MIRA
INFORM REPORT
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Report Date : |
9th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
AARTEX TRADING LLC |
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Registered Office : |
Zainalabedin
Abdur Rahman Alkhaja Building, Salah Al Din Street, Al Mateena, PO Box: 19090,
Dubai, United Arab Emirates. |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
18.02.1996 |
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Com. Reg. No.: |
35830, Dubai |
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Legal Form : |
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged in the
import and distribution of ready made garments, footwear, luggage, jewellery,
perfumes, cosmetics 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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
AARTEX TRADING LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
18th February 1996 |
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Commercial
Registration Number |
35830, Dubai |
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Trade Licence
Number |
240818 |
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Membership Number |
37384 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
4 |
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Line of Business |
Distributors of ready made garments, footwear, luggage, jewellery, perfumes, cosmetics and toys. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AARTEX TRADING LLC
ADDRESS
Registered & Physical Address
Building : Zainalabedin Abdur Rahman Alkhaja
Building
Street : Salah Al Din Street
Area : Al Mateena
PO Box : 19090
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2210684 / 2237122 / 2280505
Facsimile : (971-4) 2237122 / 2247221
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
·
Acharatlal
Dhudalal Parikh Indian Managing Director
·
Deliwala
Hitesh Pravinchandra Indian Director
·
Khalid Abdul
Aziz Hamad Al Shirawi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 18th
February 1996
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 35830, Dubai
Trade Licence No. : 240818
Membership No. : 37384
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Khalid Abdul Aziz
Hamad Al Shirawi 51%
·
Acharatlal
Dhudalal Parikh 25%
·
Deliwala
Hitesh Pravinchandra 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 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, footwear, luggage, jewellery, perfumes, cosmetics and
toys.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 4 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 5,100,000 UAE Dh
5,260,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
Acc No. 0011-202729-001
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1996, subject is owned and managed by Mr Acharatlal Dhudalal Parikh and Mr
Deliwala Hitesh Pravinchandra who are Indian national operating in Dubai under
the local sponsorship of Mr Khalid Abdul Aziz Hamad Al Shirawi.
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$ 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%)