MIRA
INFORM REPORT
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Report Date : |
04.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPLASH GULF LLC |
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Registered Office : |
Hassan Rashid
Alabbar Building, Khalid Ibn Al Waleed Street, Umm Hurer, PO Box 26881, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
26.06.1995 |
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Com. Reg. No.: |
45089, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Retailers of Fashion Clothing and 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$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SPLASH GULF LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 26th June 1995
Commercial Registration Number : 45089, Dubai
Trade Licence Number : 238256
Chamber Membership Number : 34499
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 750
Activities : Retailers of fashion clothing and accessories
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 750,000
COMPANY NAME
SPLASH GULF LLC
ADDRESS
Registered & Physical Address
Building : Hassan Rashid Alabbar Building
Street : Khalid Ibn Al Waleed Street
Area : Umm Hurer
PO Box : 26881
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3350525
Facsimile : (971-4) 3381522
Email : splash.costomescase@cplma.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Mukesh
Wadhumal Jagtiani Indian Managing Director
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Rennka Mukesh
Jagtiani Indian Director
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Talal Mir
Abdul Qader Ahmad Khoory Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 26th
June 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45089, Dubai
Trade Licence No. : 238256
(Expires 21/06/2009)
Chamber Member No. : 34499
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
·
Mukesh
Wadhumal Jagtiani
·
Rennka Mukesh
Jagtiani
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Talal Mir Abdul
Qader Ahmad Khoory
AFFILIATED COMPANIES
Subject is a member of the Landmark Group of companies, which comprises
the following concerns:
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Shoemart LLC United
Arab Emirates
·
Baby Shop LLC United
Arab Emirates
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Home Centre
LLC United
Arab Emirates
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Life Style LLC United
Arab Emirates
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Al Bandar
House of International Trading United
Arab Emirates
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Max Fashion United
Arab Emirates
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Landmark
Central Market WLL Kuwait
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Dorrat Al Wadi
Trading Co Saudi
Arabia
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Mothercare BSC Bahrain
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Baby Shop LLC Oman
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Home Centre
WLL Qatar
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Landmark
Infotech Systems India
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Lifestyle
International Pvt Ltd India
OPERATIONS
Activities: Subject operates a chain of 70 retail
stores specialising in fashion clothing and accessories.
Import Countries: United Kingdom, France, United States of
America and India
Brand Names: MS, NEXUS, ZYNC, SCARLET, RETRO, LEE
COOPER, BOSSINI & KAPPA
Subject has a
workforce of approximately 750 employees.
FINANCIAL DATA
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel
: (971-4) 2520455
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Emirates Bank
International Ltd
Beniyas Road
Deira
PO Box : 2923
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
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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
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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
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.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%)