MIRA
INFORM REPORT
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Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ASI
TRADING MIDDLE EAST LLC |
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Registered Office : |
Salam
Street, PO Box: 4108, Abu Dhabi, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
07.08.2000 |
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Com. Reg. No.: |
44592, Abu Dhabi |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Importer and Distributors of commodities such as rice, olive oil, dairy products, cotton, finished leather goods, animal feed, edible oil, dried fruits, chemicals and fertilisers as well as industrial products such as plastic pallets, metal pipes, air conditioning systems, electronics and telecom equipment. |
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$
150,000 |
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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 |
ASI TRADING MIDDLE EAST LLC |
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Country of Origin |
Abu Dhabi, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
7th August 2000 |
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Commercial Registration Number |
44592, Abu Dhabi |
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Trade Licence Number |
66629 |
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Membership Number |
82877 |
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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 |
30 |
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Line of Business |
Distributors of general foodstuff products, cotton, leather products, animal fodder, chemicals, fertilisers and industrial products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
ASI
TRADING MIDDLE EAST LLC
ADDRESS
Registered & Physical Address
Location : Salam Street
PO Box : 4108
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6457500 / 6443138
Facsimile : (971-2) 6447787
Email : sgteasit@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 Abu Dhabi.
Branch Office (s)
Location Description
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PO
Box : 4108 Office
premises
Dubai
KEY PRINCIPALS
Name Nationality Position
·
Ivan
Joseph Indian Managing
Director
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Mohamed
Rafiq Indian Director
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Abbass
Ibrahim Yousif Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 7th August 2000
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 44592, Abu Dhabi
Trade Licence No. : 66629 (Expires 20th September
2007)
Membership No. : 82877
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s)
Percentage
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Abbass
Ibrahim Yousif 51%
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Ivan
Joseph 25%
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Mohamed
Rafiq 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 commodities such as rice, olive oil, dairy products,
cotton, finished leather goods, animal feed, edible oil, dried fruits,
chemicals and fertilisers as well as industrial products such as plastic
pallets, metal pipes, air conditioning systems, electronics and telecom equipment.
Import
Countries :
Europe and GCC countries.
Operating
Trend : Steady
Subject
has a workforce of 30 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
11,750,000 UAE Dh
13,200,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box : 4
Abu Dhabi
Tel : (971-2) 6345777 / 6327113 / 6335262
Fax : (971-2) 6336078
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 2000, subject is involved in the import and distribution of general foodstuff
products, cotton, leather products, animal fodder, chemicals, fertilisers and
industrial 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 company is considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 150,000
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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