MIRA
INFORM REPORT
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Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SHAMS COMPANY
LIMITED |
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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 : |
13th February 2000 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the
import and distribution of tea. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Foreign Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SHAMS COMPANY LIMITED
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 13th February 2000
Trade Licence Number : 2404
Membership Number : 57898
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 4
Line of Business : Distributors of tea.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SHAMS COMPANY
LIMITED
ADDRESS
Registered & Physical Address
Street :
Area : Jebel Ali Free Zone
PO Box : 22607
Town :
Country :
Telephone : (971-4) 2957764
Facsimile : (971-4) 2957763
Email : ahmadtea@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Ahmed Ali Assarian Iranian General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 13th
February 2000
Legal Form :
Subject is the United Arab
Emirates registered branch of Shams Company Limited, a
Limited Liability Company incorporated in the
Shams Company Limited in the
Foreign Registered
Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays
in the hands of the company where it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its
registered office, in this case
the
Trade Licence No. : 2404
(Expires 15th November 2007)
Membership No. : 57898
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
tea.
Import Countries
:
Operating Trend
: Steady
Subject has a
workforce of 4 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 5,180,000 UAE Dh
5,250,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Mashreq
Bank Plc
Deira Branch
PO Box : 1250
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2000, subject is involved in the import and distribution of tea from
Any credit amount
that is to be offered to this company should be written under the name of “Shams
Company Limited” and directed to the companies head office address in the
Maximum suggested
credit figure: Not Applicable
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%)