MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ALI SHARIF AL
ASKARI GENERAL TRADING CO LLC |
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Registered Office : |
Abdur Rahim
Mohamed Alali Building, Al Burj Street, Souq Murshid, Deira, P O Box 5087, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10th May 1975 |
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Com. Reg. No.: |
41598, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the
import and distribution of building and roofing materials, bricks, slates,
wall and flooring tiles, timber, cement and concrete supplies. |
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 : ALI SHARIF AL ASKARI GENERAL TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 10th May 1975
Commercial Registration Number : 41598, Dubai
Trade Licence Number : 203936
Membership Number : 1391
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 30
Line of Business : Distributors of building and roofing materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ALI SHARIF AL
ASKARI GENERAL TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Abdur Rahim Mohamed Alali
Building
Street : Al Burj Street
Area : Souq Murshid, Deira
PO Box : 5087
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2267690 / 2267475
Facsimile : (971-4) 2267802
Email : alashari@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a showroom that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Ali Mehdi
Sharif Askari Iranian Managing Director
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Naser Mehdi
Sharif Askari Iranian Director
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Sayed Hassan
Sayed Mehdi Modarresi Iranian Director
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Yasser Ali
Sharif Askari Iranian Director
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Mohamed Mehdi
Sharif Askari Iranian Director
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Taleb Ibrahim
Nasser Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 10th
May 1975
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 41598, Dubai
Trade Licence No. : 203936 (Expires
27th February 2008)
Membership No. : 1391
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
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Taleb Ibrahim
Nasser 51%
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Ali Mehdi
Sharif Askari 24%
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Naser Mehdi
Sharif Askari 10%
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Sayed Hassan
Sayed Mehdi Modarresi 5%
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Yasser Ali
Sharif Askari 5%
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Mohamed Mehdi
Sharif Askari 5%
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.
AFFILIATED COMPANIES
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Modern Noor
General Trading LLC
Abdur Rahim Mohamed Alali Building
Al Sabkha Street
Al Bateen
PO Box: 40362
Dubai
Tel: (971-4) 2267755
Fax: (971-4) 2269115
Email: modonoor@emirates.net.ae
LINE OF BUSINESS
Operations : Engaged in the import and distribution of building
and roofing materials, bricks, slates, wall and flooring tiles, timber, cement
and concrete supplies.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 30 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 11,290,000 UAE Dh 11,650,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank Saderat
Iran
Al Maktoum
PO Box : 4182
Dubai
Tel : (971-4) 2221161
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
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Habib Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1975,
subject is owned and managed by a number of Iranian nationals who operate in
Dubai under the local sponsorship of Mr Taleb Ibrahim Nasser.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
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%)