MIRA
INFORM REPORT
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Report Date : |
22.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
JASMINE VALLEY GENERAL TRADING LLC |
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Registered Office : |
Al Midan Tower, 1st Floor, Suite No. 101, Al Maktoum Street, PO Box 251176, 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 : |
20.03.2005 |
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Com. Reg. No.: |
72809, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of General Merchandise, Specialising
in Ready Made Garments and Household Plastic 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 : JASMINE VALLEY GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 20th March 2005
Commercial Registration Number : 72809, Dubai
Trade Licence Number : 566912
Chamber Membership Number : 95634
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 11
Activities : Wholesale and retail of general merchandise, specialising in ready made garments and household plastic products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
JASMINE VALLEY GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Al Midan Tower, 1st Floor, Suite No. 101
Street : Al Maktoum Street
PO Box : 251176
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2242155
/ 2242145
Facsimile : (971-4)
2242142
Email : ajt@emirates.net.ae
Premises
Subject operates from a small suite of offices and a shop that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Ashish Gunvant
Shah Indian Managing Director
· Moosa Abdullah
Ibrahim Al Balooshi Emirati Director
· Kadan
Murali - Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 20th
March 2005
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 72809, Dubai
Trade Licence No. : 566912 (Expires 19/03/2009)
Chamber Member No. : 95634
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Moosa Abdullah
Ibrahim Al Balooshi 51%
· Ashish Gunvant
Shah 49%
AFFILIATED COMPANIES
· DHD
General Trading LLC
PO Box 252202
Dubai
United Arab
Emirates
OPERATIONS
Activities: Engaged in the wholesale and retail of general merchandise,
specialising in ready made garments and
household
plastic products.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 11 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 3,100,000 UAE Dh
3,850,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Kadan
Murali, Sales Manager.
BANKERS
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Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box 999
Dubai
Tel: (971-4)
2520455
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Jasmine Valley General Trading LLC is a relatively new business with
operations commencing in March 2005. It is engaged in the wholesale and retail
of general merchandise, specialising in ready made garments and household
plastic products.
According to local sources subject is making steady progress
in the local business market and nothing detrimental has been reported
regarding 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
admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.40 |
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UK Pound |
1 |
Rs.83.15 |
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Euro |
1 |
Rs.65.74 |
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%)