MIRA INFORM REPORT

 

 

Report Date :

4th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

UPINTAN TRADING COMPANY LLC

 

 

Registered Office :

Al Zaroui Building, 8th Floor, Flat No. 802, Al Khaled Road, 20367 Sharjah, United Arab Emirates

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31/12/2005

 

 

Date of Incorporation :

01.03.1999

 

 

Com. Reg. No.:

33566, Sharjah

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Distributors of leather products including footwear.

 

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 :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name

UPINTAN TRADING COMPANY LLC

Country of Origin

Sharjah, United Arab Emirates

Legal Form

Limited Liability Company - LLC

Registration Date

1st March 1999

Commercial Registration Number

33566, Sharjah

Trade Licence Number

500494

Membership Number

44299

Issued Capital

UAE Dh 150,000

Paid up Capital

UAE Dh 150,000

Total Workforce

4

Line of Business

Distributors of leather products including footwear.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

COMPANY NAME

 

UPINTAN TRADING COMPANY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Zaroui Building, 8th Floor, Flat No. 802

Street               : Al Khaled Road

PO Box             : 20367

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5630014 / 6363790

Facsimile          : (971-6) 5635482 / 5633675

Email                : upintan@emirates.net.ae

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                                            Nationality         Position

 

Bader Ibrahim Abdul Karim Mohamed Taher                     Emirati              Managing Director

 

Mohamed Ahmed Binmendala                                         ndian                Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st March 1999

 

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

 

Commercial Reg. No.  : 33566, Sharjah

 

Trade Licence No.       : 500494 (Expires 23rd February 2007)

 

Membership No.          : 44299

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)                                           Percentage

 

Bader Ibrahim Abdul Karim Mohamed Taher                                 51%

 

Mohamed Ahmed Binmendala                                                     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 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 leather products including footwear.

 

Import Countries : Europe and the Far East.

 

Operating Trend : Steady

 

Subject has a workforce of 4 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 3,500,000                                 UAE Dh 3,800,000

 

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

 

 

BANKERS

 

National Bank of Sharjah

Al Boorj Avenue

PO Box : 4

Sharjah

Tel : (971-6) 5547747

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1999, subject is involved in the import and distribution of leather products including footwear.

 

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 business is deemed a fair trade risk.

 

Maximum suggested credit figure: US$ 150,000

 

NOTE:

We can confirm that the correct registered name of the company as verified by the Sharjah Chamber of Commerce is as stated “Upintan Trading Company LLC”. We can also confirm that the subject is also known under the trade style of “Upintan Ltd”. There is no speparate legal entity called “Upintan Ltd ”.

 

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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