MIRA INFORM REPORT

 

 

Report Date :

4th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

COASTAL LIGHT FOODSTUFF TRADING LLC

 

 

Registered Office :

Al Yarmook Area, PO Box: 32714, Sharjah, United Arab Emirates

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

29.11.2003

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

 

Line of Business :

Importer and Distributor of general foodstuff products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

 

Company Name

COASTAL LIGHT FOODSTUFF TRADING LLC

Country of Origin

Sharjah, United Arab Emirates

Legal Form

Limited Liability Company - LLC

Registration Date

29th November 2003

Commercial Registration Number

46985, Sharjah

Trade Licence Number

524418

Membership Number

61049

Issued Capital

UAE Dh 300,000

Paid up Capital

UAE Dh 300,000

Total Workforce

15

Line of Business

Distributors of general foodstuff products.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

COASTAL LIGHT FOODSTUFF TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Yarmook Area

PO Box             : 32714

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5660511

Facsimile          : (971-6) 5661322

Email                : cifdubai@eim.ae

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Sharjah.

 

 

KEY PRINCIPALS

 

Name                                                                Nationality                     Position

 

·       Ahmed Abdullah Yousef Hassan                     Emirati                          Managing Director

 

·       John S K Mathy                                            Indian                            Director

 

·       Valsaraj Totali                                               Indian                            Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th November 2003

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 46985, Sharjah

 

Trade Licence No.       : 524418 (Expires 26th November 2006)

 

Membership No.          : 61049

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                    Percentage

 

·       Ahmed Abdullah Yousef Hassan                                 51%

 

·       John S K Mathy                                                        25%

 

·       Valsaraj Totali                                                           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 150,000, 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.

 

Import Countries          : Europe and GCC countries.

 

Operating Trend          : Steady

 

Subject has a workforce of 15 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 4,200,000                                 UAE Dh 4,600,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Abu Dhabi Commercial Bank

Mina Road

PO Box : 4377

Sharjah

Tel : (971-6) 5737000

Fax : (971-6) 5725331

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 2003, subject is involved in the import and distribution of general foodstuff 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 business 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

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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