MIRA
INFORM REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
DESERT TRIP TRADING CO LLC |
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Registered Office : |
Ahmad Rashid Bin
Shabib Building, Al Suq Al Kabir Street, Deira, PO Box 49268, 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 : |
06.06.2003 |
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Com. Reg. No.: |
62934, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Ready Made Garments, Footwear,
Jewellery, Perfumes, Cosmetics and Toys |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DESERT TRIP TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th June 2003
Commercial Registration Number : 62934, Dubai
Trade Licence Number : 545817
Chamber Membership Number : 78272
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 39
Activities : Import and distribution of ready made garments, footwear, jewellery,
perfumes, cosmetics and toys
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
DESERT TRIP TRADING
CO LLC
ADDRESS
Registered & Physical Address
Building : Ahmad Rashid Bin Shabib Building
Street : Al Suq Al Kabir Street
Area : Deira
PO Box : 49268
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2351532
Facsimile : (971-4) 2351531
Email : deserttripllc@hotmail.com
Premises
Subject operates
from a medium sized suite of offices, a showroom and a warehouse that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Afijit Saloja Jorpashan
Singh Indian Managing Director
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Khadija Hassan Emirati Director
·
Ahmed Mohamed
Amin Abdul Rahman Kalat Emirati Director
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Solim Shen - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 8th
June 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 62934, Dubai
Trade Licence No. : 545817
(Expires 06/06/2009)
Chamber Member No. : 78272
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Afijit Saloja
Jorpashan Singh 49%
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Khadija Hassan 27%
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Ahmed Mohamed
Amin Abdul Rahman Kalat 24%
OPERATIONS
Activities: Engaged in the import and distribution of
ready made garments, footwear, jewellery, perfumes, cosmetics and toys.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 39 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
78,000,000 UAE
Dh 82,000,000
Net Profit UAE Dh 5,800,000 UAE
Dh 8,000,000
Local sources
consider subject’s financial condition to be Good.
Financial details
were provided by Mr Solim Shen, Finance Manager.
BANKERS
·
Bank Saderat
Iran
Al Maktoum
PO Box 4182
Dubai
Tel: (971-4) 2221161
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National Bank
of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
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Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction December
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
2003, subject is involved in the import and distribution of ready made
garments, footwear, jewellery, perfumes, cosmetics and toys.
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 and the above
credit figure is considered 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.46.25 |
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UK Pound |
1 |
Rs.85.92 |
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Euro |
1 |
Rs.68.11 |
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%)