MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
NICE CHOICE TRADING LLC |
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Registered Office : |
Maysa Ali Al Owais Building, Al Riffa, P O Box – 32863,
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 : |
18.05.2003 |
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Com. Reg. No.: |
62678, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General Merchandise |
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 :
NICE CHOICE TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
18th May 2003
Commercial Registration Number :
62678, Dubai
Trade Licence Number :
545095
Chamber Membership Number :
77761
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
4
Activities :
Import and distribution of general merchandise
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 150,000
COMPANY NAME
NICE CHOICE TRADING LLC
ADDRESS
Registered & Physical Address
Building : Maysa Ali Al Owais
Building
Area : Al Riffa
PO Box : 32863
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2218181
Facsimile : (971-4)
2217979
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Mohamed Aseem Fali Mohamed Sri
Lankan Managing
Director
Mohamed Ramzeen Razzaq Sri
Lankan Director
Suresh Harekshan Mirshandani Indian Director
Abdulrahman Mohamed Jaffar Ahli Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 18th
May 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 62678, Dubai
Trade Licence No. : 545095 (Expires
16/05/2009)
Chamber Member No. : 77761
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Abdulrahman Mohamed Jaffar Ahli 51%
Mohamed Aseem Fali Mohamed 17%
Mohamed Ramzeen Razzaq 16%
Suresh Harekshan Mirshandani 16%
OPERATIONS
Activities: Engaged in the import and distribution of general merchandise,
including ready made garments, footwear, leather products and handbags,
luggage, watches, imitation jewellery, gift items, perfumes and cosmetics, toys
and games.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 4 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 7,100,000 UAE Dh
7,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Habib Bank Ltd
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
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.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)