MIRA INFORM REPORT

 

 

Report Date :

25.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

PEEKAY GENERAL TRADING LLC

 

 

Formerly Known As :

Peekay Creations Trading LLC

 

 

Registered Office :

Mohamed Beshwari Building, Mezzanine Floor, Suite M23, Sikkat Al Khail Street, Al Bateen, P O Box 25761, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

28.10.2001

 

 

Com. Reg. No.:

57727, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of readymade garments, gift items and novelty products

 

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

 

Maximum Credit Limit :

US$ 150,000

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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                                     : PEEKAY GENERAL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 28th October 2001

Commercial Registration Number            : 57727, Dubai

Trade Licence Number                            : 529993

Chamber Membership Number                : 65701

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 8

Activities                                               : Wholesale and retail of readymade garments, gift items and novelty

                                                              products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Bhavan Kumar, Commercial Manager

 

 

COMPANY NAME

 

PEEKAY GENERAL TRADING LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Mohamed Beshwari Building, Mezzanine Floor, Suite M23

Street               : Sikkat Al Khail Street

Area                 : Al Bateen

PO Box             : 25761

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2250043

Facsimile          : (971-4) 2250091

Mobile               : (971-50) 6595065 / 2486832

Email                : rajesh57@emirates.net.ae / rprr7@emirates.net.ae

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Rajesh Agnihotri Amar                                     Indian                          Managing Director

 

·       Ahmed Mohamed Abdullah Ali Al Zarouni          Emirati                        Director

 

·       Pavan Kumar                                                       -                            Sales Manager

 

·       Bhavan Kumar                                                     -                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th October 2001

 

History                         : Subject was originally called “Peekay Creations Trading LLC” but changed to the current style of “Peekay General Trading LLC” in 2009.

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 57727, Dubai

 

Trade Licence No.       : 529993 (Expires 26/10/2011)

 

Chamber Member No. : 65701

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                               Percentage

 

·       Ahmed Mohamed Abdullah Ali Al Zarouni                         51%

 

·       Rajesh Agnihotri Amar                                                    49%

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of readymade garments, gift items and novelty products.

 

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 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                UAE Dh 6,900,000                     UAE Dh 7,285,000

 

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

 

The above financial figures were confirmed by Bhavan Kumar, Commercial Manager

 

 

BANKERS

 

·       Emirates Bank International Ltd

Baniyas Road

Deira

PO Box: 2923

Dubai

Tel: (971-4) 3160316

Fax: (971-4) 2264302

 

·       National Bank of Ras Al Khaimah

Al Maktoum Street

PO Box: 1531

Dubai

Tel: (971-4) 2226291

Fax: (971-4) 2281312

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              October 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 2001, subject is involved in the wholesale and retail of readymade garments, gift items and novelty products.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.79

Euro

1

Rs.62.01

 

 

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%)

 

 

 

 

 

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