MIRA INFORM REPORT

 

 

Report Date :           

01.08.2011

 

IDENTIFICATION DETAILS

 

Name :

GOLDEN DOLLAR GENERAL TRADING LLC

 

 

Registered Office :

Morning Star Building, Office No. 105, Al Ras Street, Al Ras Area, P.O.Box No. 64877, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

22.02.2003

 

 

Com. Reg. No.:

1071929

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, wholesalers and re-exporters of household utensils, CRGO metal sheets, metal scrap, paper & plastic scrap and garments

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Dh 700,000

Status :

Moderate

Payment Behaviour :

No Complaints

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

company NAME

 

Golden Dollar General Trading LLC

 

 

Company ADDRESS

 

Building             : Morning Star Building, Office No. 105

Street               : Al Ras Street

Area                 : Al Ras Area

P.O.Box No.      : 64877

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971 4) 229 5809 / Mobile (971 50) 428 1851

Fax                   : (971 4) 229 5810

E-Mail               : golden15@eim.ae

 

 

SENIOR COMPANY PERSONNEL

 

Name                                                               Position

 

Rishabh Kumar Jain Namchand       Managing Director

 

Total Employees : 4

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : Dh 700,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : HABIB BANK AG ZURICH

Branch   : Baniyas Road

P.O. Box : 888

Town     : Dubai

 

Telephone         : (971 4) 226 8423

Fax                   : (971 4) 226 0198

 

The company also has an account with :

 

Standard Chartered Bank

Jebel Ali

PO Box 16920

Dubai

Telephone         : (971 4) 281 6600

Fax                   : (971 4) 281 6670

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales turnover              : US DLRS  8,500,000 - 2009 - approx

                          : US DLRS 10,000,000 - 2010 - approx

                          : US DLRS 12,000,000 – 2011 - projected

 

Net profit                : not given

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 22 February 2003

 

C.R. No. : 1071929

 

DCCI Membership No.: 75560

 

Trade License No.: 542350 (expiry date: 21 February 2012)

 

Authorised Capital : Dh 300,000

 

Paid-Up Capital : Dh 300,000

 

Limited Liability Company with the following shareholders :

 

                                                                                    Percentage

 

1. Rishabh Kumar Jain Namchand                            49%

  (Indian national)

 

2. Khaled Abdulrahman Mohammed Al Jasmi *           51%

  (UAE national)

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.                              

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers, wholesalers and re-exporters of household utensils, CRGO metal sheets, metal scrap, paper & plastic scrap and garments

 

NACE Code: 4615 / 4677

 

Imports from India, USA and Europe, mainly from Finland.

 

Exports to Western African countries, mainly Nigeria.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices with storage facilities located at the heading address.

 

 

SPECIAL NOTE

 

Interviewed: Rishabh Kumar Jain Namchand (Managing Director)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.16

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.