MIRA
INFORM REPORT
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Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SAGITTARIUS
TRADING CO LLC |
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Registered Office : |
Sheikh Saqer
Mohamed Zayed Al Nahyan Building, Al Daghaya, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20th February 2005 |
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Com. Reg. No.: |
72367, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import,
distribution and retail of textiles, blankets, towels and linen, readymade
garments, footwear, handbags and leather goods, watches, giftware and
novelties, perfumes, cosmetics and sunglasses. |
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 : SAGITTARIUS TRADING CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 20th February 2005
Commercial Registration Number :
72367,
Trade Licence Number : 566024
Membership Number : 94758
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Line of Business : Import, distribution and retail of textiles, clothing, fashion
accessories and giftware.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
SAGITTARIUS TRADING
CO LLC
ADDRESS
Registered & Physical Address
Building : Sheikh Saqer Mohamed Zayed Al
Nahyan Building
Area : Al Daghaya
PO Box : 62318
Town :
Country :
Telephone : (971-4) 2738822
Facsimile : (971-4) 3334370
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Bhati
Haresh Pratab Indian Managing Director
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Adnan
Saleh Andullah Mohamed Arjumand Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 20th
February 2005
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 72367,
Trade Licence No. : 566024
(Expires on 19/02/2008)
Membership No. : 94758
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Adnan
Saleh Andullah Mohamed Arjumand 51%
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Bhati
Haresh Pratab 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 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
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, distribution and
retail of textiles, blankets, towels and linen, readymade garments, footwear,
handbags and leather goods, watches, giftware and novelties, perfumes,
cosmetics and sunglasses.
Import
Countries:
Subject has a
workforce of 5 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06:
Total Revenue UAE Dh
4,280,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Habib
Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box : 888
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Sagittarius Trading
Co LLC is a relatively new business with operations commencing in February
2005. It is engaged in import, distribution and retail of textiles, clothing,
fashion accessories and giftware.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk and
the above credit figure is deemed admissible.
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%)