MIRA INFORM REPORT

 

 

Report Date :           

07.07.2011

 

IDENTIFICATION DETAILS

 

Name :

BLESSINGS GENERAL TRADING (L.L.C)

 

 

Registered Office :

Al Sanabil Building, Office No. 101, Al Maktoum Hospital Road, Deira, P.O.Box No. 171830, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

12.04.2005

 

 

Com. Reg. No.:

73368

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

importers and wholesalers of general merchandise including mattresses and garments

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Dh 1,000,000

 

 

Status :

Moderate

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

 Bottom of Form

 

company NAME

 

Blessings General Trading (L.L.C) (Correct)

Blessings General Trading LLC (Requested)

 

 

company ADDRESS

 

Building             : Al Sanabil Building, Office No. 101

Street               : Al Maktoum Hospital Road

Area                 : Deira

P.O.Box No.      : 171830

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971 4) 227 7340 / 267 7348 

Fax                   : (971 4) 227 7341 / 267 7349 

E-Mail               : nitya@blessings.ae   

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                            Position

 

1. Probhad Kojhar Narish Kojhar              Managing Director

 

2. Nitya Sharwa                                     Manager

 

Total Employees : 25

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : Dh 1,000,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME               : BANK OF BARODA

Branch              : Ali Bin Talib Street, Bur Dubai

P.O. Box           : 3162

Town                 : Dubai

Telephone         : (971 4) 353 1955

Fax                   : (971 4) 353 6962

 

The company also has an account with :

 

Habib Bank AG Zurich

Baniyas Road

PO Box 888

Dubai

Telephone         : (971 4) 226 8423

Fax                   : (971 4) 226 0198

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales turnover       : Dh 100,000,000 - 2010 - exact

                          

Net profit                : not given

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                  : 12 April 2005

 

History                          : The subject company was established in Dubai on 12 April 2005.

 

C.R. No.                        : 73368

 

Trade License No.          : 567977 (expiry date: 11/04/2012)

 

DCCI Membership No.    : 96393

 

Authorised Capital          : Dh 300,000

 

Paid-Up Capital : Dh 300,000 

 


Limited Liability Company with the following shareholders :

 

                                                                                                Percentage 

 

1. Probhad Kojhar Narish Kojhar                                      49%

   (Indian national)

 

2. Khalid Tariq Salem Obaid Bin Sweiden                         51%

   (UAE national)

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.                              

 

Affiliated companies of the subject company :

Associates

 

Blessings Electronics (L.L.C)

PO Box : 41750

Telephone         : (971 4) 227 7340   

Fax                   : (971 4) 227 7341   

Est                   .: 1 May 1991

C.R. No.            : 44938

Trade License No.: 235059 (expiry date: 30/04/2012)

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and wholesalers of general merchandise including mattresses and garments. 

 

Imports worldwide mainly from Europe, India, USA and China

 

Exports to India and Bangladesh.

 

 

FACILITIES

 

The Company has the following facilities :

 

Administrative offices and storage facilities located at the heading.

 

 

SPECIAL NOTE

 

You enquired on: Blessings General Trading LLC. Please note that the correct name is as per heading.     

 

Interviewed : Nitya Sharwa (Manager) 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.71.24

Euro

1

Rs.64.16

 

 

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.