MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAVITEX TRADING LLC |
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Registered Office : |
Zinal Star Building, Al Faheidi Street, Al Souq Al Kabir, Bur Dubai,
PO Box 43573, 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 : |
19.12.2000 |
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Com. Reg. No.: |
55749, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Textiles, Ready Made Garments,
Footwear, Handbags and Leather
Goods, Watches and Spare Parts, Imitation Jewellery, Perfumes and Cosmetics,
Giftware and Novelties. |
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 : KAVITEX TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th December 2000
Commercial Registration Number : 55749, Dubai
Trade Licence Number : 523106
Chamber Membership Number : 61570
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Wholesale and retail of textiles, ready made garments, footwear, handbags and leather goods, watches and spare parts, imitation jewellery, perfumes and cosmetics, giftware and novelties.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
KAVITEX TRADING LLC
ADDRESS
Registered & Physical Address
Building : Zinal Star
Building
Street : Al Faheidi
Street
Area : Al Souq Al
Kabir, Bur Dubai
PO Box : 43573
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3538677
Facsimile : (971-4)
3533648
Email : kavitex@emirates.net.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
· Dayal Jashanmal
Samnani Indian Managing Director
· Satyam Dayal
Samnani Indian Director
· Jaafar Hamood
Mohamed Al Attar Emirati Director
· Gope
Samnani Indian Finance Manager
LEGAL FORM & OWNERS
Date of
Establishment : 19th
December 2000
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 55749, Dubai
Trade Licence No. : 523106
Chamber Member No. : 61570
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Jaafar Hamood
Mohamed Al Attar 51%
· Dayal Jashanmal
Samnani 25%
· Satyam Dayal
Samnani 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of textiles, blankets, towels and
linen, ready made garments,
footwear, handbags and leather goods,
watches and spare parts, imitation jewellery, perfumes and cosmetics, giftware and novelties.
Import Countries: India, Pakistan, China and Europe.
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:
Sales UAE
Dh 13,800,000 UAE Dh
14,500,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Habib Bank AG Zurich
Baniyas Road
Deira
PO Box 3306
Dubai
Tel: (971-4)
2214535
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Kavitex Trading LLC was established in December 2000 and is engaged in
the wholesale and retail of textiles, ready made garments, footwear, handbags
and leather goods, watches and spare parts, imitation jewellery, perfumes and
cosmetics, giftware and novelties.
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.
The financial figures quoted in the report have been
confirmed by Mr Gope Samnani, the subject’s Finance Manager.
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%)