MIRA INFORM REPORT

 

 

Report Date :           

02.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SAMITAH TRADING LLC

 

 

Registered Office :

Haji Musa Jafar Ali & Sons Building, Shop No. 18, Souq Al Kabir, P.O.Box No. 3364, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

20.11.1991

 

 

Com. Reg. No.:

65162

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

importers, wholesalers and retailers of general merchandise such as handbags, leather goods, footwear, home furniture, electronic items etc.

 

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 1,500,000

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

 

Samitah Trading LLC

 

 

company ADDRESS

 

Building             : Haji Musa Jafar Ali & Sons Building, Shop No. 18

Area                 : Souq Al Kabir

P.O.Box No.      : 3364

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971 4) 355 2755 / Mobile (971 50) 456 0937 (Om Prakash

                        Rangnani Assan Das)

Fax                   : (971 4) 355 0203

E-Mail               : samitaht@eim.ae  / prakash3364@hotmail.com

 

 

SENIOR COMPANY PERSONNEL

 

Name                                                   Position

 

Om Prakash Rangnani Assan Das        Managing Director

 

Total Employees :          7

 

 

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 1,500,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : EMIRATES NBD (fmly EMIRATES BANK INTERNATIONAL)

Branch   : Main Branch

Street   : Baniyas Road

PO Box   : 2923

Town     : Dubai

 

Telephone: (971 4) 225 6900

Fax      : (971 4) 226 7718

 

The company also has an account with the following banks:

 

1. Standard Chartered Bank

   PO Box 999

   Dubai

   Telephone: (971 4) 352 0455

   Fax      : (971 4) 352 6679

 

2. Abu Dhabi Commercial Bank (ADCB)

   Al Riga Road

   PO Box 5550

   Dubai

   Telephone: (971 4) 222 8141

   Fax      : (971 4) 227 9632

 

 

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 20,000,000 - 2009 - exact

                          : US DLRS 24,000,000 - 2010 - exact

                          : US DLRS 27,000,000 – 2011 – projected

                         

Net profit                : not given but stated to be profitable

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started :                20 November 1991

           

C.R. No. :                      65162

 

DCCI Membership No.: 29574 (issued on: 20 February 1994)

 

Trade License No.:         233418 (expiry date: 19 November 2011)

 

Capital :                        not given

 


Limited Liability Company with the following shareholders :

 

                                                                          Percentage

 

1. Om Prakash Rangnani Assan Das                             49%

  (Indian national)

 

2. Ibrahim Abdulla Ibrahim Al Hammadi *                      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 :

 

Trading as importers, wholesalers and retailers of general merchandise such as handbags, leather goods, footwear, home furniture, electronic items etc.

 

NACE Code: 4616 / 4772 / 4652

 

Imports from China, Singapore, Korea, India, Malaysia, USA, UK and other European countries.

 

Exports to India and Africa.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices and a retail outlet with storage facilities located at the heading address as well as a warehouse located in Al Aweer area, Dubai.

 

 

SPECIAL NOTE

 

The address which you provided: Flat 209 Al Maya Super Market Building Opp. Dubai Museum Al Fahidi Street Dubai applies to subject’s courier address. Please note that subject's correct administrative office address is as per heading.

 

The telephone and fax numbers which you provided: 971 4 3522755

is incorrect. Please note that subject's correct administrative office telephone number is as per heading.

 

Interviewed: Om Prakash Rangnani Assan Das (Managing Director)

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.05

UK Pound

1

Rs.72.40

Euro

1

Rs.63.46

 

 

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.