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Report No. : |
303241 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
PILOT TRADING LLC |
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Registered Office : |
Shop No. 1 Masjid Street Murshid Bazar, Deira PO Box 22608 & 32608 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
24.04.1982 |
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Com. Reg. No.: |
49140, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged in the wholesale and retail of readymade garments
and promotional T-shirts |
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No. of Employees : |
05 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UAE - 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 : PILOT TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 24th April 1982
Commercial Registration Number : 49140, Dubai
Trade Licence Number : 200830
Chamber Membership Number : 9111
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Activities : Wholesale and retail of readymade garments and promotional T-shirts.
accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Krishan Kumar Khanna, Managing Director
PILOT TRADING LLC
Building :
Shop No. 1
Street : Masjid
Street
Area : Murshid
Bazar, Deira
PO Box : 22608 &
32608
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2267237
Facsimile : (971-4)
2267231
Mobile : (971-50)
6545827
Email : pilot8@emirates.net.ae
/ pilot8@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
· Krishan Kumar
Khanna Indian Managing
Director
· Juma Darwish Salem
Mohamed Al Bidawi Emirati Director
· Jashev Khanna - Sales
Manager
Date of
Establishment : 24th
April 1982
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 49140, Dubai
Trade Licence No. : 200830 (Expires 05/04/2015)
Chamber Member No. : 9111
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Juma Darwish Salem
Mohamed Al Bidawi 51%
· Krishan Kumar
Khanna 49%
Activities: Engaged in the wholesale and retail of readymade garments and
promotional T-shirts.
Import Countries: Europe and India
International
Suppliers:
· R K Textile India
· Satish Textil India
·
Ashwin Garments India
·
Jain Garments India
·
S D Garments India
Brand Names: PILOT, COOL & COOL, ROGER ROGER, LANCER and
BLUE LOOK
Operating Trend: Steady
Subject has a workforce of 5 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 17,200,000 UAE Dh 20,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Krishan Kumar Khanna, Managing
Director
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222555
Fax:
(971-4) 2221110
No complaints regarding subject’s payments have been reported.
Established in 1982, subject is owned and managed by Mr Krishan Kumar
Khanna, who is an Indian national operating in Dubai under the local
sponsorship of Mr Juma Darwish Salem Mohamed Al Bidawi.
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.61.70 |
|
|
1 |
Rs.93.41 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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.