MIRA
INFORM REPORT
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Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADVANTEC INTERNATIONAL TRADING LLC |
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Registered Office : |
Mohamed Awazi
Building, Ground Floor, Shop No. 1, Daghaya Street, Deira, PO Box 12637, 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 : |
02.05.1993 |
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Com. Reg. No.: |
998349, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Ladies
Scarves 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 : ADVANTEC INTERNATIONAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 2nd May 1993
Commercial Registration Number : 998349, Dubai
Trade Licence Number : 230799
Chamber Membership Number : 27021
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Wholesale and retail of ladies scarves and textiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
ADVANTEC INTERNATIONAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Mohamed Awazi Building, Ground
Floor, Shop No. 1
Street : Daghaya Street
Area : Deira
PO Box : 12637
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2269019
Facsimile : (971-4) 2269093
Email : advantec@eim.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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Gopal Nanikram
Gurbaxani Indian Managing
Director
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Issa Ahmed
Sultan Al Rahoumi Emirati Director
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Manvander
Sing - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2nd
May 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 998349, Dubai
Trade Licence No. : 230799
Chamber Member No.: 27021
Issued Capital : UAE Dh 300,000
Paid up Capital
: UAE Dh 300,000
Name of Shareholder (s) Percentage
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Issa Ahmed
Sultan Al Rahoumi 51%
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Gopal Nanikram
Gurbaxani 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of ladies scarves and textiles.
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 7,200,000 UAE Dh 7,850,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
Acc No. 01-4894510-01
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1993, subject is owned and managed by Mr Gopal Nanikram Gurbaxani, an Indian
national who operates in Dubai under the local sponsorship of Mr Issa Ahmed
Sultan Al Rahoumi.
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.
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%)