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Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
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Name : |
KHANWANI FASHION
LLC |
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Registered Office : |
Heirs of Hussain
Bin Ali As Sayegh Building, Al Souq Street, Al Souq Al Kabir, P O Box 112407,
Dubai |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.04.2002 |
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Com. Reg. No.: |
59100, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject engaged
in the import and distribution of readymade garments and textiles. |
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No. of Employees : |
7 |
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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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED ARAB EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy
with a high per capita income and a sizable annual trade surplus. Successful efforts
at economic diversification have reduced the portion of GDP based on oil and
gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the country has undergone a profound transformation from an impoverished
region of small desert principalities to a modern state with a high standard of
living. The government has increased spending on job creation and
infrastructure expansion and is opening up utilities to greater private sector
involvement. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with
Source
: CIA
Company Name : KHANWANI
FASHION LLC
Country of Origin :
Legal Form :
Limited Liability Company – LLC
Registration Date : 20th
April 2002
Commercial
Registration Number : 59100,
Trade Licence
Number : 533421
Chamber Membership
Number : 68456
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 7
Activities :
Distributors of readymade garments and textiles
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
KHANWANI FASHION
LLC
Building : Heirs of Hussain Bin Ali As Sayegh
Building
Street :
Area : Al Souq Al Kabir
PO Box : 112407
Town :
Country :
Telephone : (971-4) 3536682
Facsimile : (971-4) 3536685 / 3525441
Email : khanwani@eim.ae / thanwani@eim.ae
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
·
Dev
Anand Khanwani Indian Managing
Director
·
Jassim
Hassan Jassim Ali Al Badi Emirati Director
Date of Establishment : 20th
April 2002
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 59100,
Trade Licence No. : 533421
(Expires 19/04/2014)
Chamber Member No. : 68456
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Jassim
Hassan Jassim Ali Al Badi 51%
·
Dev
Anand Khanwani 49%
Activities: Engaged in the import and distribution of
readymade garments and textiles.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 7 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year Ending
31/12/11: Year Ending
31/12/12:
Total Sales UAE Dh 9,235,000 UAE Dh 9,680,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of
Deira
PO Box: 1709
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
No complaints
regarding subject’s payments have been reported.
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.61.78 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.