MIRA
INFORM REPORT
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Report Date : |
24th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SOLAR
GENERAL TRADING CO LLC |
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Registered Office : |
Heirs
of Abdur Rahim Mohamed Ktait Building, Al Burj Street, Al Rigga, PO Box:
39439, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
05.03.2002 |
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Com. Reg. No.: |
58668, Dubai |
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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 automotive spare parts. |
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 |
SOLAR GENERAL TRADING CO 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 |
5th March 2002 |
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Commercial Registration Number |
58668, Dubai |
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Trade Licence Number |
532292 |
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Membership Number |
67539 |
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Issued Capital |
UAE Dh 3,000,000 |
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Paid up Capital |
UAE Dh 3,000,000 |
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Total Workforce |
3 |
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Line of Business |
Distributors of automotive spare parts. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
SOLAR
GENERAL TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Heirs of Abdur Rahim Mohamed
Ktait Building
Street : Al Burj Street
Area : Al Rigga
PO Box : 39439
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2277621
Facsimile : (971-4) 2277624
Email : solar_asp@yahoo.com
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
·
Mujtaba
Ahmed Yousufi Iranian Managing Director
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Sayed
Majid Sayed Hussain Mujtabawi Iranian Director
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Majid
Ahmed Yousufi Iranian Director
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Seyed
Jalal Reza Hosseini Karkar Iranian Director
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Abdulla
Radwan Ibrahim Al Khalsan Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 5th March 2002
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 58668, Dubai
Trade Licence No. : 532292 (Expires 1st March 2007)
Membership No. : 67539
Issued
Capital : UAE Dh 3,000,000
Paid
up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
·
Abdulla
Radwan Ibrahim Al Khalsan 51%
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Mujtaba
Ahmed Yousufi 13%
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Sayed
Majid Sayed Hussain Mujtabawi 12%
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Majid
Ahmed Yousufi 12%
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Seyed
Jalal Reza Hosseini Karkar 12%
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 automotive spare parts.
Import
Countries : Europe and China.
Operating
Trend : Steady
Subject
has a workforce of 3 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
5,100,000 UAE
Dh 5,400,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Bank
Saderat Iran
Al Maktoum
PO Box : 4182
Dubai
Tel :
(971-4) 2221161
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 2002, subject is involved in the import and distribution of automotive spare
parts.
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
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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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