MIRA
INFORM REPORT
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Report Date : |
04.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRIME BELL TRADING CO LLC |
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Registered Office : |
Al
Harbi Cold Store, Al Rashidya Area, Bur Dubai, PO Box 25089, 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 : |
01.08.1990 |
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Com. Reg. No.: |
45309, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General Foodstuff Products and
Beverages |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : PRIME BELL TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1st August 1990
Commercial Registration Number : 45309, Dubai
Trade Licence Number : 223331
Chamber Membership Number : 19782
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 8
Activities : Import and distribution of general foodstuff products and beverages
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
PRIME BELL TRADING
CO LLC
ADDRESS
Registered & Physical Address
Building : Al
Harbi Cold Store
Area : Al
Rashidya Area, Bur Dubai
PO Box : 25089
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2850880 / 3519279
Facsimile : (971-4) 2844568
Email : primebel@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
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Prakash
Kundandas Indian Managing Director
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Mohamed
Darwish Sanqoor Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 1st
August 1990
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45309, Dubai
Trade Licence No. : 223331
(Expires 15/07/2009)
Chamber Member No. : 19782
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Mohamed
Darwish Sanqoor 51%
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Prakash
Kundandas 49%
OPERATIONS
Activities: Engaged in the import and distribution of
general foodstuff products and beverages.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 8 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
11,800,000 UAE Dh 12,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Abu Dhabi
Commercial Bank
Al Rigga Road
PO Box : 5550
Dubai
Tel : (971-4) 2958888 / 3228141
Fax : (971-4) 2959310 / 3279632
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction May
2006
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
1990, subject is owned and managed by Mr Prakash Kundandas, an Indian national
who operates in Dubai under the local sponsorship of Mr Mohamed Darwish Sanqoor.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed 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.44.37 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.63.41 |
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%)