MIRA INFORM REPORT
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Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAY & PIC READYMADE GARMENTS LLC |
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Registered Office : |
Abdullah
Fatahulla Ahli Building, Ground Floor, Al Suq Al Kabeer Street, Murshid Bazar,
Al Bateen, Deira 45451, 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 : |
15.12. 2003 |
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Com. Reg. No.: |
99711, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Readymade Garments, Textiles and
Fashion Accessories. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : PAY & PIC READYMADE GARMENTS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th December 2003
Commercial Registration Number : 99711, Dubai
Trade Licence Number : 551527
Chamber Membership Number : 82881
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Activities : Wholesale and retail of readymade garments, textiles and fashion
accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
PAY & PIC
READYMADE GARMENTS LLC
ADDRESS
Registered & Physical Address
Building : Abdullah Fatahulla Ahli Building, Ground
Floor
Street : Al Suq Al Kabeer Street
Area : Murshid Bazar, Al Bateen,
Deira
PO Box : 45451
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2257522
Facsimile : (971-4) 2350205
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
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Kishore Kumar
Bhagchnad Darra Indian Managing
Director
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Kalra Ram Sunderdas Indian Director
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Pavan Shamdas
Sadarangani Indian Director
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Mrs Suhaila
Ismail Ibrahim Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 15th
December 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 99711, Dubai
Trade Licence No. : 551527
Chamber Member No. : 82881
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Mrs Suhaila
Ismail Ibrahim 51%
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Kishore Kumar Bhagchnad
Darra 17%
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Kalra Ram
Sunderdas 16%
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Pavan Shamdas
Sadarangani 16%
OPERATIONS
Activities: Engaged in the wholesale and retail of
readymade garments, textiles and fashion accessories.
Import
Countries: India and
Southeast Asia
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 7,380,000 UAE Dh 8,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Habib Bank AG
Zurich
Baniyas Road
PO Box 3306
Dubai
Tel: (971-4) 2214535
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
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%)