MIRA
INFORM REPORT
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Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
PINK PLANET TRADING LLC |
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Registered Office : |
Sharaf Salman Ali Building, Jama Masjid Road, Al Souq Al Kabir, PO Box
43459 & 45632, 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 : |
20.02.2002 |
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Com. Reg. No.: |
58619, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Importer and Distributors of Ready Made Garments, Textiles, Jewellery, Cosmetics, Toys And Luggage. |
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$ 125,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : PINK PLANET TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 20th February 2002
Commercial Registration Number : 58619, Dubai
Trade Licence Number : 532175
Membership Number : 67407
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Line of Business : Distributors of ready made garments, textiles, jewellery,
cosmetics, toys and luggage.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PINK PLANET TRADING LLC
ADDRESS
Registered & Physical Address
Building : Sharaf
Salman Ali Building
Street : Jama Masjid
Road
Area : Al Souq Al
Kabir
PO Box : 43459 &
45632
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3523661
/ 3523667 / 3535418 / 3537755
Facsimile : (971-4)
3536261 / 5140408 / 3536517
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
· Ramesh Chandra
Manila Agrawal Indian Managing Director
· Sanjay Kumar
Ramesh Chandra Indian Director
· Hussain Darwish
Abbas Hussain Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 20th
February 2002
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 58619, Dubai
Trade Licence No. : 532175 (Expires 18th February
2009)
Membership No. : 67407
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Hussain Darwish
Abbas Hussain 51%
· Ramesh Chandra
Manila Agrawal 25%
· Sanjay Kumar
Ramesh Chandra 24%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a
company incorporated with not less than two and not more than fifty
shareholders, each responsible only for the liabilities of the company to the
extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company
(LLC) should not be less than UAE Dh 300,000, which should be divided into
equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with
the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United
Arab Emirates is governed by the Foreign Business Investment Law, which sets
capital requirements and requires 51 percent Emirati participation in capital
and profits.
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
AFFILIATED COMPANIES
· All View Trading
Est
Sharaf
Salman Ali Building
Ali Ibn
Abi Talib Street
Al Souq
Al Kabir
PO Box:
43459
Dubai
Tel:
(971-4) 3535418
Fax:
(971-4) 3535420
Email: allview@emirates.net.ae
· Pink Tower Trading
Est
Sharaf Salman Ali Building
Ali Ibn Ali Talib Street
Al Souq Al Kabir
PO Box : 43459
Dubai
Tel : (971-4) 3523661 / 3523667
Fax : (971-4) 5140408
· Al Badawi
Electrical Supply Co LLC
Royal House
Al Wuheida Street
Hor Al Anz Area
PO Box: 1143
Dubai
Tel: (971-4)
2620624
Fax: (971-4)
2620699
Email: mazenbas@emirates.net.ae
· Milky Valley
Trading Est
Sharaf Salman Ali
Building
Ali Ibn Ali Talib
Street
Al Souq Al Kabir
PO Box: 43459
Dubai
Tel: (971-4)
3523661 / 3523667
Fax: (971-4)
5140408
· Tiny World
Overseas LLC
Sayed
Sharaf Salman Ali Building
Al Falah
Street
Al Souq
Al Kabir
PO Box:
44418
Dubai
LINE OF BUSINESS
Operations : Engaged in the import and distribution of ready
made garments and textiles, perfumes and
cosmetics, agarwood and incense, imitation
jewellery and giftware, novelties, toys and games, suitcases and travel
requisites.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue UAE Dh
4,250,000 UAE
Dh 4,800,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
National Bank of Dubai
Baniyas Street
PO Box :
777
Dubai
Tel : (971-4) 2222241
·
Mashreq Bank Plc
PO Box : 1250
Dubai
Tel : (971-4)
2229131 / 2221134
Fax : (971-4)
2233784
·
Habib Bank Ltd
Trade Service
Centre
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.
GENERAL COMMENTS
Pink Planet Trading LLC commenced operations in February 2002 and is
engaged in the import and distribution of ready made garments and textiles,
perfumes and cosmetics, agarwood and incense, imitation jewellery and giftware,
novelties, toys and games, suitcases and travel requisites.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding the
manner in which payments are fulfilled. As such the business is considered to
be a fair trade risk.
Maximum suggested credit figure: US$ 125,000
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%)