MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ADANBRAH TRADING LLC |
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Registered Office : |
Sharjah Immigration Building, 7th Floor, Office No. 712, Al Qasmiya Area, PO Box 30375 & 24572 Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.02.2003 |
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Com. Reg. No.: |
44393 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of electrical appliances, sanitary ware products, novelties and giftware, office supplies and metal structures |
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 $ 125,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ADANBRAH TRADING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th February 2003
Commercial Registration Number : 44393, Sharjah
Trade Licence Number : 517913
Membership Number : 57556
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 10
Line of Business : Distributors of electrical appliances, sanitary ware products,
novelties and giftware, office supplies and metal structures.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ADANBRAH TRADING LLC
ADDRESS
Registered & Physical Address
Building : Sharjah Immigration Building, 7th Floor, Office No. 712
Area : Al Qasmiya Area
PO Box : 30375 & 24572
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5732977
Facsimile : (971-6) 5746071
Mobile : (971-50) 6352395
Email : atl1@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
Vijay Banu Lal Indian Managing Director
Ali Rashid Al Suwaidi Emirati Director
Syed Rizwan Haider - General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 19th February 2003
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 44393, Sharjah
Trade Licence No. : 517913 (Expires 18th February 2008)
Membership No. : 57556
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
Ali Rashid Al Suwaidi 51%
Vijay Banu Lal 49%
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 electrical appliances, household items, sanitary
ware products, novelties and giftware, as well as office supplies and various metal structures.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 10 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 3,650,000 UAE Dh 4,200,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Habib Bank Ltd
Jamal Abdul Nasser Square
PO Box : 3306
Deira
Dubai
Tel : (971-4) 2145355 / 3232212
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
Maximum suggested credit figure: US$ 125,000
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%)