MIRA
INFORM REPORT
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Report Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHAKERI
ELECTRONIC EQUIPMENT SHOWROOM LLC |
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Registered Office : |
Sheikh
Mustafa Building, Al Nakheel Street, Deira, P O Box 8185, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
15th December 1977 |
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Com. Reg. No.: |
47021 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged
in the import and distribution of electrical appliances, light fixtures and
fittings, household ware and utensils. |
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$
200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SHAKERI ELECTRONIC EQUIPMENT SHOWROOM LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th December 1977
Commercial Registration Number : 47021, Dubai
Trade Licence Number : 206745
Membership Number : 3883
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 11
Line of Business : Distributors of electrical appliances, light fixtures and fittings,
household ware and utensils.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SHAKERI
ELECTRONIC EQUIPMENT SHOWROOM LLC
ADDRESS
Registered & Physical Address
Building : Sheikh Mustafa Building
Street : Al Nakheel Street
Area : Deira
PO Box : 8185
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2289799
Facsimile : (971-4) 2214955
Email : yash@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
· Harshad Mogatlal Chutai Indian Managing Director
· Alpeh Harshad Chutai Indian Director
· Abdulrahman Mohamed Sharif
Shakeri Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 15th December 1977
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 47021, Dubai
Trade Licence No. : 206745 (Expires 8th June 2007)
Membership No. : 3883
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Abdulrahman Mohamed Sharif
Shakeri 51%
· Harshad Mogatlal Chutai 25%
· Alpeh Harshad Chutai 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 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 electrical appliances, light fixtures and fittings,
household ware and utensils.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 11 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
6,120,000 UAE
Dh 6,250,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1977, subject is involved in the import and distribution of electrical
appliances, light fixtures and fittings, household ware and utensils.
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$ 200,000
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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