MIRA
INFORM REPORT
|
Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
ALI ASKARI
KARASHI GENERAL TRADING LLC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
15th October 1979 |
|
|
|
|
Com. Reg. No.: |
41572, |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Import and
distribution of general merchandise. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : ALI ASKARI KARASHI GENERAL TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 15th October 1979
Commercial Registration Number :
41572,
Trade Licence Number : 203711
Membership Number : 6146
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 42
Line of Business : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ALI ASKARI KARASHI
GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Bateen
PO Box : 4096
Town :
Country :
Telephone : (971-4) 2260534
Facsimile : (971-4) 2262709 / 2625126
Email : askarinuts@hotmail.com
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Ali
Baba Hussain Ali Askari Iranian Managing Director
·
Mahmood
Ghuloom Hussain Ahmed Al Attar Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 15th
October 1979
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 41572,
Trade Licence No. : 203711
(Expires 23rd February 2010)
Membership No. : 6146
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
·
Mahmood
Ghuloom Hussain Ahmed Al Attar 51%
·
Ali
Baba Hussain Ali Askari 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 and distribution of
general merchandise, including foodstuffs, textiles, building materials and
electrical appliances.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 42 employees.
FINANCIAL
HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency :
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 5,200,000 UAE Dh
5,638,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in
1979, subject is owned and managed by Mr Ali Baba Hussain Ali Askari, an
Iranian national who operates in
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)