MIRA
INFORM REPORT
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Report Date : |
13.06.2006 |
IDENTIFICATION
DETAILS
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Name : |
NASSER
IBRAHIMMI VEGETABLES & FRUITS LLC |
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Registered Office : |
Al
Hamriya Vegetable & Fruit Market, Shop No. 47 & 48, Al Khaleej
Street, Corniche, Deira, PO Box - 4276
& 294042, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
5th
August 1981 |
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Com. Reg. No.: |
43540,
Dubai |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Wholesalers
and retailers of fresh fruit and vegetables |
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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Maximum Credit Limit : |
US$
100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
Company
Name : NASSER
IBRAHIMMI VEGETABLES & FRUITS LLC
Country
of Origin :
Dubai, United Arab Emirates
Legal
Form :
Limited Liability Company - LLC
Registration
Date : 5th
August 1981
Commercial
Registration Number : 43540,
Dubai
Trade
Licence Number :
206116
Membership
Number : 8239
Issued
Capital :
UAE Dh 300,000
Paid up
Capital :
UAE Dh 300,000
Total
Workforce :
17
Line of
Business :
Wholesalers and retailers of fresh fruit and vegetables.
Financial
Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating
Trend : Steady
COMPANY NAME
NASSER
IBRAHIMMI VEGETABLES & FRUITS LLC
ADDRESS
Registered & Physical
Address
Building : Al Hamriya Vegetable & Fruit
Market, Shop No. 47 & 48
Street : Al Khaleej Street
Area : Corniche, Deira
PO Box : 4276 & 294042
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2714264 / 3453100 / 3201872
Facsimile : (971-4) 2714170 / 3452322 / 3201875
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
·
Nasser
Ali Mohamed Ibrahimmi Iranian Managing Director
·
Mohamed
Abdul Rahim Al Habai Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 5th August 1981
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 43540, Dubai
Trade Licence No. : 206116 (Expires 5th July 2004)
Membership No. : 8239
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Mohamed
Abdul Rahim Al Habai 51%
·
Nasser
Ali Mohamed Ibrahimmi 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 wholesale and
retail of fresh fruit and vegetables.
Import
Countries : Europe and South Africa.
Operating
Trend : Steady
Subject
has a workforce of 17 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
4,075,000 UAE
Dh 4,210,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Bank
Saderat Iran
Al Maktoum
PO Box : 4182
Dubai
Tel : (971-4) 2221161
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1981, subject is owned and managed by Mr Nasser Ali Mohamed Ibrahimmi, an
Iranian national who operates in Dubai under the local sponsorship of Mr
Mohamed Abdul Rahim Al Habai.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
Maximum
suggested credit figure: US$ 100,000
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 |