MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ABDUL RASOOL
ABBAS TRADERS LLC |
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Registered Office : |
Abdul Razzak Ali
Al Zarooni Building, Al Qusais 3rd Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22nd March 1983 |
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Com. Reg. No.: |
42769, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of basic non ferrous metal products. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ABDUL RASOOL ABBAS TRADERS LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd March 1983
Commercial Registration Number :
42769,
Trade Licence Number : 203729
Membership Number : 10305
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Line of Business : Import and distribution of basic non ferrous metal products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ABDUL RASOOL ABBAS
TRADERS LLC
ADDRESS
Registered & Physical Address
Street : Abdul Razzak Ali Al Zarooni
Building
Area : Al Qusais 3rd Area
PO Box : 1234
Town :
Country :
Telephone : (971-4) 2580040 / 2580047
Facsimile : (971-4) 2580041
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
·
Abdul
Rasool Abbas Bhai Indian Managing
Director
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Ibrahim
Ahmad Halfaduala Indian Director
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Ibrahim
Abdul Qader Mohamed Sahrawi Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 22nd
March 1983
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 42769,
Trade Licence No. : 203729
(Valid until 12/03/2008)
Membership No. : 10305
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Ibrahim
Abdul Qader Mohamed Sahrawi 51%
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Abdul
Rasool Abbas Bhai 25%
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Ibrahim
Ahmad Halfaduala 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
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
basic non ferrous metal products.
Import
Countries:
Operating Trend
: Steady
Subject has a
workforce of 6 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 4,280,000 UAE Dh 4,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Mashreq
Bank Plc
Deira Branch
PO Box : 1250
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Abdul Rasool Abbas Traders
LLC is very well established with operations dating back to 1983. The company
is engaged in the import and distribution of basic non ferrous metal products.
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
within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
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%)