MIRA
INFORM REPORT
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Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
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Name : |
BHATIA TRADER LLC |
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Registered Office : |
Sheikh Zayed Road Maisalon Area |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.03.1974 |
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Com. Reg. No.: |
8129, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Operators of duty free shops and bonded warehouses |
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 : |
EUR 600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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UAE |
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 : BHATIA TRADER LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 17th March 1974
Commercial Registration Number : 8129, Sharjah
Trade Licence Number : 12413
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 45
Activities : Operators of duty free shops and bonded warehouses.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : EUR 600,000
Person Interviewed : Amer Abdul Samad, Finance Manager
COMPANY NAME
BHATIA TRADER LLC
ADDRESS
Registered & Physical Address
Street :
Area : Maisalon
Area
PO Box : 5968
Town : Sharjah
Country :
Telephone : (971-6) 5634033
Facsimile : (971-6)
5634022
Email : info@bhatiatraders.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse that
are rented and located in the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
· Suresh T Bhatia Indian Managing
Director
· Raju Suresh T
Bhatia Indian Director
· Ali Salem
Abdulrahman Al Medfa Emirati Director
· Amer Abdul Samad - Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 17th
March 1974
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 8129, Sharjah
Trade Licence No. : 12413 (Expires 16/03/2012)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Ali
· Suresh T Bhatia 39%
· Raju Suresh T
Bhatia 10%
AFFILIATED COMPANIES
· House of S T
Bhatia
· Oceanic Food LLC
Sharjah
OPERATIONS
Activities: Engaged as operators of duty free shops and bonded warehouses, as well
as supplying ship chandlers and oil rigs.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a workforce of 45 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales UAE
Dh 143,500,000 UAE Dh
149,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Amer Abdul Samad, Finance Manager
BANKERS
·
Emirates Bank International Ltd
Immigration Road
PO Box: 25090
Sharjah
Tel: (971-6)
5733300
Fax: (971-6)
5730077
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Please note that the subject’s correct name is Bhatia Trader LLC. The
name “House of S T Bhatia” is only registered in the Isle of Man.
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 and the above credit figure is considered to be within subject’s
financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.77 |
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1 |
Rs.71.69 |
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Euro |
1 |
Rs.63.02 |
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 |
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<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.