MIRA INFORM REPORT
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Report Date : |
22nd May 2006 |
IDENTIFICATION DETAILS
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Name : |
GAUTAM
GENERAL TRADING LLC |
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Registered Office : |
Mohamed
Majid Alghurair Building Al
Ras, 33262 & 120740 Dubai, United Arab Emirates |
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Date of Incorporation : |
15th
August 2005 |
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Com. Reg. No.: |
75767,
Dubai |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Distributors
of general merchandise. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
50,000 |
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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
GAUTAM 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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Registration Date |
15th August 2005 |
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Commercial Registration Number |
75767, Dubai |
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Trade Licence Number |
572403 |
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Membership Number |
100240 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
7 |
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Line of Business |
Distributors of general merchandise. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
GAUTAM GENERAL
TRADING LLC
ADDRESS
Registered &
Physical Address
Building : Mohamed Majid Alghurair Building
Area : Al Ras
PO Box : 33262 & 120740
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3359122
Facsimile : (971-4) 3359322
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Shumat Aggarowal
Bin Mahesh Kumar Indian Managing
Director
Drouf Kumar Metel Indian Director
Bharat Metel Drouf
Kumar Indian Director
Ahmed Musabeh Abed
Thani Bin Saif Al Marri Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 15th August 2005
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg.
No. : 75767, Dubai
Trade Licence
No. : 572403 (Expires 14th August
2006)
Membership No. : 100240
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Ahmed Musabeh Abed
Thani Bin Saif Al Marri 51%
Shumat Aggarowal
Bin Mahesh Kumar 25%
Drouf Kumar Metel 12%
Bharat Metel Drouf
Kumar 12%
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 ready made garments, foodstuffs, building
materials and electrical appliances.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 7 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4)
2221281
Fax : (971-4)
2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum suggested
credit figure: US$ 50,000
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 |