MIRA INFORM
REPORT
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Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
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Name : |
RIKA TRADING LLC |
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Registered Office : |
Al Quoz Industrial
Area, P O Box 44529, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.03.1996 |
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Com. Reg. No.: |
62642, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of building materials and construction
equipment |
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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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
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 : RIKA TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 14th March 1996
Commercial Registration Number : 62642, Dubai
Trade Licence Number : 240501
Chamber Membership Number : 36959
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Distributors of building materials and construction equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sumit Mittal, General Manager
COMPANY NAME
RIKA TRADING LLC
company ADDRESS
Registered & Physical Address
Location : Al Quoz Industrial Area
PO Box : 44529
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2671331 / 3200330 / 3200336 /
3397888
Facsimile : (971-4) 2670858 / 3200459 / 3397772
Mobile : (971-50) 7584225
Email : rikatrd@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Jagdish
Parsad Mittal Indian Managing
Director
·
Rashid
Mathar Rashid Al Jabiri Emirati Director
·
Sumit
Mittal - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th
March 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 62642, Dubai
Trade Licence No. : 240501
Chamber Member No. : 36959
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Rashid
Mathar Rashid Al Jabiri 51%
·
Jagdish
Parsad Mittal 49%
OPERATIONS
Activities: Engaged in the import and distribution of cement
as well as building materials and construction equipment.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 12 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales UAE Dh
11,800,000 UAE Dh
12,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Mr Sumit Mittal, General Manager
BANKERS
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction April
2007
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 1996,
subject is involved in the import and distribution of building materials and
construction equipment.
According to local
sources, subject’s financial condition is satisfactory whilst payments are made
in a timely manner. The company’s operating history is reportedly clear and as
such it is deemed a fair trade risk.
Bottom of Form
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.23 |
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UK Pound |
1 |
Rs.72.09 |
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Euro |
1 |
Rs.62.99 |
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.