MIRA
INFORM REPORT
|
Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDO EMIRATES TRADING CO LLC |
|
|
|
|
Registered Office : |
Aysha Abdullah
Khoory Building, Suite No. 207, Al Fahidi Street, Al Souq Al Kabir, PO Box 43752, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
27.01. 1999 |
|
|
|
|
Com. Reg. No.: |
56244, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Wholesale and Retail of textiles, fabrics and linen, ready
made garments, footwear, handbags and leather products, imitation jewellery,
and travel requisites |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : INDO EMIRATES TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 27th January 1999
Commercial Registration Number : 56244, Dubai
Trade Licence Number : 509900
Chamber Membership Number : 52974
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Wholesale and retail of textiles, fabrics and linen, ready made garments, footwear, handbags and leather products, imitation jewellery, and travel requisites
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
INDO EMIRATES
TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Aysha Abdullah Khoory Building,
Suite No. 207
Street : Al Fahidi Street
Area : Al Souq Al Kabir
PO Box : 43752
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3539341 / 3534379
Facsimile : (971-4) 3539371
Mobile : (971-50) 5531295
E-Mail : indoemirates@hotmail.com
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
·
Avetash Nand
Kishoor Maheshwari Indian Managing
Director
·
Rajendra
Ghanebat G. Bhansali Indian Director
·
Obaid Saeed
Rashid Khilfan Al Shamsi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 27th
January 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 56244, Dubai
Trade Licence No. : 509900
Chamber Member No. : 52974
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Obaid Saeed
Rashid Khilfan Al Shamsi 51%
·
Avetash Nand
Kishoor Maheshwari 25%
·
Rajendra
Ghanebat G. Bhansali 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles, fabrics and linen, ready made garments, footwear,
handbags and leather
products, imitation jewellery, and travel requisites.
Import
Countries: India and
Thailand
Operating Trend: Steady
Subject has a
workforce of 6 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
10,900,000 UAE Dh
11,475,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr. Navneet Sharma of the company
BANKERS
·
Habib Bank AG
Zurich
Baniyas Road
PO Box 3306
Dubai
Tel: (971-4) 2214535
- Emirates Bank
Bur Dubai Br.
Shookh Al Kabeer
Dubai
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.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)