MIRA INFORM
REPORT
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Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
SPLENDID AURA TRADING LLC |
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Formerly Known As : |
Bayt |
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Registered Office : |
Ahmed Al |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.11.2003 |
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Com. Reg. No.: |
64726, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of electronic equipment, computers, generators, paint, household goods, carpets, automotive spare parts and general foodstuff 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 |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : SPLENDID AURA TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd November 2003
Commercial Registration Number : 64726,
Trade Licence Number : 550483
Chamber Membership Number : 82053
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Distributors of electronic equipment, computers, generators, paint,
household goods, carpets, automotive spare parts and general
foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
SPLENDID AURA
TRADING LLC
company ADDRESS
Registered & Physical Address
Building : Ahmed Al
Street :
Area : Deira
PO Box : 112908
Town :
Country :
Telephone : (971-4) 2292894
Facsimile : (971-4) 2292893
Email : sudanhse@emirates.net.ae
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Rajiv
Vinodrai Mithani Indian Managing Director
·
Valjouni
Rajiv Mithani Indian Director
·
Abdulla
Hassan Jassem Al Khalsan Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 3rd
November 2003
History : Subject was original established in 2003
under the name “Bayt Al Sudan Trading LLC”.
However on 14th November 2010
it re-registered under the current name of “Splendid Aura Trading LLC”.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 64726,
Trade Licence No. : 550483
(Expires 02/11/2011)
Chamber Member No. : 82053
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Abdulla
Hassan Jassem Al Khalsan 51%
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Rajiv
Vinodrai Mithani 39%
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Valjouni
Rajiv Mithani 10%
OPERATIONS
Activities: Engaged in the import and distribution of
electronic equipment, computers, generators, paint, household
goods, carpets, automotive spare parts and general foodstuff products.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a workforce
of 6 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales UAE Dh 9,800,000 UAE Dh 10,100,000
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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Emirates
Bank International Ltd
Deira
PO Box: 2923
Tel: (971-4) 3160316
Fax: (971-4) 2264302
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.44.45 |
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1 |
Rs.71.59 |
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Euro |
1 |
Rs.63.01 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.