MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ISLAND LINE TRADING LLC |
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Registered Office : |
Saderat Iran
Building, 11th Floor, Office No. 1107, Al Suq Al Kabir Street, Al
Bateen, PO Box 113677, 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 : |
16.04.2003 |
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Com. Reg. No.: |
62371, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Textiles, Ready Made Garments,
Footwear, Luggage, Perfumes and Cosmetics |
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$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ISLAND LINE TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 16th April 2003
Commercial Registration Number : 62371, Dubai
Trade Licence Number : 544138
Chamber Membership Number : 76969
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 43
Activities : Import and distribution of textiles, ready made garments, footwear, luggage, perfumes and cosmetics
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
ISLAND LINE TRADING
LLC
ADDRESS
Registered & Physical Address
Building : Saderat Iran Building, 11th
Floor, Office No. 1107
Street : Al Suq Al Kabir Street
Area : Al Bateen
PO Box : 113677
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2351532 / 2258184 / 2353183
Facsimile : (971-4) 2351531 / 2635905 / 2639667
Email : islandlinetrading@hotmail.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Yousuf Kareem Indian Managing Director
·
Michael Jason Irish Director
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Saeed Mohamed Emirati Director
·
Sumanch Sen - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 16th
April 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 62371, Dubai
Trade Licence No. : 544138
(Expires 14/04/2009)
Chamber Member No. : 76969
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Saeed Mohamed 51%
·
Yousuf Kareem ]
] 49%
·
Michael Jason ]
OPERATIONS
Activities: Engaged in the import and distribution of
textiles, ready made garments, footwear, luggage, perfumes and cosmetics.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 43 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
76,000,000 UAE Dh
98,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Sumanch Sen, Finance Manager
BANKERS
·
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
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National Bank
of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction July
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in 2003,
subject is involved in the import and distribution of textiles, ready made
garments, footwear, luggage, perfumes and cosmetics.
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
deemed to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.01 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.20 |
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%)