MIRA INFORM REPORT

 

Report Date :

28.02.2007

 

IDENTIFICATION DETAILS

 

Name :

MARINE CORNER FOODSTUFF TRADING LLC

 

 

Registered Office :

Shed No. 13, 13th Street, Al Quoz Industrial Area, P O Box 72740 & 74649, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

21.08.2001

 

 

Com. Reg. No.:

72876

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Import and distribution of general foodstuff products and beverages.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear


SUMMARY

 

Company Name                         : MARINE CORNER FOODSTUFF TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 21st August 2001

Commercial Registration Number            : 72876, Dubai

Trade Licence Number                            : 528629

Membership Number                              : 18470

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 3

Line of Business                                    : Distributors of general foodstuff products and beverages.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

MARINE CORNER FOODSTUFF TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Shed No. 13

Street               : 13th Street

Area                 : Al Quoz Industrial Area

PO Box             : 72740 & 74649

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3403136

Facsimile          : (971-4) 3403137

Email                : mcfstrdg@emirates.net.ae

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Solaipandian Ramasami                                Indian                            Managing Director

 

·       Abdullah Ahmed Mohamed Ali Al Saadi          Emirati                          Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st August 2001

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 72876, Dubai

 

Trade Licence No.       : 528629 (Expires 20th August 2007)

 

Membership No.          : 18470

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

 

 

Name of Shareholder (s)          Percentage

 

·       Abdullah Ahmed Mohamed Ali Al Saadi                                              51%

 

·       Solaipandian Ramasami                                                                    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 general foodstuff products and beverages.

 

Import Countries : Europe and the Far East.

 

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 4,280,000                                 UAE Dh 4,400,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       National Bank of Dubai

Baniyas Street

     PO Box : 777

     Dubai

     Tel : (971-4) 2222241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Established in 2001, subject is owned and managed by Mr Solaipandian Ramasami, an Indian national who operates in Dubai under the local sponsorship of Mr Abdullah Ahmed Mohamed Ali Al Saadi.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 150,000

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions