MIRA INFORM REPORT

 

 

Report Date :

02.05.2012

 

IDENTIFICATION DETAILS

 

Name :

NICE SMELL TRADING CO LLC

 

 

Registered Office :

Yousuf Mohamed Beshwari Building, Shop No. 4, Al Bateen Street, Murshid Bazaar, P O Box 30739, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

04.06.1988

 

 

Com. Reg. No.:

59451, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of adhesives, rope, sacks, jute and plastic bags, containers and other packaging materials

 

 

No. of Employees :

08

 

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 :

Regular

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                         : NICE SMELL TRADING CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 4th June 1988

Commercial Registration Number            : 59451, Dubai

Trade Licence Number                            : 216925

Chamber Membership Number                : 13773

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 8

Activities                                               : Import and distribution of adhesives, rope, sacks, jute and plastic bags,

                                                              containers and other packaging materials

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

NICE SMELL TRADING CO LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Yousuf Mohamed Beshwari Building, Shop No. 4

Street               : Al Bateen Street

Area                 : Murshid Bazaar

PO Box             : 30739

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2265921 / 2255812

Facsimile          : (971-4) 2255812

Email                : nicesmell@emirates.net.ae / info@nicesmell.com

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                                      Description

 

·       Baniyas Car Park Building, Shop No. 11                                                         Rented showroom premises

Deira

Dubai

Tel: (971-4) 2260200

Fax: (971-4) 2261600

 

 

KEY PRINCIPALS

 

     Name                                                                      Nationality                   Position

 

·       Bachani Mohan Nebhraj                                               Indian                          Managing Director

 

·       Veshal Mohan Pashani                                              American                      Director

 

·       Abdullah Sayed Ahmed Sayed Yousuf Al Hashimi         Emirati                        Director

 

·       Yousef Attar                                                                    -                            Financial Controller

 

·       Mohamed Koni                                                                 -                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th June 1988

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 59451, Dubai

 

Trade Licence No.       : 216925 (Expires 24/05/2012)

 

Chamber Member No. : 13773

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                                          Percentage

·       Abdullah Sayed Ahmed Sayed Yousuf Al Hashimi                        51%

·       Bachani Mohan Nebhraj                                                              25%

·       Veshal Mohan Pashani                                                               24%

 

 

AFFILIATED COMPANIES

 

·       Standard Packaging Material Trading LLC

Bur Dubai

PO Box: 7850

Dubai

Tel: (971-4) 3551508

Fax: (971-4) 3356977

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of adhesives, rope, sacks, jute and plastic bags, containers and

                 other packaging materials.

 

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 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 6,720,000                     UAE Dh 7,300,000

 

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

 

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

 

 

BANKERS

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2006

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

 

Established in 1988, subject is involved in the import and distribution of adhesives, rope, sacks, jute and plastic bags, containers and other packaging materials.

 

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the subject is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.68

UK Pound

1

Rs.85.12

Euro

1

Rs.69.38

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.