MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
KING FOODSTUFF
TRADING LLC |
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Registered Office : |
Deira Fish, Meat
& Vegetable Market, Shop No. 7, Al Khaleej Street, Corniche, P O Box
251701 & 9162, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
8th April 1989 |
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Com. Reg. No.: |
48768, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of general foodstuff products and beverages. |
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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : KING FOODSTUFF TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th April 1989
Commercial Registration Number : 48768, Dubai
Trade Licence Number : 219230
Membership Number : 15531
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Line of Business : Distributors of general foodstuff products and beverages.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
KING FOODSTUFF
TRADING LLC
ADDRESS
Registered & Physical Address
Building : Deira Fish, Meat & Vegetable
Market, Shop No. 7
Street : Al Khaleej Street
Area : Corniche
PO Box :
251701 & 9162
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2228956
Facsimile : (971-4) 2257317
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
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Asghar Hassan
Rahrowi Iranian Managing Director
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Mahmoud Hassan
Rahrowi Iranian Director
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Mehran Ali
Rahrowi Iranian Director
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Ebrahim Gholam
Hossein Saeedi Iranian Director
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Nawaz Hassan
Rahrowi Iranian Director
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Hassan Abbas
Rahroorai Iranian Director
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Mohamed Reza
Hassan Reza Zadeh Iranian Director
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Dadolla Ali
Mohamed Azdari Iranian Director
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Abdul Wahab
Abdullah Hassan Galadari Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 8th
April 1989
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 48768, Dubai
Trade Licence No. : 219230
(Expires 31st March 2008)
Membership No. : 15531
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Abdul Wahab
Abdullah Hassan Galadari 51%
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Mahmoud Hassan
Rahrowi 7%
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Asghar Hassan
Rahrowi
6%
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Mehran Ali
Rahrowi 6%
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Ebrahim Gholam
Hossein Saeedi 6%
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Nawaz Hassan
Rahrowi 6%
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Hassan Abbas
Rahroorai 6%
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Mohamed Reza
Hassan Reza Zadeh 6%
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Dadolla Ali
Mohamed Azdari 6%
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
general foodstuff products and beverages.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 6,100,000 UAE Dh
6,265,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1989, subject is involved in the import and distribution of general foodstuff
products and beverages.
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 and the above credit figure is
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 175,000
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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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%)