MIRA
INFORM REPORT
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Report Date : |
23.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
OCEANA INTERNATIONAL TRADING |
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Registered Office : |
Bank of Baroda
Building, 3rd Floor, Flat No. 301, Al Faheidi Street, Al
Souq Al Kabir, PO Box 411, 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 : |
19.08.1993 |
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Com. Reg. No.: |
28782, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import, Distribution and Retail of Ready Made Garments and Textiles |
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 : OCEANA INTERNATIONAL TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 19th August 1993
Commercial Registration Number : 28782, Dubai
Trade Licence Number : 231810
Chamber Membership Number : 27997
Invested Capital : UAE Dh 100,000
Total Workforce : 14
Activities : Import, distribution and retail of ready made garments and textiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
OCEANA
INTERNATIONAL TRADING
ADDRESS
Registered &
Physical Address
Building : Bank of Baroda Building, 3rd
Floor, Flat No. 301
Street : Al Faheidi Street
Area : Al Souq Al Kabir
PO Box : 411
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3533080 / 3537755
Facsimile : (971-4) 3538395 / 3536261
Mobile : (971-50) 6245472
Email : oceana@emirates.net.ae
Premises
Subject operates
from a small suite of offices and showroom that are rented located in the
Central Business Area of Dubai.
Branch Office
(s)
Location Description
·
Nasser
Abdullah Hussain Anoohi Building Rented
showroom premises
Sikkat Al Khail Street
PO Box: 3930
Dubai
Tel: (971-4) 3534344
·
Al Suq Street Rented
showroom premises
PO Box: 3930
Dubai
·
Museum Road Rented
showroom premises
Dubai
Tel: 971-4) 3534344
KEY PRINCIPALS
Name Position
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Abdullah Ali
Asghar Abdullah Al Abdullah Proprietor
& General Manager
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Vijay
Lashwani Assistant
General Manager
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Garesh
Adwani Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
August 1993
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 28782, Dubai
Trade Licence No. : 231810
(Expires 18/08/2008)
Chamber Member No. : 27997
Invested Capital
: UAE Dh 100,000
Mr Abdullah Ali
Asghar Abdullah Al Abdullah is the sole proprietor of the business.
AFFILIATED COMPANIES
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Abdullah Ali
Abdullah Trading LLC
Heirs of Abdul Latif Othman Al
Bassam Building
Al Ras Street
Al Ras
PO Box: 3930 & 57615
Dubai
Tel: (971-4) 2723408
Fax: (971-4) 2725213
OPERATIONS
Activities: Engaged in the import, distribution and retail
of ready made garments and textiles.
Import
Countries: Europe and GCC
countries
Operating Trend: Steady
Subject has a
workforce of 14 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 7,500,000 UAE Dh 8,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Garesh Adwani,
Commercial Manager.
BANKERS
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Emirates Bank
International Ltd
Baniyas Road
Deira
PO Box : 2923
Dubai
Tel : (971-4) 2256256 / 2256900
Fax
: (971-4) 2268005 / 2267718
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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
Established in
1993, subject is owned and managed by Mr Abdullah Ali Asghar Abdullah Al
Abdullah who is well respected in the local business community.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk. As such the above credit figure is
considered to be 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.42.33 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.66.75 |
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%)