MIRA
INFORM REPORT
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Report Date : |
17.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ALI AKBAR ZAMANI
TRADING CO LLC |
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Registered Office : |
Al Hawai General
Trading Building, Al Ras Street, Al Ras, Deira, P O Box 2164 & 4642,
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 : |
16th April 1969 |
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Com. Reg. No.: |
42345, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and
distribution of general foodstuff products, including vegetables, rice and
nuts. |
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 AKBAR ZAMANI TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 16th April 1969
Commercial Registration Number : 42345, Dubai
Trade Licence Number : 201075
Membership Number : 418
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 27
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ALI AKBAR ZAMANI
TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Al Hawai General Trading Building
Street : Al Ras Street
Area : Al Ras, Deira
PO Box : 2164 & 4642
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262799 / 2254854 / 2236348 /
2240384
Facsimile : (971-4) 2263394 / 2254863 / 2246598
Email : adafco@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices, a showroom and a warehouse that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Ali Akbar
Zamani Iranian Managing Director
·
Younus Ali
Akbar Zamani Iranian Director
·
Mehdi Ali
Akbar Zamani Iranian Director
·
Omid Mehdi
Zamani Iranian Director
·
Abdul Karim
Yousuf Jawad Al Reza Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 16th
April 1969
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 42345, Dubai
Trade Licence No. : 201075
(Expires 22nd March 2008)
Membership No. : 418
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s)
Percentage
·
Abdul Karim
Yousuf Jawad Al Reza 51%
·
Ali Akbar
Zamani 17%
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Younus Ali
Akbar Zamani 16%
·
Mehdi Ali
Akbar Zamani 10%
·
Omid Mehdi
Zamani 6%
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
general foodstuff products, including vegetables, rice and nuts.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 27 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 8,950,000 UAE Dh
9,450,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel
: (971-4) 2535000
·
National Bank
of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction September 2003
Credit amount 50,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in
1969, subject is owned and managed by members of the Zamani family from Iran
who operate in Dubai under the local sponsorship of Mr Abdul Karim Yousuf Jawad
Al Reza.
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$ 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%)