MIRA
INFORM REPORT
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Report Date : |
8th
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL SHAMS STONE TRADING LLC |
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Registered Office : |
Ibrahim & Ismail Alabbas Building Al Mankhool Road, Al Mankhool, 31272 Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19th September 2006 |
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Com. Reg. No.: |
999595, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of tiles and other flooring
materials. |
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$ 25,000 |
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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 SHAMS STONE 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 |
19th September 2006 |
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Commercial Registration Number |
999595, Dubai |
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Trade Licence Number |
586046 |
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Membership Number |
111156 |
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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 |
4 |
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Line of Business |
Distributors of tiles and other flooring materials. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
AL SHAMS STONE TRADING LLC
ADDRESS
Registered & Physical Address
Building : Ibrahim & Ismail Alabbas Building
Street : Al Mankhool Road
Area : Al Mankhool
PO Box : 31272
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3597679
Facsimile : (971-4) 3597714
Email : ttechno@emirates.net.ae
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
Sayed Mukhtar Sayed Indian Managing Director
Khalid Saeed Saif Saeed Al Shamsi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 19th September 2006
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 999595, Dubai
Trade Licence No. : 586046 (Expires 18th September 2007)
Membership No. : 111156
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Khalid Saeed Saif Saeed Al Shamsi 51%
Sayed Mukhtar Sayed 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 import and distribution of tiles and other flooring materials.
Import Countries : Europe and GCC countries.
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
Dubai Islamic Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000
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$ 25,000
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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