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Report No. : |
350209 |
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Report Date : |
21.11.2015 |
IDENTIFICATION DETAILS
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Name : |
MULCHANDANI TRADING CO LLC |
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Registered Office : |
Badriya Abdullah BuildingAl Faheidi StreetAlsouq Alkabir, PO Box 43132, 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 : |
24.03.1996 |
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Com. Reg. No.: |
46441 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of textiles, readymade garments, footwear, bags, perfumes, cosmetics, sunglasses, jewellery, novelties and watches. |
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No. of Employees : |
9 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 of 2008,
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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company
name
MULCHANDANI TRADING CO LLC |
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ORDER
DETAILS
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Business/ Subject Name |
: |
Mulchandani Trading Co LLC |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
43132 Dubai |
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IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
: |
Mulchandani Trading Co LLC |
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2) Registered
Address: |
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Address |
: |
Badriya Abdullah BuildingAl Faheidi StreetAlsouq Alkabir |
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Town |
: |
Dubai |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
43132 |
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Phone (s) |
: |
(971-4) 3530943 |
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Facsimile |
: |
(971-4) 3536150 |
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Mobile |
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(971-50) 5447190 |
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Email |
: |
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3) Operational
Address & Contact Details: |
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Address |
: |
Badriya Abdullah BuildingAl Faheidi
StreetAlsouq Alkabir |
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Town |
: |
Dubai |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
43132 |
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Phone (s) |
: |
(971-4) 3530943 |
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Facsimile |
: |
(971-4) 3536150 |
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Mobile |
|
(971-50) 5447190 |
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Email |
: |
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: |
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LEGAL
FORM & INCORPORATION (REGISTRATION) DETAILS
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Legal Form - Category |
: |
Limited Liability Company - LLC |
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Date of Registration |
: |
24th March 1996 |
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Trade License Number |
: |
241157 |
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Expiry Date |
: |
23/03/2016 |
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Commercial Registration Number |
: |
46441, Dubai |
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OTHER
REGISTRATION/ MEMBERSHIPS
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Chamber Membership Number |
: |
37753 |
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KEY
FACTS
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Operational Status |
: |
Normal |
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Financial Condition |
: |
Fair |
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Primary Business Activity |
: |
Distributors of textiles, readymade garments, footwear, bags, perfumes,cosmetics, sunglasses, jewellery, novelties and watches. |
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Number of Employees |
: |
9 |
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Capital |
: |
UAE Dh 300,000 |
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CAPITAL
DETAILS
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
UAE Dh 300,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
UAE Dh 300,000 |
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FINANCIAL
DATA
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Financial highlights provided by local
sources are given below: |
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Currency: United Arab Emirates Dirham (UAE
Dh) |
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Year Ending
31/12/13 |
Year Ending
31/12/14 |
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Total Sales |
UAE Dh 12,400,000 |
UAE Dh 12,550,000 |
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Local sources consider subject’s financial
condition to be Fair. |
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The above financial figures are based on
estimations by our local sources. |
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BANKER
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1 |
Name |
Commercial Bank of Dubai |
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Address |
Baniyas Street Deira |
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PO Box |
1709 Dubai |
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Tel |
(971-4) 2227121 |
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(971-4) 2253222 |
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Fax |
(971-4) 2220943 |
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(971-4) 2254565 |
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SHAREHOLDERS
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Sr.No |
Name of
Shareholders |
Nationality |
No. of Shares |
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1 |
Adam Abdullah Hassan Eid Albalooshi |
Emirati |
51% |
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2 |
Bhagwandas Nathumal Mulchandani |
Indian |
25% |
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3 |
Lalit Kumar Dharamdas Na Thumal |
Indian |
24% |
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Total Share |
100% |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Nationality |
Dsignation |
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1 |
Bhagwandas Nathumal Mulchandani |
Indian |
Managing Director |
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2 |
Lalit Kumar Dharamdas Na Thumal |
Indian |
Director |
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3 |
Adam Abdullah Hassan Eid Albalooshi |
Emirati |
Director |
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4 |
Hiren Kantawani |
n/a |
Accountant |
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INTERNATIONAL
TRADE ACTIVITY MARKETS
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Sr.No |
Country |
Activity |
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1 |
Europe |
Import |
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2 |
India |
Import |
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International
Suppliers: |
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Sr.No |
Name |
Country |
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1 |
Sura Impex |
India |
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PREMISES
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Subject operates from a small suite of
offices that are rented and located in the Central Business Area of Dubai. |
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PAYMENT
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No complaints regarding subject’s payments
have been reported. |
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ADVERSE
DATA
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Performance Defaults |
: |
No record found |
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Payment Defaults |
: |
No record found |
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Adverse Press Coverage |
: |
No record found |
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Litigations |
: |
No record found |
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Former Business Relationships |
: |
No record found |
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INVESTIGATOR'S
COMMENTS
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Person
Interviewed : Hiren Kantawani,
Accountant |
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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. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
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|
1 |
Rs.101.04 |
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Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.