MIRA INFORM REPORT

 

 

Report Date :

27.01.2011

 

IDENTIFICATION DETAILS

 

Name :

FIRST CYPHER TRADING LLC

 

 

Registered Office :

Deira, P O Box 64568, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

25.11.2008

 

 

Com. Reg. No.:

1038328, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of giftware and novelties, imitation jewellery, perfumes and cosmetics, readymade garments, footwear, suitcases and requisites,  and textiles

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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                                     : FIRST CYPHER TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 25th November 2008

Commercial Registration Number            : 1038328, Dubai

Trade Licence Number                            : 619613

Chamber Membership Number                : 160115

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 2

Activities                                               : Wholesale and retail of giftware and novelties, imitation jewellery,

perfumes and cosmetics, readymade garments, footwear, suitcases and requisites,  and textiles

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

FIRST CYPHER TRADING LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Deira

PO Box             : 64568

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2356373

Facsimile          : (971-4) 2356373

 

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

 

·       Nikhil Gopal                                                    Indian                          Managing Director

 

·       Faisal Mohamed Omar Al Jabri                         Emirati                        Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th November 2008

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 1038328, Dubai

 

Trade Licence No.       : 619613 (Expires 23/11/2011)

 

Chamber Member No. : 160115

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                               Percentage

 

·       Faisal Mohamed Omar Al Jabri                                        51%

 

·       Nikhil Gopal                                                                   49%

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of giftware and novelties, imitation jewellery, perfumes and cosmetics, readymade garments, footwear, suitcases and requisites, and textiles.

 

Subject has a workforce of 2 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Habib Bank Ltd

Trade Service Centre

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources were unable to make direct contact with the subject as the above contact number was constantly left unanswered. The above information is therefore based on registered data.

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.53

UK Pound

1

Rs.72.78

Euro

1

Rs.62.14

 

 

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

 

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.