MIRA INFORM REPORT
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Report Date : |
02.11.2011 |
IDENTIFICATION DETAILS
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Name : |
RESIDENT FASHION LLC |
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Registered Office : |
Shop No. 11,
Murshid Bazaar, Deira, P O Box 27112, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.07.1995 |
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Com. Reg. No.: |
54763, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Retailers of linens, textiles and ready made garments |
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 : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Arab Emirates |
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 : RESIDENT FASHION LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 30th July 1995
Commercial Registration Number : 54763, Dubai
Trade Licence Number : 238589
Chamber Membership Number : 34880
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 14
Activities : Retailers of linens, textiles and ready made garments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
RESIDENT FASHION LLC
company ADDRESS
Registered &
Physical Address
Location : Shop No. 11, Murshid Bazaar, Deira
PO Box : 27112
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2267851 / 2252346
Facsimile : (971-4) 2254513
Email : badlani@emirates.net.ae / residentfashion@gmail.com
Premises
Subject operates
from a small suite of offices and a shop that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Pradeep
Kumar Padlani Indian Managing
Director
·
Jasouda
Padlani Indian Director
·
Mahesh
Padlani Pradeep Kumar Indian Director
·
Maneesh
Padlani Pradeep Kumar Indian Director
·
Jassim
Mohamed Abdul Rahim Ahli Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 30th
July 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 54763, Dubai
Trade Licence No. : 238589
(Expires 23/07/2012)
Chamber Member No. : 34880
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Jassim Mohamed
Abdul Rahim Ahli 51%
·
Pradeep
Kumar Padlani 13%
·
Jasouda
Padlani 12%
·
Mahesh
Padlani Pradeep Kumar 12%
·
Maneesh
Padlani Pradeep Kumar 12%
OPERATIONS
Activities: Engaged in the wholesale and retail of
linens, textiles and ready made garments.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 14 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
11,925,000 UAE Dh
12,600,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.08 |
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UK Pound |
1 |
Rs.78.78 |
|
Euro |
1 |
Rs.67.76 |
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.