MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17.12.1985 |
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Com. Reg. No.: |
11044, |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the
import and distribution of ready made garments, cosmetics and beauty requisites,
electronic products, foodstuffs, giftware, household appliances and toys |
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$ 200,000 |
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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 : 17th
December 1985
Commercial
Registration Number : 11044,
Trade Licence Number : 18755
Membership Number : 9959
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 25
Line of Business :
Distributors of ready made garments, cosmetics and beauty requisites,
electronic products, foodstuffs, giftware, household appliances and toys.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ADDRESS
Registered & Physical Address
Building :
Street :
PO Box : 4350
Town :
Country :
Telephone : (971-2) 6777790
Facsimile : (971-2) 6720136
Email : siera@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
L T Bagarani Indian Managing Director
Ahmed Atiq Al
Jumairi Emirati Director
Parakash
Talramani - General
Manager
Abdo Ashraf - Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 17th December 1985
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. :
11044,
Trade Licence No. : 18755 (Expires 17th June 2007)
Membership No. :
9959
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
Ahmed Atiq Al
Jumairi 51%
L T Bagarani 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 150,000, 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.
AFFILIATED COMPANIES
Choithram Trading Co
PO Box : 470
Tel : (971-2) 6777740
LINE OF BUSINESS
Operations : Engaged in the import and distribution of ready
made garments, cosmetics and beauty requisites,
electronic products, foodstuffs, giftware, household appliances and toys.
Import Countries : Europe and the
Operating Trend : Steady
Subject has a
workforce of 25 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 7,900,000 UAE Dh 8,350,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
ABN Amro Bank
PO Box : 2720
Tel : (971-2) 6963000
Fax : (971-2) 6963001
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in 1985,
subject is owned and managed by Mr L T Bagarani, an Indian national who operates in
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
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 200,000
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%)