MIRA INFORM
REPORT
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Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
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Name : |
CLASSICO TRADING CO LLC |
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Registered Office : |
Industrial Area No.
10, P O Box 31971, Sharjah |
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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 : |
29.05.1988 |
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Com. Reg. No.: |
59794, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of readymade garments, household items, footwear and perfumes |
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 : |
Usually Correct |
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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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 : CLASSICO TRADING CO LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 29th May 1988
Commercial Registration Number : 59794, Sharjah
Trade Licence Number : 111299
Chamber Membership Number : 201016
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 8
Activities : Distributors of ready made garments, household items, footwear and
perfumes.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
CLASSICO TRADING CO
LLC
company ADDRESS
Registered & Physical Address
Location : Industrial Area No. 10
PO Box : 31971
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5386940 / 5620274
Facsimile : (971-6) 5386941 / 5631951
Email : classic@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 Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Mohamed
Iqbal Banika Indian Managing
Director
·
Amna
Mohamed Emirati Director
·
A K
Haider - Commercial
Manager
·
Siddiq
Shamis - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 29th
May 1988
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 59794,
Sharjah
Trade Licence No. : 111299
Chamber Member No. : 201016
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
·
Amna
Mohamed 51%
·
Mohamed
Iqbal Banika 49%
AFFILIATED COMPANIES
·
Classico
General Trading LLC
PO Box: 3552
Dubai
Tel: (971-4) 2354985
Fax: (971-4) 2354984
OPERATIONS
Activities: Engaged in the import and distribution of
ready made garments, household items, footwear and perfumes.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 8 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 7,000,000 UAE Dh 8,600,000
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.25 |
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UK Pound |
1 |
Rs.73.88 |
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Euro |
1 |
Rs.65.06 |
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 |
|
<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.