MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEW ERA TRADING LLC |
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Registered Office : |
Abdur Rahim Abdulkarim Zarooni Building, Al Suq Al Kabeer Street, Al
Bateen, Deira, PO Box 27908, 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 : |
20.04.1995 |
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Com. Reg. No.: |
57453, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Wholesale and
Retail of Textiles, Readymade Garments, Footwear, Perfumes And Cosmetics,
Suitcases and Travel Requisites. |
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 : NEW ERA TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 20th
April 1995
Commercial
Registration Number : 57453,
Dubai
Trade Licence Number : 237486
Chamber Membership
Number : 33795
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 11
Activities :
Wholesale and retail of textiles, readymade garments, footwear, perfumes and
cosmetics, suitcases and travel requisites.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 200,000
COMPANY NAME
NEW ERA TRADING LLC
ADDRESS
Registered & Physical Address
Building : Abdur Rahim
Abdulkarim Zarooni Building
Street : Al Suq Al
Kabeer Street
Area : Al Bateen,
Deira
PO Box : 27908
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2256056
Facsimile : (971-4)
2262565
Mobile : (971-50)
Email : newera@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.
Note: Subject
is in the process of moving to new premises that will be located at the
following address:
Jewellery Palace, 4th Floor
Gold
Souq
PO
Box 27908
Dubai
Tel:
(971-4) 2256056
Fax:
(971-4) 2262565
The
move should be completed by the end of March 2008.
KEY PRINCIPALS
Name Nationality Position
· Prem Bhajandas
Minda Indian Managing Director
· Mohamed Sulaiman
Almas Saeed Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 20th
April 1995
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 57453, Dubai
Trade Licence No. : 237486 (Expires on 08/04/2008)
Chamber Member No. : 33795
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Mohamed Sulaiman
Almas Saeed 51%
· Prem Bhajandas
Minda 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of textiles, towels and linen,
readymade garments, footwear, perfumes
and cosmetics, suitcases and travel requisites.
Import Countries: India, Pakistan, Thailand and Malaysia.
Operating Trend: Steady
Subject has a workforce of 11 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 12,500,000 UAE Dh
15,300,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
The Standard Chartered Bank
Khalid Bin Waleed
Street
Mankhool Branch
PO Box : 999
Dubai
Tel : (971-4)
2520455
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk and
the above credit figure is within subject’s financial means.
The information supplied in this report was confirmed by Mr Prem
Bhajandas Minda.
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%)