MIRA
INFORM REPORT
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Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KHUSHI TRADING CO LLC |
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Registered Office : |
Al Zarouni
Building, Ground Floor, Shop No. 7, Al Ras Street, Al Ras, Deira, PO Box 41052, 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 : |
12.04.2000 |
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Com. Reg. No.: |
54345, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Foodstuff and Beverages |
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$ 800,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : KHUSHI TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th April 2000
Commercial Registration Number : 54345, Dubai
Trade Licence Number : 517696
Chamber Membership Number : 58487
Issued Capital : UAE Dh 800,000
Paid up Capital : UAE Dh 800,000
Total Workforce : 130
Activities : Wholesale and retail of foodstuff and beverages
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 800,000
COMPANY NAME
KHUSHI TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Al Zarouni Building, Ground
Floor, Shop No. 7
Street : Al Ras Street
Area : Al Ras, Deira
PO Box : 41052
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2250216
Facsimile : (971-4) 2250263
Email : khushitc@emirates.net.ae
Premises
Subject operates
from a large suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Office (s)
Location Description
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Industrial
Area No. 18 Rented
warehouse premises
Sharjah
Tel: (971-6) 5587783
KEY PRINCIPALS
Name Nationality Position
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Mohamed
Ibrahim Chaudhry Khushi Mohamed Pakistani Managing Director
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Mohamed Kashif
Ibrahim Bin Mohamed Ibrahim Pakistani Director
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Mohamed Atif
Ibrahim Bin Mohamed Ibrahim Pakistani Director
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Fahat Fardos
Rani Pakistani Director
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Mohamed Rashid
Mohamed Alabdouli Emirati Director
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Omar
Ashfaq - Commercial
Manager
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Francis
Antony - Finance
Manager
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Ramesh
Kumar - Accounts
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
April 2000
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 54345, Dubai
Trade Licence No. : 517696
Chamber Member No. : 58487
Issued Capital : UAE Dh 800,000
Paid up Capital : UAE Dh 800,000
Name of Shareholder (s) Percentage
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Mohamed Rashid
Mohamed Alabdouli 51%
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Mohamed Kashif
Ibrahim Bin Mohamed Ibrahim 15%
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Mohamed Atif
Ibrahim Bin Mohamed Ibrahim 14%
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Fahat Fardos
Rani 10%
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Mohamed
Ibrahim Chaudhry Khushi Mohamed 10%
OPERATIONS
Activities: Engaged in the wholesale and retail of
foodstuff and beverages.
Import
Countries: India, Pakistan,
Thailand and Sri Lanka
Operating Trend: Steady
Subject has a
workforce of 130 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
245,000,000 UAE Dh
270,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Mr Ramesh Kumar, Accounts
Manager.
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 the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is within subject’s
financial means.
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%)