MIRA INFORM REPORT

 

 

Report Date :           

14.10.2011

 

IDENTIFICATION DETAILS

 

Name :

KOREX TRADING

 

 

Registered Office :

Abdul Qader Khory Building, Shop No. 6, Ali Ibn Abi Talib Street, Al Souq Al Kabir, P O Box 44859, Dubai

 

 

Country :

United Arab Emirates  

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

15.12.1991

 

 

Com. Reg. No.:

24150, Dubai

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesale and retail of readymade garments

 

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

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

 

Company Name                                     : KOREX TRADING

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 15th December 1991

Commercial Registration Number                        : 24150, Dubai

Trade Licence Number                            : 226574

Chamber Membership Number                : 22720

Invested Capital                                     : UAE Dh 100,000

Total Workforce                                     : 6

Activities                                               : Wholesale and retail of readymade garments.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

COMPANY NAME

 

KOREX TRADING

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Abdul Qader Khory Building, Shop No. 6

Street               : Ali Ibn Abi Talib Street

Area                 : Al Souq Al Kabir

PO Box             : 44859

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3510032

Facsimile          : (971-4) 3518750

Mobile               : (971-50) 5141686 / 8974816

 

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                                                                                              Position

 

·       Ali Mohamed Juma Saeed                                                                 Proprietor & General Manager

 

·       Mohan Menghragni                                                                            Sales Manager

 

·       Vijay Menghragni                                                                              Assistant Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th December 1991

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 24150, Dubai

 

Trade Licence No.       : 226574 (Expires 06/12/2011)

 

Chamber Member No. : 22720

 

Invested Capital           : UAE Dh 100,000

 

Mr Ali Mohamed Juma Saeed is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of readymade garments, specialising in shirts.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 6 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 8,200,000                     UAE Dh 9,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Dubai

Mankhool Street

PO Box: 2668

Dubai

Tel: (971-4) 3523355

Fax: (971-4) 3527655 / 2524796

 

 

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 business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.02

UK Pound

1

Rs.77.13

Euro

1

Rs.67.56

 

 

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.