MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
DUBA FASHION LLC |
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Registered Office : |
Al Buteen
Building, Shop No. 10, Al Buteen Street, Mursheed Bazar, Rigga Al Bateen,
Deira, PO Box 85334 & 45627,
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 : |
21.10. 2000 |
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Com. Reg. No.: |
55391, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Readymade Garments, Footwear,
Textiles, Blankets, Towels and Linen, Handbags and Leather Products as well
as Fashion Accessories |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DUBA FASHION LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st October 2000
Commercial Registration Number : 55391, Dubai
Trade Licence Number : 521841
Chamber Membership Number : 60832
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Activities : Wholesale and retail of readymade garments, footwear, textiles, blankets, towels and linen, handbags and leather products as well as fashion accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
DUBA FASHION LLC
ADDRESS
Registered & Physical Address
Building : Al Buteen Building, Shop No. 10
Street : Al Buteen Street
Area : Mursheed Bazar, Rigga Al
Bateen, Deira
PO Box : 85334 & 45627
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2263626 / 2725527
Facsimile : (971-4) 2725527
Mobile : (971-50) 5257250
Email : dfashion@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
·
Miyana Mohsin
Abdul Shakoor Indian Managing Director
·
Mrs Halima
Abushaib Raji Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 21st
October 2000
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 55391, Dubai
Trade Licence No. : 521841
(Expires 15/10/2009)
Chamber Member No. : 60832
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Mrs Halima
Abushaib Raji 51%
·
Miyana Mohsin
Abdul Shakoor 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of
readymade garments, footwear, textiles, blankets, towels and linen, handbags
and leather products as well as fashion accessories.
Import
Countries: India, China,
Malaysia and Thailand
Operating Trend: Steady
Subject has a
workforce of 7 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 Sales UAE Dh 8,300,000 UAE Dh 9,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
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
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.76.60 |
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Euro |
1 |
Rs.64.68 |
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%)