MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL AREESH NOVELTIES TRADING LLC |
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Registered Office : |
Central Market, Al Souq Area, P O Box 61326, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.12.2004 |
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Com. Reg. No.: |
532562 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of novelty product, table covers, curtains, cushions and
luxury items. |
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 $ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL AREESH NOVELTIES TRADING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 27th December 2004
Commercial Registration Number : 532562, Sharjah
Trade Licence Number : 532562
Membership Number : 66570
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 8
Line of Business : Distributors of novelty products, table covers, curtains, cushions and luxury items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL AREESH NOVELTIES TRADING LLC
ADDRESS
Registered & Physical Address
Location : Central Market
Area : Al Souq Area
PO Box : 61326
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5749980
Facsimile : (971-6) 5749890
Mobile : (971-50) 6348415
Email : imrannabi786@hotmail.com
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
Jassim Hassan Ibrahim Emirati Managing Director
Dar Ijaz Ahmed Indian Director
Omran Nabi Ghulam Nabi Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 27th December 2004
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 532562, Sharjah
Trade Licence No. : 532562 (Expires 25th December 2007)
Membership No. : 66570
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
Jassim Hassan Ibrahim 51%
Dar Ijaz Ahmed 25%
Omran Nabi Ghulam Nabi 24%
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.
AFFILIATED COMPANIES
Areesh Al Sundus Trading
Al Souq Area
Sharjah
LINE OF BUSINESS
Operations : Engaged in the import and distribution of novelty products, table covers, curtains,
cushions and luxury items.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 8 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 5,250,000 UAE Dh 5,600,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2004, subject is involved in the import and distribution of novelty products, table covers, curtains, cushions and luxury items.
Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 150,000
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%)