MIRA
INFORM REPORT
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Report Date : |
2nd
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL SAHIR GARMENTS INDUSTRY LLC |
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Registered Office : |
New Industrial Area 1796, Ajman 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 : |
16th January 1987 |
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Com. Reg. No.: |
1437,
Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of clothing. |
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$ 350,000 |
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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 |
AL SAHIR GARMENTS INDUSTRY LLC |
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Country of Origin |
Ajman, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
16th January 1987 |
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Commercial Registration Number |
1437, Ajman |
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Trade Licence Number |
6527 |
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Membership Number |
341 |
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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 |
150 |
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Line of Business |
Manufacturers of clothing. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL SAHIR GARMENTS INDUSTRY LLC
ADDRESS
Registered & Physical Address
Location : New Industrial Area
PO Box : 1796
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7436471
Facsimile : (971-6) 7436224
Email : alsahirgar@hotmail.com
Premises
Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Ajman.
Branch Office (s)
Location Description
Dubai Office premises
Tel : (971-4) 3530455
Fax : (971-4) 3536173
KEY PRINCIPALS
Name Nationality Position
Mohamed Yahya Gadit Pakistani Managing Director
Mohamed Abu Jassim Emirati Director
Mohamed Sharfat - General Manager
Mubarak Ali - Assistant General Manager
Abdul Rauf Suliman - Purchasing Manager
LEGAL FORM & OWNERS
Date of Establishment : 16th January 1987
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1437, Ajman
Trade Licence No. : 6527
Membership No. : 341
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
Mohamed Abu Jassim 51%
Mohamed Yahya Gadit 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 manufacture of clothing, including polo shirts, T-shirts, tracksuits, fleece
jackets and pyjamas.
Import Countries : Pakistan, Taiwan, India, Hong Kong and China.
Export Countries : United Kingdom and the United States of America.
Operating Trend : Steady
Subject has a workforce of 150 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 41,000,000 UAE Dh 44,200,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
United Bank Ltd
Murshid Bazaar Branch
PO Box : 1000
Dubai
Tel : (971-4) 2282025 / 2223191
Acc No. 0801003152
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1987, subject is involved in
the manufacture of clothing, including polo shirts, T-shirts, tracksuits,
fleece jackets and pyjamas.
According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 350,000
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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