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MIRA INFORM REPORT
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Report No. : |
504978 |
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Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
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Name : |
CORADO FASHION |
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Registered Office : |
Wasel
Building No. 146, Shop No. 1 Baniyas
Square, Deira PO Box 171085 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
30.07.2002 |
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Com. Reg. No.: |
92189 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the wholesale and retail of
readymade garments, footwear and fashion accessories. |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : CORADO FASHION
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 30th July 2002
Commercial Registration Number : 92189, Dubai
Trade Licence Number : 536364
Chamber Membership Number : 70738
Invested Capital : UAE Dh 70,000
Total Workforce : 20
Activities : Wholesalers and retailers of readymade garments, footwear and
fashion accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Masood Saif, Senior Accountant
COMPANY
NAME
CORADO FASHION
ADDRESS
Registered &
Physical Address
Building : Wasel Building No. 146,
Shop No. 1
Area :
Baniyas Square, Deira
PO Box :
171085
Town :
Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 2280057
Facsimile :
(971-4) 2280063
Mobile :
(971-50) 8450648 / (971-56) 8869854 / (971-52) 9601648
Email :
coradofashion@yahoo.com / info@coradofashion.com
Please note that subject’s previous address was, Oud Metha
Road, Deira, Dubai.
Premises
Subject operates from a small suite of offices and a
showroom that are rented and located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Abdullah Hussain
Ahmed Al Khunji Emirati Proprietor
· Mohamed Rafiq Ranjibar Iranian General Manager
· Mohamed Khunji - Sales
Manager
· Masood Saif - Senior
Accountant
· Paul Rajesh - Sales
Executive
LEGAL
FORM & OWNERS
Date
of Establishment : 30th
July 2002
Legal
Form : Sole
Proprietorship
Commercial
Reg. No. :
92189, Dubai
Trade
Licence No. :
536364 (Expires 29/07/2018)
Chamber
Member No. : 70738
Invested Capital : UAE
Dh 70,000
Mr Abdullah Hussain Ahmed Al Khunji is the sole proprietor
of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of
readymade garments, footwear and fashion accessories.
Import Countries: China and India
International
Suppliers:
· Tubtin China
· Irony India
Brand
Names: CORADO, PASSPORT and KIGLER
Subject has a workforce of 20 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/17:
Total Sales UAE
Dh 8,400,000
Local sources consider subject’s financial condition to be
Fair.
The above figures were provided by Mr Masood Saif, Senior Accountant
BANKERS
·
Emirates National Bank of Dubai
Baniyas
Street
PO
Box: 777
Dubai
Tel:
(971-4) 2222555
Fax:
(971-4) 2221110
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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 business is considered to be a fair trade
risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.22 |
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1 |
INR 92.84 |
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Euro |
1 |
INR 81.27 |
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UAE DH |
1 |
INR 18.08 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.