MIRA
INFORM REPORT
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Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
LATAS HANDICRAFT & GIFTS LLC |
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Registered Office : |
Central Markets, PO Box 20229, Sharjah |
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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 : |
02.07.1982 |
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Com. Reg. No.: |
8889,
Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Handicraft Products, Silver and Novelty Products |
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 : LATAS HANDICRAFT & GIFTS LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 2nd July 1982
Commercial Registration Number : 8889, Sharjah
Trade Licence Number : 16936
Chamber Membership Number : 10133
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 10
Activities : Wholesale and retail of handicraft products, silver and novelty products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
LATAS HANDICRAFT & GIFTS LLC
ADDRESS
Registered & Physical Address
Location : Central Markets
PO Box : 20229
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5723842
Facsimile : (971-6) 5726151
Email : latashj@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 Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Sheikh Humaid Bin Rashid Emirati Managing Director
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Bahsem Banieslal Vashani Indian Director
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Vejay Banieslal Vashani Indian Director
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Parakash Banieslal Vashani Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 2nd
July 1982
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 8889,
Sharjah
Trade Licence No. : 16936
(Expires 17/10/2008)
Chamber Member No. : 10133
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
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Sheikh Humaid Bin Rashid 51%
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Bahsem Banieslal Vashani 17%
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Vejay Banieslal Vashani 16%
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Parakash Banieslal Vashani 16%
OPERATIONS
Activities: Engaged in the wholesale and retail of handicraft
products, silver and novelty products.
Import
Countries: India, China,
Thailand and South Africa
Operating Trend: Steady
Subject has a
workforce of 10 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
12,900,000 UAE Dh
14,300,000
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
Mina Road
PO Box : 4377
Sharjah
Tel : (971-6) 5737000
Fax : (971-6) 5725331
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.44.89 |
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UK Pound |
1 |
Rs.78.86 |
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Euro |
1 |
Rs.63.33 |
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%)