MIRA
INFORM REPORT
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Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Ahmed Bin Ash
Shaikh Mijrin Alghandi Building, Al Rigga Street, Al Muraqqabat, P O Box 251176,
Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20th March 2005 |
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Com. Reg. No.: |
72809, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of general merchandise |
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$ 75,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 20th March 2005
Commercial Registration Number :
72809,
Trade Licence Number : 566912
Membership Number : 95634
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Line of Business : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Muraqqabat
PO Box : 251176
Town :
Country :
Telephone : (971-4) 2242155 / 2242145
Facsimile : (971-4) 2242142
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Ashish
Gunvant Shah Indian Managing Director
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Moosa
Abdullah Ibrahim Al Balooshi Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 20th
March 2005
Legal Form :
Sharikat Thet Massouliya Mahdoudeh
(Limited Liability Company - LLC)
Commercial Reg. No. : 72809,
Trade Licence No. : 566912
(Expires 19th March 2008)
Membership No. : 95634
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s)
Percentage
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Moosa
Abdullah Ibrahim Al Balooshi 51%
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Ashish
Gunvant Shah 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
general merchandise, including ready made garments, foodstuffs, building
materials and electrical appliances.
Import Countries
: Europe and the
Subject has a
workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency:
Year
Ending 31/12/06:
Total Revenue UAE Dh
3,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Standard
Chartered Bank
PO Box : 999
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
According to local sources subject is making steady
progress in the local business market and nothing detrimental has been reported
regarding the manner in which payments are fulfilled. As such the business is
considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 75,000
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%)