MIRA
INFORM REPORT
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Report Date : |
21st
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
FIVE BROTHERS GENERAL TRADING LLC |
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Registered Office : |
Salim Abdullah Al Kuwaiti Building Al Khaleej Street, Al Ghusais Industrial Area No. 4 23068 & 20582, Dubai, United Arab
Emirates |
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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 : |
21st June 2003 |
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Com. Reg. No.: |
63120, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of general foodstuff
products. |
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$ 150,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
FIVE BROTHERS GENERAL TRADING 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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Start Date |
1992 |
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Registration Date |
21st June 2003 |
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Commercial Registration Number |
63120, Dubai |
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Trade Licence Number |
546293 |
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Membership Number |
78640 |
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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 |
7 |
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Line of Business |
Distributors of general foodstuff products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
FIVE BROTHERS GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Salim Abdullah Al Kuwaiti Building
Street : Al Khaleej Street
Area : Al Ghusais Industrial Area No. 4
PO Box : 23068 & 20582
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2670558
Facsimile : (971-4) 2670552
Email : brother5@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Mohamed Abdul Hamid Abed Ellahi Iranian Managing Director
Arsheed Abdul Hamid Abed Ellahi Iranian Director
Saleh Mohamed Abdullah Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 1992, however subject was registered on 21st June 2003.
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 63120, Dubai
Trade Licence No. : 546293 (Expires 20th June 2008)
Membership No. : 78640
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
Saleh Mohamed Abdullah 51%
Mohamed Abdul Hamid Abed Ellahi 25%
Arsheed Abdul Hamid Abed Ellahi 24%
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 foodstuff products, including seafood and
meat products.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 7 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 4,100,000 UAE Dh 4,600,000
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
Opinion on the credit figure of US$ 150,000
Established in 1992, subject is involved in
the import and distribution of general foodstuff products, including seafood
and meat products.
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 and the above credit figure is deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 150,000
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 |