 : ROYAL BEAUTY TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 24th March 1998
Commercial Registration Number : 75666, Dubai
Trade Licence Number : 504641
Membership Number : 48835
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 4
Line of Business : Import, distribution and retail of textiles, ready made garments,
footwear, leather products, watches, imitation jewellery,
giftware, toys, games, novelties, travel requisites, perfumes,
and cosmetics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ROYAL BEAUTY TRADING LLC
ADDRESS
Registered & Physical Address
Building : Makia Ismail
Albaqali Building
Street : Al Mussalla
Street
Area : Alsouq
Alkabir
PO Box : 30775
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3558224
/ 2354005
Facsimile : (971-4)
3556648 / 2354003
Email : royalpri@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
· Ishwar Kahandchand
Jachanand Indian Managing
Director
· Baharat Ashwar
Jashnani Indian Director
· Mohamed Abdullah
Ahmad Al Kaabi Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 24th
March 1998
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 75666, Dubai
Trade Licence No. : 504641 (Expires 17th March 2008)
Membership No. : 48835
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder (s) Percentage
·
Mohamed Abdullah Ahmad Al
Kaabi 51%
·
Ishwar Kahandchand Jachanand 25%
·
Baharat Ashwar Jashnani 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.
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, blankets,
towels, linens, ready made
garments, slippers, sandals, shoes,
handbags, leather products, watches, imitation jewellery, gifts, toys, games,
novelties, suitcases, travel requisites, perfumes, and cosmetics.
Import Countries : Europe and Asia
Operating Trend : Steady
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 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE
Dh 7,195,000 UAE
Dh 7,300,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
National Bank of Dubai (NBD)
Baniyas Street
PO Box :
777
Dubai
Tel :
(971-4) 2222241
·
Habib Bank AG Zurich
Trade Service
Centre
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
Opinion on the credit figure of US$ 150,000:
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 and
the above credit figure is within subject’s financial means.
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%)