MIRA INFORM REPORT

 

 

Report Date :           

24.12.2011

 

IDENTIFICATION DETAILS

 

Name :

REGAL TRADERS

 

 

Registered Office :

Regal Building 2nd and 3rd Floors, Al Faheidi Street, Al Suq Al Kabir, Bur Dubai

P O Box 52, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.09.1968

 

 

Com. Reg. No.:

3054, Dubai

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Distributors of textiles and fabrics

 

 

No. of Employees :

65 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

 

Company Name                                     : REGAL TRADERS

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : General Partnership

Registration Date                                   : 22nd September 1968

Commercial Registration Number            : 3054, Dubai

Trade Licence Number                            : 201814

Chamber Membership Number                : 291

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 65

Activities                                               : Distributors of textiles and fabrics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Tireth Galani, General Manager

 

COMPANY NAME

 

REGAL TRADERS

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Regal Building 2nd and 3rd Floors

Street               : Al Faheidi Street

Area                 : Al Suq Al Kabir, Bur Dubai

PO Box             : 52

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3532320

Facsimile          : (971-4) 3534707 / 3535774

Email                : regal@emirates.net.ae / geeta@regaldubai.ae

 

Premises

Subject operates from a medium sized suite of offices that are owned and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Vikram Vasudev Shroff                                   Indian                                        Managing Partner

 

·       Shroff Vasudev Chamdas                               Indian                                        Partner

 

·       Rajkumar Vasudev Shroff                               Indian                                        Partner

 

·       Tireth Galani                                                      -                                          General Manager

 

·       Lakshman Ahoja                                                -                                          Financial Manager

 

·       Prakash Asnani                                                 -                                          Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd September 1968

 

Legal Form                  : General Partnership

 

Commercial Reg. No.  : 3054, Dubai

 

Trade Licence No.       : 201814 (Expires 20/02/2012)

 

Chamber Member No. : 291

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                                   

 

·       Vikram Vasudev Shroff

·       Shroff Vasudev Chamdas

·       Rajkumar Vasudev Shroff

 

 

AFFILIATED COMPANIES

 

·       Regal Garments

Ahmed Abdulla Humaid Building

Al Faheidi Street

Al Suq Al Kabir

PO Box: 52

Dubai

Tel: (971-4) 3532320

Fax: (971-4) 3534707 / 3535774

 

·       Rajkamal Communications

Ahmed Abdulla Humaid Building

Al Faheidi Street

Al Suq Al Kabir

PO Box: 52

Dubai

Tel: (971-4) 3532320

Fax: (971-4) 3534707 / 3535774

 

·       Regal International

Ahmed Abdulla Humaid Building

Al Faheidi Street

Al Suq Al Kabir

PO Box: 52

Dubai

Tel: (971-4) 3532320

Fax: (971-4) 3534707 / 3535774

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of textiles and fabrics.

 

Import Countries: Europe and India.

 

Operating Trend: Steady

 

Subject has a workforce of 65 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 22,900,000                   UAE Dh 23,500,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

·       Banque Paribas

PO Box: 7233

Dubai

Tel: (971-4) 2215281

 

 

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 business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.72

UK Pound

1

Rs.82.71

Euro

1

Rs.68.90

 

 

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.