MIRA INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MULTICOM ENTERPRISES LLC |
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Registered Office : |
Al Khan Street Industrial Area |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.08.1999 |
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Com. Reg. No.: |
502283, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject operates several divisions like Automotive Spare Part Division Electrical Division, Furnishing Division |
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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UAE |
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 : MULTICOM ENTERPRISES LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 4th August 1999
Commercial Registration Number : 502283, Sharjah
Trade Licence Number : 502283
Chamber Membership Number : 45595
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 50
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY
NAME
MULTICOM ENTERPRISES LLC
ADDRESS
Registered & Physical
Address
Street :
Area : Industrial
Area No. 11
PO Box :
5872
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5343110
/ 5343144
Facsimile : (971-6)
5343873 / 5343112
Email : multient@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Sharjah.
KEY
PRINCIPALS
Name Nationality Position
· Ashok Ropshand Kandhary Indian Managing Director
· Hiten Delip Bhatia Indian Director
· Hiren Delip Bhatia Indian Director
· Batea Delip Tulsidas Indian Director
· Shashen Kako Indian Director
· Dhraj Kako Indian Director
· Chandrika Kandhary Indian Director
· Mubarak Bilaswad Mubarak Emirati Director
LEGAL
FORM & OWNERS
Date of
Establishment : 4th
August 1999
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 502283, Sharjah
Trade Licence No. : 502283 (Expires 01/08/2011)
Chamber Member No. : 45595
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Mubarak Bilaswad Mubarak 51%
· Ashok Ropshand Kandhary 7%
· Hiten Delip Bhatia 7%
· Hiren Delip Bhatia 7%
· Batea Delip Tulsidas 7%
· Shashen Kako 7%
· Dhraj Kako 7%
· Chandrika Kandhary 7%
AFFILIATED
COMPANIES
· Multicom International LLC
OPERATIONS
Activities: Subject’s operations are performed through the following divisions:
· Automotive Spare
Part Division
Distributors of automotive spare parts and related accessories.
· Electrical
Division
Distributors of electrical products, cables, switches and
panels.
·
Furnishing Division
Wholesalers and
retailers of textiles, fabrics and soft furnishing materials.
Import Countries:
Brand Names: FORMULA 1, BANDO, BONDO, CYCLO, DORMER, GALAXY,
MAXIMA, NICHIA and TANAKA.
Operating Trend: Steady
Subject has a workforce of 50 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 16,380,000 UAE Dh
16,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
National Bank of Sharjah
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
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 |
|
US Dollar |
1 |
Rs.44.52 |
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|
1 |
Rs.72.72 |
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Euro |
1 |
Rs.64.41 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.