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Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
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Name : |
JATIN READYMADE GARMENTS LLC |
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Registered
Office : |
Mariam Abdullah Ogad Building, Al Suq Al Kabir Street, Al Bateen, P O
Box 51497 & 65437, Dubai |
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Country : |
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Financials (as
on) : |
31.12.2005 |
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Date of
Incorporation : |
09.06.2004 |
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Com. Reg. No.: |
997119 |
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Legal Form : |
Limited Liability Company |
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Line of Business
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Engaged in the import and distribution of readymade garments, luggage,
jewellery, watches, perfumes and cosmetics |
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No. of Employees
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04 |
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 : |
Regular |
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Litigation : |
Clear |
Company Name : JATIN READYMADE GARMENTS LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
9th June 2004
Commercial Registration Number :
997119,
Trade Licence Number :
557947
Membership Number :
88145
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
4
Line of Business :
Distributors of ready made garments, luggage, jewellery,
watches, perfumes and cosmetics.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
JATIN READYMADE GARMENTS LLC
Building :
Street :
Area : Al Bateen
PO Box : 51497 &
65437
Town :
Country :
Telephone : (971-4) 2295771
/ 2353236
Facsimile : (971-4)
2253484 / 2352563
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Name Nationality Position
· Rajendra Kumar
Tilokani Indian Managing Director
· Suhaila Ismail
Ibrahim Emirati Director
Date of
Establishment : 9th
June 2004
Legal Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 997119,
Trade Licence No. : 557947 (Expires 4th June 2007)
Membership No. : 88145
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Suhaila Ismail
Ibrahim 51%
· Rajendra Kumar
Tilokani 49%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company
incorporated with not less than two and not more than fifty shareholders, each
responsible only for the liabilities of the company to the extent of their
share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company
(LLC) should not be less than UAE Dh 300,000, which should be divided into
equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with
the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
Operations : Engaged in the import and distribution of ready
made garments, luggage, jewellery, watches, perfumes and cosmetics.
Import Countries : Europe and the
Subject has a workforce of 4 employees.
Financial highlights provided by outside sources are given below:
Currency :
Year Ending 31/12/05:
Total Sales UAE
Dh 3,480,000
Local sources consider subject’s financial condition to be Fair.
·
HSBC Bank
Deira Souk Branch
PO Box :
66
Tel :
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
Established in 2004, subject is involved in the import and distribution
of ready made garments, luggage, jewellery, watches, perfumes and cosmetics.
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.52.23 |
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1 |
Rs.84.16 |
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Euro |
1 |
Rs.68.84 |
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.