MIRA INFORM REPORT

 

 

Report Date :

02.09.2011

 

IDENTIFICATION DETAILS

 

Name :

BHAGAT TRADING LLC

 

 

Registered Office :

Abdullah Abdur Rasool Building, Shop No. 5 Al Nahdah Street Al Souq Al Kabir

PO Box 51617 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.09.1990

 

 

Com. Reg. No.:

21390, Dubai

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Distributors of ready made garments and textiles.

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

UAE

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                                     : BHAGAT TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : 27th September 1990

Registration Date                                   : 2006

Commercial Registration Number                        : 21390, Dubai

Trade Licence Number                            : 223549

Chamber Membership Number                : 1248

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 8

Activities                                               : Distributors of ready made garments and textiles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed Rafiq, Financial Controller

 

 

 

COMPANY NAME

 

BHAGAT TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Abdullah Abdur Rasool Building, Shop No. 5

Street               : Al Nahdah Street

Area                 : Al Souq Al Kabir

 

PO Box             : 51617

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3538071 / 3536679 / 3538617

Facsimile          : (971-4) 3531283

 

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

 

·       Tijinder Singh                                                Indian                                        Managing Director

 

·       Abdullah Hassan Jassim Ali                           Emirati                                      Director

 

·       Ravinder Singh                                                    -                                         General Manager

 

·       Salem Mohamed Hanifa                                       -                                         Assistant General Manager

 

·       Mohamed Rafiq                                                   -                                         Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th September 1990

 

History                         : Subject began in 1990 as a Sole Proprietorship but re-registered as a Limited Liability

              Company in 2006.

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 21390, Dubai

 

Trade Licence No.       : 223549 (Expires 24/09/2011)

 

Chamber Member No. : 1248

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                           Percentage

 

·       Abdullah Hassan Jassim Ali                                                   51%

 

·       Tijinder Singh                                                                        49%

 

 

AFFILIATED COMPANIES

 

·       Kabul Textiles LLC

Abdullah Abdur Rasool Building

       Al Souq Al Kabir

       PO Box : 51617

       Dubai

       Tel : (971-4) 3536679

       Fax : (971-4) 3531283

       Email : kabultex@emirates.net.ae

 

·       Bhagat Textile Trading Est

Dubai

 

·       New Fashion Track LLC

Dubai

    

 

OPERATIONS

 

Activities: Engaged in the import, distribution and retail of ready made garments and textiles.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 8 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 15,800,000                   UAE Dh 17,000,000

 

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

 

The above figures were provided by Mr Mohamed Rafiq, Financial Controller

 

 

BANKERS

 

·       ABN Amro Bank

Deira Branch

PO Box : 2567

Dubai

     Tel : (971-4) 3512200

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.01

UK Pound

1

Rs.75.42

Euro

1

Rs.66.69

 

 

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.