MIRA INFORM
REPORT
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Report Date : |
13.02.2012 |
IDENTIFICATION DETAILS
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Name : |
WHITE IMPEX GENERAL TRADING LLC |
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Registered Office : |
Al Zarooni
Building, Suite No. 101/102, 1st Floor, Baniyas
Street, Al Bateen, Deira, P O Box 64927, 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 : |
17.06.2003 |
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Com. Reg. No.: |
63061, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and distribution of textiles, glassware, stationery, kitchen utensils, scrap metals, healthcare products and chemicals |
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No. of Employees
: |
14 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 850,000 |
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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 – 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 |
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Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : WHITE IMPEX GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th June 2003
Commercial Registration Number : 63061, Dubai
Trade Licence Number : 546147
Chamber Membership Number : 78565
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 14
Activities : Import and distribution of textiles, glassware, stationery, kitchen
utensils, scrap metals, healthcare products and chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 850,000
Person Interviewed : Nirag Ganag, Managing Director
WHITE IMPEX GENERAL TRADING LLC
Registered &
Physical Address
Building : Al Zarooni Building, Suite No.
101/102, 1st Floor
Street : Baniyas
Street
Area : Al Bateen, Deira
PO Box : 64927
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2351356 / 2352327
Facsimile : (971-4) 2351357
Mobile : (971-50) 6356580 / 5592862 /
6566987
Email : whiteipx@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Nirag
Ganag Indian Managing
Director
·
Vinit
Brijmohan Aggrawal Indian Director
·
Sheikh
Fahim Mohamed Khalid Bin Al Qassimi Emirati Director
Date of Establishment : 17th
June 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 63061, Dubai
Trade Licence No. : 546147
Chamber Member No. : 78565
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
·
Sheikh
Fahim Mohamed Khalid Bin Al Qassimi 51%
·
Nirag
Ganag 36%
·
Vinit
Brijmohan Aggrawal 13%
·
Al Fahim Investment Co
PO Box: 30444
Sharjah
Tel: (971-6) 5623666
·
Al Rad
International Trading Est
PO Box: 21357
Sharjah
Tel: (971-6) 5624227
Fax: (971-6) 5624223
Activities: Engaged in the import and distribution of
textiles, glassware, stationery, kitchen utensils, scrap metals,
healthcare products and chemicals.
Import
Countries: Europe and the
Far East
International Suppliers:
·
Super
Intex India
·
Varun
Incorporation Ltd China
Operating Trend: Steady
Subject has a
workforce of 14 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Balance Sheet 31/12/10 31/12/09
Assets
Current assets
Cash & bank
balances 4,086,944 1,430,466
Deposits,
prepayments & advances 197,107 214,652
Amounts due from
related party - 20,801,410
Accounts receivable 704,178,921 241,679,393
Inventories 7,426,889 6,242,830
715,889,861 270,368,751
Non-current assets
Property, plant
& equipment 9,215 131,246
Total assets 715,899,076 270,499,997
Liabilities and
shareholder’s equity
Current liabilities
Borrowings from
bank & financial institutions 13,908,215 -
Loan from banks
& financial institutions - 70,271
Accounts payable 601,143,220 219,988,832
Provisions,
accruals & other liabilities 225,450 190,450
615,276,885 220,249,553
Non-current
liabilities
Loan from banks
& financial institutions - 8,289
Employee’s end of
service benefits 200,304 100,000
Total liabilities 615,477,189 220,357,842
Shareholder’s
equity
Share capital 3,000,000 3,000,000
Reserves &
surplus 593,252 526,764
Loan from
shareholders 96,828,635 46,615,391
100,421,887 50,142,155
Total liabilities
and equity 715,899,076 270,499,997
Statement of
Income
Revenue 1,479,114,354 528,641,699
Direct costs (1,408,325,911) (495,714,884)
Gross profit 70,788,443 32,926,815
Other income 85,505 50,808
Selling &
distribution costs (2,083,508) (1,892,082)
Administrative
costs (1,780,224) (1,727,117)
Finance costs (3,063,953) (1,414,864)
Other expenses (79,775) -
Management fees (63,800,000) (27,900,000)
Net profit 66,488 43,560
Local sources
consider subject’s financial condition to be Fair.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints regarding
subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.49.64 |
|
UK Pound |
1 |
Rs.78.35 |
|
Euro |
1 |
Rs.65.79 |
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 |
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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.