MIRA INFORM REPORT
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Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
VINKIT TRADING LLC |
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Registered Office : |
Khansaheb Hussain Building, Al Falah Street, Al Souq Al Kabir, 52013,
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 : |
05.06.1996 |
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Com. Reg. No.: |
56563, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of textiles, ready made garments, footwear, handbags and leather products, 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 : VINKIT TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 5th June 1996
Commercial Registration Number : 56563, Dubai
Trade Licence Number : 242142
Chamber Membership Number : 38929
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Wholesale and retail of textiles, ready made garments, footwear, handbags and leather products, 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
VINKIT TRADING LLC
ADDRESS
Registered & Physical Address
Building : Khansaheb
Hussain Building
Street : Al Falah
Street
Area : Al Souq Al
Kabir
PO Box : 52013
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3539661
Facsimile : (971-4)
3539771
Mobile : (971-50) 6548453
Email : chadhavinod@yahoo.com
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
· Vinod Chadha Madan
Mohan Lal Chadha Indian Managing Director
· Parmod Chadha
Madan Mohan Lal Chadha Indian Director
· Abdul Rahman Nasib
Abdul Rahman Nasib Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 5th
June 1996
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 56563, Dubai
Trade Licence No. : 242142 (Expires 04/06/2008)
Chamber Member No. : 38929
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Abdul Rahman Nasib
Abdul Rahman Nasib 51%
· Vinod Chadha Madan
Mohan Lal Chadha 25%
· Parmod Chadha
Madan Mohan Lal Chadha 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of textiles, ready made garments,
footwear, handbags and leather
products, imitation jewellery, perfumes and cosmetics, giftware and
novelties.
Import Countries
China, Pakistan and India.
Operating Trend
Steady
Subject has a workforce of 4 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 Sale UAE
Dh 8,500,000 UAE Dh
9,300,000
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
·
Habib Bank Ltd
Beniyas Square
PO Box: 3306
Dubai
Tel: (971-4)
3232212
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 financial information contained in the report was confirmed by Mr
Vinod Chadha Madan Mohan Lal Chadha – Managing Director.
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%)