MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PERSIAN CARPETS
KINGDOM LLC |
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Registered Office : |
Sharjah
Central Market, Block No. 8 & 5, Shop No. 41-42 & 75-76, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
6th July 1992 |
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Com. Reg. No.: |
22692, Sharjah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
wholesale and retail of carpets and curtains. |
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 : PERSIAN CARPETS KINGDOM LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 6th July 1992
Commercial Registration Number : 22692, Sharjah
Trade Licence Number : 115551
Membership Number : 30078
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
Total Workforce : 12
Line of Business : Wholesalers and retailers of carpets and curtains.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PERSIAN CARPETS
KINGDOM LLC
ADDRESS
Registered & Physical Address
Location : Sharjah Central Market, Block No. 8 & 5, Shop No. 41-42
& 75-76
PO Box : 26940
Town : Sharjah
Country :
Telephone : (971-6) 5735098
Facsimile : (971-6) 5735089
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
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Muneer
Ali Mohamed Emirati Managing Director
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Abdul
Kareem Amin Abdul Yemeni Director
LEGAL FORM &
OWNERS
Date of Establishment : 6th
July 1992
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 22692,
Sharjah
Trade Licence No. : 115551
(Expires 3rd July 2008)
Membership No. : 30078
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
Name of Shareholder
(s)
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Muneer
Ali Mohamed
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Abdul
Kareem Amin Abdul
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
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 wholesale and retail of
carpets and curtains.
Import Countries
:
Operating Trend
: Steady
Subject has a
workforce of 12 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 6,280,000 UAE Dh
6,630,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates
Bank International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 5733300
Fax : (971-6) 5730077
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in 1992,
subject is involved in the wholesale and retail of carpets and curtains.
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%)