MIRA
INFORM REPORT
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Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDEN DUNES GENERAL TRADING LLC |
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Registered Office : |
Al
Ghurair Exchange Centre, 2nd Floor, Office No. 202, Al Karama Area, PO Box 26046 & 125537, 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 : |
19.06.2005 |
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Com. Reg. No.: |
74661, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General Merchandise,
Specialising in Sea Food Products |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : GOLDEN DUNES GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th June 2005
Commercial Registration Number : 74661, Dubai
Trade Licence Number : 570465
Chamber Membership Number : 98463
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 20
Activities : Import and distribution of general merchandise, specialising in sea food
products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
GOLDEN DUNES
GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Al Ghurair Exchange
Centre, 2nd Floor, Office No. 202
Area : Al Karama Area
PO Box : 26046 & 125537
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3316880 / 3975612
Facsimile : (971-4) 3316881 / 3975614
Mobile : (971-50) 4549047
Email : bejank@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
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Idres Mostafa
Saab Indian Managing Director
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Pijan Manusher
Kalyakewala Indian Director
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Majid Shaikhan
Saif Shaikhan Emirati Director
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Lewis
Fernandes - Commercial
Manager
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Kharishad
Patel - Sales Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
June 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 74661, Dubai
Trade Licence No. : 570465
(Expires 18th June 2009)
Chamber Member No. : 98463
Issued Capital : UAE Dh 300,000
Paid up Capita l : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Majid Shaikhan
Saif Shaikhan
51%
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Idres Mostafa
Saab 29%
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Pijan Manusher
Kalyakewala 20%
OPERATIONS
Activities: Engaged in the import and distribution of
general merchandise, specialising in sea food products (but also dealing in
furniture, home furnishings, textiles and ready made garments).
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 20 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 3,100,000 UAE Dh 6,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Kharishad Patel,
Sales Manager.
BANKERS
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction June
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.17 |
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UK Pound |
1 |
Rs.86.46 |
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Euro |
1 |
Rs.68.68 |
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%)