MIRA
INFORM REPORT
|
Report Date : |
1st March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
FIRST CHOICE HOUSE LLC |
|
|
|
|
Registered Office : |
Baniyas Road,
Port Saeed, PO Box: 79744, Dubai, United Arab Emirates. |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
28.07.2002 |
|
|
|
|
Com. Reg. No.: |
60048, Dubai |
|
|
|
|
Legal Form : |
Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC) |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of ready made garments, luggage, jewellery, perfumes
and cosmetics. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
FIRST CHOICE HOUSE LLC |
|
Country of Origin |
Dubai, United Arab Emirates |
|
Legal Form |
Limited Liability Company - LLC |
|
Registration Date |
28th July 2002 |
|
Commercial
Registration Number |
60048, Dubai |
|
Trade Licence
Number |
536265 |
|
Membership Number |
70669 |
|
Issued Capital |
UAE Dh 300,000 |
|
Paid up Capital |
UAE Dh 300,000 |
|
Total Workforce |
10 |
|
Line of Business |
Distributors of ready made garments, luggage, jewellery, perfumes and cosmetics. |
|
Financial Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
|
Operating Trend |
Steady |
COMPANY NAME
FIRST CHOICE HOUSE
LLC
ADDRESS
Registered & Physical Address
Street : Baniyas Road
Area : Port Saeed
PO Box : 79744
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2958772
Facsimile : (971-4) 2958774
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
·
Abdulwahid
Mohamed Hamood Al Awadhi Yemeni Managing Director
·
Abdul Majid
Hassan Abdulrahim Al Mulla Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 28th
July 2002
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 60048, Dubai
Trade Licence No. : 536265
(Expires 27th July 2007)
Membership No. : 70669
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Abdul Majid
Hassan Abdulrahim Al Mulla 51%
·
Abdulwahid
Mohamed Hamood Al Awadhi 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 United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
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
ready made garments, luggage, jewellery, perfumes and cosmetics.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total Revenue UAE Dh 4,180,000 UAE Dh
4,300,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel :
(971-4) 2227121 / 2253222
Fax :
(971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
2002, subject is owned and managed by Mr Abdulwahid Mohamed Hamood Al Awadhi, a
Yemeni national who operates in Dubai under the local sponsorship of Mr Abdul
Majid Hassan Abdulrahim Al Mulla.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions