MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
RASTILARI GENERAL TRADING CO LLC |
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Registered Office : |
Mohamed Baqer Rasti Building, Al Ras Street, Al Ras, PO Box 65440 & 467, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
20.03.1977 |
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Com. Reg. No.: |
43172 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of general merchandise and ship chandlers |
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 $ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : RASTILARI GENERAL TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 20th March 1977
Commercial Registration Number : 43172, Dubai
Trade Licence Number : 202687
Membership Number : 2873
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 45
Line of Business : Distributors of general merchandise and ship chandlers.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
RASTILARI GENERAL TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Mohamed Baqer Rasti Building
Street : Al Ras Street
Area : Al Ras
PO Box : 65440 & 467
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262500
Facsimile : (971-4) 2262624
Email : rasti@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Ishaq Zainul Abedin Rastilari Iranian Managing Director
Yousuf Zainul Abedin Rastilari Iranian Director
Ahmed Jawad Redha Al Redha Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 20th March 1977
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 43172, Dubai
Trade Licence No. : 202687 (Expires 1st March 2008)
Membership No. : 2873
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
Ahmed Jawad Redha Al Redha 51%
Yousuf Zainul Abedin Rastilari 25%
Ishaq Zainul Abedin Rastilari 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 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 merchandise and operate as ship
chandlers.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 45 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/06: Year Ending 31/12/07:
Total Revenue UAE Dh 14,685,000 UAE Dh 15,050,000
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
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction January 2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
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 1977, subject is owned and managed by Mr Ishaq Zainul Abedin Rastilari and his brother,
Mr. Yousuf Zainul Abedin Rastilari who are Iranian nationals operating in Dubai under the local sponsorship of
Mr. Ahmed Jawad Redha Al Redha.
According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 250,000
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%)