MIRA
INFORM REPORT
|
Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUGNOMAL TRADING
COMPANY LLC |
|
|
|
|
Registered Office : |
Aksara Textile
Building, Al Fahidi Street, Bur Dubai, P O Box 30198, Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
1978 |
|
|
|
|
Com. Reg. No.: |
51014, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the import
and distribution of ladies wear and children’s clothing items. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
Maximum Credit Limit : |
US$ 10,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : SUGNOMAL TRADING COMPANY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Start Date : 1978
Registration Date : 7th May 1998
Commercial Registration Number : 51014, Dubai
Trade Licence Number : 505294
Membership Number : 49416
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Line of Business : Distributors of ladies wear and children’s clothing items.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SUGNOMAL TRADING
COMPANY LLC
ADDRESS
Registered & Physical Address
Building : Aksara Textile Building
Street : Al Fahidi Street
Area : Bur Dubai
PO Box : 30198
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2290842
Facsimile : (971-4) 2269476
Email : sugnonet@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Hiranand
Sugnomal Aswani Singaporean Managing Director
·
Fahad Abdulaziz
Mohamed Albannai Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 1978, however
subject was registered on 7th May 1998.
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 51014, Dubai
Trade Licence No. : 505294
(Expired 19th March 2005)
Membership No. : 49416
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Fahad
Abdulaziz Mohamed Albannai 51%
·
Hiranand Sugnomal
Aswani 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
ladies wear and children’s clothing items.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Companies registered
in Dubai, United Arab Emirates are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
BANKERS
·
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in 1978,
subject is involved in the import and distribution of ladies wear and
children’s clothing items.
Local informants
report that the subject has not renewed its trade licence number since 19th
March 2005 and numerous attempts to contact the subject were unsuccessful.
Maximum suggested
credit figure: US$ 10,000
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 |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)