MIRA
INFORM REPORT
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Report Date : |
21.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
EAST WORLD ELECTRONICS LLC |
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Registered Office : |
Nasser Abdullah Bin Hussain Lootah Building, Sikkat Al Khail Street,
Al Bateen, PO Box 43692, 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 : |
13.10.2001 |
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Com. Reg. No.: |
88803, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Audio-Visual and Recording
Equipment, Household Electrical Appliances, Telecommunications Products,
Photographic Equipment, Air
Conditioning Units, Computer Equipment and Requisites and Calculators. |
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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EAST WORLD ELECTRONICS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 13th October 2001
Commercial Registration Number : 88803, Dubai
Trade Licence Number : 529633
Chamber Membership Number : 65437
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities : Wholesale and retail of audio-visual and recording equipment, household electrical appliances, telecommunications products, photographic equipment, air conditioning units, computer equipment and requisites and calculators.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 175,000
COMPANY NAME
EAST WORLD ELECTRONICS LLC
ADDRESS
Registered & Physical Address
Building : Nasser
Abdullah Bin Hussain Lootah Building
Street : Sikkat Al
Khail Street
Area : Al Bateen
PO Box : 43692
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2266239
Facsimile : (971-4)
2266924
Mobile : (971-50) 5535796
Email : radha@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
· Parmand Bhagtani
Tharumal Indian Managing Director
· Yogesh Puri
Parmand Indian Director
· Saif Khalfan
Mohamed Ali Al Merri Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 13th
October 2001
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 88803, Dubai
Trade Licence No. : 529633
Chamber Member No. : 65437
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Saif Khalfan
Mohamed Ali Al Merri 51%
· Parmand Bhagtani
Tharumal 25%
· Yogesh Puri
Parmand 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of audio-visual and recording
equipment, household electrical
appliances, telecommunications products,
photographic equipment, air conditioning units, computer equipment and
requisites and calculators.
Import Countries: Japan, South Korea, United States of America and
the United Kingdom.
Operating Trend: Steady
Subject has a workforce of 3 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 5,800,000 UAE Dh
7,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4)
2229131 / 2221134
Fax : (971-4)
2233784
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 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 data contained in this report has been confirmed by Mr
Yogesh Puri Parmand.
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%)