MIRA
INFORM REPORT
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Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
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Name : |
DANKOLI TRADING
CO LLC |
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Registered Office : |
Heirs of Mohamed Noor Bin Saif Building, Al Khor Street, Al
Ras, P O Box 65116, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
6th April 2005 |
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Com. Reg. No.: |
73240, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of house ware, utensils, cutlery and silverware. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : DANKOLI TRADING CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 6th April 2005
Commercial Registration Number :
73240,
Trade Licence Number : 567736
Membership Number : 96172
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Line of Business : Distributors of house ware, utensils, cutlery and silverware.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
DANKOLI TRADING CO
LLC
ADDRESS
Registered & Physical Address
Building : Heirs of
Street :
Area : Al Ras
PO Box : 65116
Town :
Country :
Telephone : (971-4) 2263391
Facsimile : (971-4) 2263391
Email : dankoli@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
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Nazifi
Dankoli Umar Nigerian Managing Director
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Salisu
Murtala Nigerian Director
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Tasiu
Umar Nigerian Director
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Khalid
Atiq Bilal Rubayea Maramah Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 6th
April 2005
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 73240,
Trade Licence No. : 567736
(Expires 5th April 2008)
Membership No. : 96172
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Khalid
Atiq Bilal Rubayea Maramah 51%
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Nazifi Dankoli
Umar 17%
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Salisu
Murtala 16%
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Tasiu
Umar 16%
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
house ware, utensils, cutlery and silverware.
Import Countries
: Europe and
Subject has a
workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06 :
Total Revenue UAE Dh
3,500,000
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
Opinion on the credit
figure of US$ 150,000:
Established in
2005, subject is involved in the import and distribution of house ware,
utensils, cutlery and silverware.
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
business is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
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%)