MIRA INFORM REPORT
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Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KINGS SEA TRADING LLC |
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Registered Office : |
Mosa Jafer Ali Building, 1st Floor, Suite No. 2, Al Faheidi
Street, Al Suq Al Kabir, PO Box 45794,
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 : |
09.01.2002 |
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Com. Reg. No.: |
58237, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Textiles and Fabrics. |
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$ 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
KINGS SEA TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
9th January 2002
Commercial Registration Number :
58237, Dubai
Trade Licence Number :
531239
Chamber Membership Number :
66607
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce : 5
Activities :
Import and distribution of textiles and fabrics
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 150,000
COMPANY NAME
KINGS SEA TRADING LLC
ADDRESS
Registered & Physical
Address
Building : Mosa Jafer
Ali Building, 1st Floor, Suite No. 2
Street : Al Faheidi
Street
Area : Al Suq Al
Kabir
PO Box : 45794
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3538772
Facsimile : (971-4)
3538772
Mobile : (971-50)
5678387 / 6857597
Email : kingsea@yahoo.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Parakas Sandera
Bin Seratan Indian Managing
Director
· Ali Yousuf Moosa
Yousuf Al Marzouqi Emirati Director
· Depak
Tolani - Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 9th
January 2002
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 58237, Dubai
Trade Licence No. : 531239 (Expires 08/01/2009)
Chamber Member No. : 66607
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Ali Yousuf Moosa
Yousuf Al Marzouqi 51%
· Parakas Sandera
Bin Seratan 49%
OPERATIONS
Activities : Engaged in the
import and distribution of textiles and fabrics.
Import Countries : Europe and the
Far East
Operating Trend : Steady
Subject has a workforce of 5 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 5,000,000 UAE Dh
5,700,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Mr Depak Tolani, Sales Manager.
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.
Date of
transaction January
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in 2002, subject is involved in the import and distribution
of ready made garments, footwear, luggage, jewellery, perfumes and cosmetics.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
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%)