3decades

MIRA INFORM REPORT

Report No. :	504980
Report Date :	26.04.2018

IDENTIFICATION DETAILS

Name :	GULAB STORES

Registered Office :	Al Fahidi Castle Co Building Al Fahidi Street Al Souq Al Kabir PO Box 2442 Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2017

Date of Incorporation :	08.03.1978

Com. Reg. No.:	3056

Legal Form :	General Partnership

Line of Business :	Subject is engaged in the import and distribution of readymade garments, footwear, luggage and travel requisites.

No. of Employees :	20

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	No Complaints

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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.

Source : CIA

SUMMARY

Company Name : GULAB STORES

Country of Origin : Dubai, United Arab Emirates

Legal Form : General Partnership

Registration Date : 8^th March 1978

Commercial Registration Number : 3056, Dubai

Trade Licence Number : 201127

Chamber Membership Number : 4056

Partners Capital : UAE Dh 50,000

Total Workforce : 20

Activities : Distributors of readymade garments, footwear, luggage and travel

requisites

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Person Interviewed : Anand Akani, Financial Controller

COMPANY NAME

GULAB STORES

ADDRESS

Registered & Physical Address

Building : Al Fahidi Castle Co Building

Street : Al Fahidi Street

Area : Al Souq Al Kabir

PO Box : 2442

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 3535984 / 3536503 / 3536504 / 3531461

Facsimile : (971-4) 3535984

Mobile : (971-56) 6040969

Email : gulab@emirates.net.ae

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.

Branch Offices

Location Description

· Deira Office premises

Dubai

Tel: (971-4) 2266654

KEY PRINCIPALS

Name Nationality Position

· Moolchand Khemchand Indian Managing Partner

· Bindu Khemchand Indian Partner

· Anand Mirchandani Indian Partner

· P Dhanpal - Accountant

· Venoy Kumar - Sales Executive

· Anand Akani - Financial Controller

· Sunder Atwani - Sales Manager (Footwear & Luggage)

· Harish Bhatia - Sales Manager (Readymade Garments)

LEGAL FORM & OWNERS

Date of Establishment : 8^th March 1978

Legal Form : General Partnership

Commercial Reg. No. : 3056, Dubai

Trade Licence No. : 201127 (Expires 27/01/2019)

Chamber Member No. : 4056

Partners Capital : UAE Dh 50,000

Name of Partner (s)

· Moolchand Khemchand

· Bindu Khemchand

· Anand Mirchandani

AFFILIATED COMPANIES

· Gulab Trading LLC

Deira

PO Box: 2442

Dubai

Tel: (971-4) 2266654

CR No. 43361

· Tip Top Fashion LLC

Dubai

OPERATIONS

Activities: Engaged in the import and distribution of readymade garments, footwear, luggage and travel requisites. Subject is the sole regional distributor of Action shoes and CLB Columbus, as well as in house brands

Taupoli, Westland, Clubroyal, Afwan Fabitti and Green Orange. They also have we have brands like Reebok, Nike, Adidas, Fila, Puma, Sketchers, CAT, Timberland and Columbia under their umbrella.

Import Countries: India and China

International Suppliers:

· Delords Footwear India

· N M Exports India

· Delores Footwear India

· Art Land Garments China

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 28,000,000

Local sources consider subject’s financial condition to be Fair.

The above figures were provided by Anand Akani, Financial Controller

BANKERS

· United Bank Ltd

Murshid Bazaar Branch

PO Box: 1000

Dubai

Tel: (971-4) 2282025 / 2223191

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

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.70
UK Pound	1	INR 93.14
Euro	1	INR 81.43
UAE DH	1	INR 18.18

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.