MIRA
INFORM REPORT
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Report Date : |
8th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL
HASEEB TRADING COMPANY LLC |
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Registered Office : |
Al
Rola Street, Al Gowir Area, PO Box : 21842, Sharjah, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
14.08.1999 |
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Com. Reg. No.: |
34596, Sharjah |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Importer and Distributors of building materials, sanitary ware products and bathroom fittings. |
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$
200,000 |
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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 HASEEB TRADING CO LLC |
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Country of Origin |
Sharjah, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
14th August 1999 |
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Commercial Registration Number |
34596, Sharjah |
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Trade Licence Number |
502327 |
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Membership Number |
45605 |
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Issued Capital |
UAE Dh 200,000 |
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Paid up Capital |
UAE Dh 200,000 |
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Total Workforce |
18 |
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Line of Business |
Distributors of building materials, sanitary ware products and bathroom fittings. |
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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
HASEEB TRADING CO LLC
ADDRESS
Registered & Physical Address
Street : Al Rola Street
Area : Al Gowir Area
PO Box : 21842
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5612877
Facsimile : (971-6) 5612878
Email : alhaseebtrading@hotmail.com
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Abdul
Majed Habib Jaffar Ali Emirati Managing Director
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Abdul
Jabar Adam Gundi Pakistani Director
·
Abdulaziz
Omar Yousef Pakistani Director
LEGAL FORM & OWNERS
Date of Establishment : 14th August 1999
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 34596, Sharjah
Trade Licence No. : 502327 (Expires 10th August
2007)
Membership No. : 45605
Issued
Capital : UAE Dh 200,000
Paid
up Capital : UAE Dh 200,000
Name of Shareholder (s) Percentage
·
Abdul
Majed Habib Jaffar Ali 50%
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Abdul
Jabar Adam Gundi 40%
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Abdulaziz
Omar Yousef 10%
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 thanUAE 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.
AFFILIATED COMPANIES
·
Memon
Abdulaziz Trading LLC
PO Box : 14178
Dubai
Tel
: (971-4) 2268600
Fax
: (971-4) 2259210
Line of Business
Operations: Engaged in the import and distribution of
building materials, sanitary ware products and bathroom fittings.
Imported Countries:
Soain, Italy and Pakistan
Operating Trend: Steady
Subject
has a workforce of 18 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
5,185,000 UAE
Dh 5,370,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
United
Bank Ltd
PO Box:
669
Sharjah
Tel.:
(971-6) 5522666
Fax:
(971-6) 53612445
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1999, subject is involved in the import and distribution of building
materials, sanitary ware products and bathroom fittings.
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 with in subjects financial means.
Maximum
suggested credit figure: US$ 200,000
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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