MIRA
INFORM REPORT
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Report Date : |
15.01.2007 |
IDENTIFICATION DETAILS
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Name : |
NASEEM AL BARARI GENERAL TRADING LLC |
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Registered Office : |
Al Dana Centre, 7th Floor, Office No. 709, Al Maktoum Street, Rigga Al Bateen, P. O. Box 22927, Dubai |
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Country : |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
04.03.1993 |
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Com. Reg. No.: |
46824 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the packaging and distribution of dates, as well as the import and distribution of automotive spare parts and accessories, including tyres and batteries. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
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Company Name |
NASEEM AL BARARI GENERAL TRADING LLC |
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Country of Origin |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
4th March 1993 |
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Commercial Registration Number |
46824, |
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Trade Licence Number |
230403 |
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Membership Number |
26604 |
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Issued Capital |
UAE Dh 3,000,000 |
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Paid up Capital |
UAE Dh 3,000,000 |
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Total Workforce |
35 |
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Line of Business |
Distributors of automotive spare parts and accessories. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
NASEEM AL BARARI GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Al Dana Centre, 7th
Floor, Office No. 709
Street :
Area : Rigga Al Bateen
PO Box : 22927
Town :
Country :
Telephone : (971-4) 2243694
Facsimile : (971-4) 2243643
Email : nbarari@emirates.net.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
Branch Office (s)
Location Description
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Tel: (971-4) 2279227
Fax: (971-4) 2280287
KEY
PRINCIPALS
Name Nationality
Position
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Khaldoon Rateb Mahmood Asmar Jordanian
Managing Director
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Rateb Mahmood Ahmed Asmar Jordanian
Director
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Abdul Salam Jaffar Mahdi Iraqi Director
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Hassan Salman Nasser Emirati Director
LEGAL
FORM & OWNERS
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Date
of Establishment |
4th
March 1993 |
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Legal
Form |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Commercial
Reg. No. |
46824,
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Trade
License No. |
230403
(Expires 28th February 2006) |
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Membership
No. |
26604 |
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Issued
Capital |
UAE Dh
3,000,000 |
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Paid
up Capital |
UAE Dh
3,000,000 |
Name of Shareholder (s) Percentage
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Hassan Salman Nasser 51%
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Khaldoon Rateb Mahmood Asmar 20%
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Abdul Salam Jaffar Mahdi 15%
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Rateb Mahmood Ahmed Asmar 14%
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 packaging and distribution of dates, as well as the import and
distribution of automotive spare parts and accessories, including tyres and
batteries.
Import
Countries
Brand Names
MEGA,
KUMHO, SOLITE and MITSUBA.
Operating
Trend
Steady
Subject
has a workforce of 35 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
:
Year Ending
31/12/03 : Year Ending
31/12/04 :
Total
Revenue UAE Dh 12,800,000 UAE Dh 13,240,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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Middle East Bank Ltd
PO Box : 5547
Tel : (971-4) 2220121
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction January 2002
Credit
amount 200,000
Amount
overdue 0
Payment
terms 180 days
Payment
Method Letters of
Credit
Paying
record No
Complaints
Currency
GENERAL COMMENTS
Established
in 1993, subject is involved in the import and distribution of automotive spare
parts and accessories, including tyres and batteries.
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.
Maximum
suggested credit figure: US$ 250,000
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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