MIRA
INFORM REPORT
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Report Date : |
07.08.2007 |
IDENTIFICATION DETAILS
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Name : |
BAASHIN STAR TRADING CO LLC |
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Registered Office : |
Ahmed Ramadhan Juma Building, Al Suq Al Kabir Street, Al Bateen, P O Box - 40422, Dubai, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
12.08.2002 |
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Com. Reg. No.: |
60167, |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged in the import and distribution of household
electrical appliances, kitchen utensils and house ware. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : BAASHIN STAR TRADING CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 12th August 2002
Commercial Registration Number :
60167,
Trade Licence Number : 536629
Membership Number : 70965
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Line of Business : Distributors of household electrical appliances, kitchen utensils
and house ware.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BAASHIN STAR TRADING CO LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Bateen
PO Box : 40422
Town :
Country :
Telephone : (971-4) 2350464
Facsimile : (971-4) 2350624
Email : bstc@hotmail.com
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
Navin Kumar Jain Indian Managing Director
Sameer Fahad Mohamed Barahim Baashin Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 12th August 2002
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. :
60167,
Trade Licence No. : 536629 (Expires 11th August 2007)
Membership No. : 70965
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Sameer Fahad Mohamed Barahim Baashin 51%
Navin Kumar Jain 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
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 household electrical appliances, kitchen
utensils and house ware.
Import Countries :
Europe and the
Operating Trend : Steady
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year Ending 31/12/05 : Year Ending 31/12/06 :
Total Revenue UAE Dh 3,900,000 UAE Dh 4,250,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Emirates Bank International Ltd
PO Box : 2923
Deira
Tel : (971-4) 3160316
Fax : (971-4) 2264302
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2002, subject is owned and managed by Mr Navin
Kumar Jain, an Indian national who operates in
Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.
Maximum suggested credit figure: US$ 100,000
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%)