MIRA
INFORM REPORT
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Report Date : |
8th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
CASCADE INTERNATIONAL GENERAL TRADING CO LLC |
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Registered Office : |
Saif
Ahmad Alabdooli Building Al
Garhoud Road, Al Garhoud Area 6306,
Dubai United
Arab Emirates |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31/12/05 |
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Date of Incorporation : |
12th August 2003 |
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Com. Reg. No.: |
63735, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and distribution of general
merchandise |
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 : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
CASCADE INTERNATIONAL GENERAL TRADING CO LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
12th August 2003 |
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Commercial Registration Number |
63735, Dubai |
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Trade Licence Number |
547913 |
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Membership Number |
80051 |
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Issued Capital |
UAE Dh 3,000,000 |
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Paid up Capital |
UAE Dh 3,000,000 |
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Total Workforce |
5 |
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Line of Business |
Import and distribution of general merchandise. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
CASCADE
INTERNATIONAL GENERAL TRADING CO LLC
ADDRESS
Registered
& Physical Address
Building : Saif Ahmad Alabdooli Building
Street : Al Garhoud Road
Area : Al Garhoud Area
PO Box : 6306
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2833116
Facsimile : (971-4) 2833117
Email : cascad@emirates.net.ae
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
Umer
Suleman Kara British Managing Director
Saeid
Meadad Abdullah Ali Al Sarri Emirati Director
LEGAL FORM & OWNERS
Date
of Establishment : 12th August 2003
Legal
Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial
Reg. No. : 63735, Dubai
Trade
Licence No. : 547913 (Valid until 10/08/2006)
Membership
No. : 80051
Issued
Capital : UAE Dh 3,000,000
Paid
up Capital : UAE Dh 3,000,000
Name of
Shareholder (s) Percentage
Saeid
Meadad Abdullah Ali Al Sarri 51%
Umer
Suleman Kara 49%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with
not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less
than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the
Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
LINE OF BUSINESS
Operations: Engaged in the import and
distribution of general merchandise, including foodstuff, textiles
and
electrical products.
Import
Countries: Asia
and Europe
Operating
Trend : Steady
Subject
has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 Year
Ending 31/12/05
Total
Revenue UAE Dh
3,280,000 UAE Dh
3,560,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
Mashreq
Bank Plc
Deira
Branch
PO Box :
1250
Dubai
Tel :
(971-4) 2229131 / 2221134
Fax :
(971-4) 2233784
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Cascade
International General Trading Co LLC was established in 2003 and has made
steady progress in the local market.
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.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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 |