MIRA INFORM REPORT
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Report Date : |
2nd May 2006 |
IDENTIFICATION DETAILS
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Name : |
COMMODITIES
TRADING CO LLC |
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Registered Office : |
Juma Al Naboodah Building,
Suite No. 206, 2nd Floor Sheikh Zayed Road, Al Wasl 16743, Dubai United
Arab Emirates |
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Date of Incorporation : |
3rd
July 1989 |
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Com. Reg. No.: |
40771,
Dubai |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Distributors of cement,
gypsum products, clinker, iron ore, bauxite, limestone, coal and minerals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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$ 175,000 |
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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 |
COMMODITIES 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 |
3rd July 1989 |
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Commercial Registration Number |
40771, Dubai |
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Trade Licence Number |
219576 |
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Membership Number |
16447 |
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Issued Capital |
UAE Dh 500,000 |
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Paid up Capital |
UAE Dh 500,000 |
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Total Workforce |
23 |
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Line of Business |
Distributors of cement, gypsum products, clinker, iron ore, bauxite, limestone, coal and minerals. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
COMMODITIES TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Juma Al Naboodah Building, Suite No. 206, 2nd Floor
Street : Sheikh Zayed Road
Area : Al Wasl
PO Box : 16743
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3433324 / 2711123
Facsimile : (971-4) 3213800
Email : ctcdubai@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Mohamed Akhtar Saeed Indian Managing Director
Abdul Rahim Mohamed Abdullah Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 3rd July 1989
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg. No. : 40771, Dubai
Trade Licence No. : 219576 (Expires 30th April 2007)
Membership No. : 16447
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
Abdul Rahim Mohamed Abdullah 51%
Mohamed Akhtar Saeed 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 cement, gypsum products, clinker, iron ore, bauxite, limestone, coal and minerals.
Subject is also involved in providing ship chartering
services.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 23 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 7,680,000 UAE Dh 8,120,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Union National Bank
Baniyas Street
PO Box : 6811
Dubai
Tel : (971-4) 2211188
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1989, subject is involved in the import and distribution of cement, gypsum products, clinker, iron ore, bauxite, limestone, coal and minerals.
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$ 175,000
RATING EXPLANATIONS
RATING
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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 |