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Report No. : |
326164 |
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Report Date : |
13.06.2015 |
IDENTIFICATION DETAILS
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Name : |
RESIDENT FASHION LLC |
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Registered Office : |
Shop No. 11, Murshid Bazaar, Deira, PO Box : 27112, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
30.07.1995 |
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Com. Reg. No.: |
54763, 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 |
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No. of Employee : |
22 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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United Arab Emirates |
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 |
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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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.
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Source
: CIA |
Company
Name :
RESIDENT FASHION LLC
Country
of Origin :
Dubai, United Arab Emirates
Legal
Form :
Limited Liability Company - LLC
Registration
Date : 30th
July 1995
Commercial
Registration Number : 54763,
Dubai
Trade
Licence Number :
238589
Chamber
Membership Number : 34880
Issued
Capital :
UAE Dh 300,000
Paid
up Capital :
UAE Dh 300,000
Total
Workforce :
22
Activities :
Wholesalers and retailers of readymade garments.
Financial
Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating
Trend :
Steady
Person
Interviewed :
Suresh Gulrajani, General Manager
RESIDENT FASHION
LLC
Location : Shop No. 11,
Murshid Bazaar, Deira
PO Box : 27112
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2267851
/ 2252346
Facsimile : (971-4)
2254513
Mobile : (971-50)
6551201
Email : badlani@emirates.net.ae / residentfashion@gmail.com / sureshkg@yahoo.com
Subject operates from a small suite of offices and a shop that are rented
and located in the Central Business Area of Dubai.
Name Nationality Position
· Pradeep Kumar
Padlani Indian Managing
Director
· Jasouda Padlani Indian Director
· Mahesh Padlani
Pradeep Kumar Indian Director
· Maneesh Padlani
Pradeep Kumar Indian Director
· Jassim Mohamed
Abdul Rahim Ahli Emirati Director
· Suresh Gulrajani - General
Manager
· Hemant Kumar - Sales
Executive
Date of
Establishment : 30th
July 1995
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 54763, Dubai
Trade Licence No. : 238589 (Expires 23/07/2015)
Chamber Member No. : 34880
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Jassim Mohamed
Abdul Rahim Ahli 51%
· Pradeep Kumar
Padlani 13%
· Jasouda Padlani 12%
· Mahesh Padlani
Pradeep Kumar 12%
· Maneesh Padlani
Pradeep Kumar 12%
Activities: Engaged in the wholesale and retail of readymade garments.
Import Countries: Europe and India.
International
Suppliers:
· Anil Garments India
· Srinivas Export India
Brand Names: EMPIRE, BLEND OF
INDIA and BLACK JEANS
Operating Trend: Steady
Subject has a workforce of 22 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 22,500,000 UAE Dh 23,330,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Suresh Gulrajani, General Manager
·
Habib Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
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|
1 |
Rs.99.27 |
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Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
-- |
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.