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Report Date : |
21.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
KHANWANI FASHION LLC |
|
|
|
|
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 : |
United
Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
20.04.2002 |
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Com. Reg. No.: |
59100, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and
Distribution of Textiles. |
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|
|
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No. of Employees : |
7 |
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 |
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|
|
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
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 Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. The country's Free Trade Zones - offering 100% foreign
ownership and zero taxes - are helping to attract foreign investors. The global
financial crisis, tight international credit, and deflated asset prices
constricted the economy in 2009. UAE authorities tried to blunt the crisis by
increasing spending and boosting liquidity in the banking sector. The crisis
hit Dubai hardest, as it was heavily exposed to depressed real estate prices.
Dubai lacked sufficient cash to meet its debt obligations, prompting global
concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. Dependence on oil, a large
expatriate workforce, and growing inflation pressures are significant long-term
challenges. The UAE's strategic plan for the next few years focuses on
diversification and creating more opportunities for nationals through improved
education and increased private sector employment.
|
Source
: CIA |
Company Name : KHANWANI
FASHION LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company – LLC
Registration Date : 20th
April 2002
Commercial
Registration Number : 59100,
Dubai
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 textiles.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rohit Sharma, Sales Executive
KHANWANI FASHION
LLC
Building : Heirs of Hussain Bin Ali As Sayegh
Building
Street : Al Souq Street
Area : Al Souq Al Kabir
PO Box : 112407
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3536682
Facsimile : (971-4) 3536685 / 3525441
Mobile : (971-50) 5989260
Email : khanwani@eim.ae / thanwani@eim.ae / khanwani@gmail.com
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
·
Rohit Sharma - Sales
Executive
·
Harish Lalwani - Accountant
Date of Establishment : 20th
April 2002
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 59100, Dubai
Trade Licence No. : 533421
(Expires 19/04/2015)
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%
·
Khanwani Brother LLC
PO Box: 112407
Al Fardan Building
Bur Dubai
Dubai
Activities: Engaged in the import and distribution of
textiles.
Import
Countries: India and China.
International Suppliers:
·
K Jagdish International India
·
Nahda International Export India
·
Jiang Su Import & Export Ltd China
·
Shao Xing International China
Operating Trend: Steady
Subject has a
workforce of 7 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE Dh 9,680,000 UAE Dh 10,115,000
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 Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
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.62.10 |
|
|
1 |
Rs.97.32 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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 |
|
|
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.