MIRA
INFORM REPORT
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Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
EMIRATES LINK
GENERAL TRADING LLC |
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Registered Office : |
Industrial Area
No. 6, P O Box 65244, Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
1st March 2006 |
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Com. Reg. No.: |
541293, Sharjah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import
and distribution of steel products, ferro alloys, fire bricks and castings. |
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. |
Small |
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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EMIRATES LINK GENERAL TRADING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1st March 2006
Commercial Registration Number : 541293, Sharjah
Trade Licence Number : 541293
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 4
Line of Business : Distributors of steel products, ferro alloys, fire bricks and castings.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
EMIRATES LINK
GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 6
PO Box : 65244
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5434531
Facsimile : (971-6) 5434532 / 5745518
Mobile : (971-50) 5842888
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Laxman
Dangaria Kanja Indian Managing Director
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Mundapat Rama
Chandaran Indian Director
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Balvinder
Singh Gobar Indian Director
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Mohamed Majid
Saleem Gobar Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 1st
March 2006
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 541293,
Sharjah
Trade Licence No. : 541293
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
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Mohamed Majid
Saleem Gobar
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Laxman
Dangaria Kanja
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Mundapat Rama
Chandaran
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Balvinder
Singh Gobar
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 150,000, 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
steel products, ferro alloys, fire bricks and castings.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Emirates Bank
International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 5733300
Fax : (971-6) 5730077
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Investigations
undertaken in Sharjah did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum suggested
credit figure: US$ 75,000
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%)