MIRA
INFORM REPORT
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Report Date : |
31.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
AHMED ABDULLAH
SADEGH TRADING CO LLC |
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Registered Office : |
Akhoond Awadhi
Stores Building, Murshid Bazaar, Al Bateen, P O Box 56032, 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 : |
7th February 1996 |
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Com. Reg. No.: |
46208, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
wholesale and retail of dried food products including grain, rice and spices. |
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 : AHMED ABDULLAH SADEGH TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 7th February 1996
Commercial Registration Number : 46208, Dubai
Trade Licence Number : 240631
Membership Number : 37129
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 20
Line of Business : Wholesale and retail of dried food products including grain, rice
and spices.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AHMED ABDULLAH
SADEGH TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Akhoond Awadhi Stores Building
Street : Murshid Bazaar
Area : Al Bateen
PO Box : 56032
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2252365 / 2252235
Facsimile : (971-4) 2252342
Premises
Subject operates
from a medium sized suite of offices and a showroom with storage facilities
that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Ahmed Abdullah
Sadegh Fardh Iranian Managing Director
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Ghulam Reza
Zebullah Fardh Iranian Director
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Sadegh Ahmed Sadegh
Fardh Iranian Director
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Taleb Ahmed
Sadegh Fardh Iranian Director
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Ali Ghulam
Abbas Al Ali Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 7th
February 1996
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 46208, Dubai
Trade Licence No. : 240631
(Expires 6th February 2008)
Membership No. : 37129
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s)
Percentage
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Ali Ghulam
Abbas Al Ali 51%
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Ahmed Abdullah
Sadegh Fardh 35%
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Ghulam Reza
Zebullah Fardh 5%
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Sadegh Ahmed
Sadegh Fardh 5%
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Taleb Ahmed
Sadegh Fardh 4%
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 wholesale and retail of
dried food products including grain, rice and spices.
Import Countries
: China, Malaysia and Iran.
Operating Trend
: Steady
Subject has a
workforce of 20 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 5,370,000 UAE Dh
5,800,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel
: (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction May 2004 October 2005
Credit amount 139,680 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars US Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Ahmed Abdullah Sadegh
Trading Co LLC was established in 1996 and specialises in the wholesale and
retail of dried food products.
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
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. |
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%)