MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
WAIDAN TRADING LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06.04.1995 |
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Com. Reg. No.: |
44623, |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Engaged in the import and distribution of ready made
garments, footwear, perfumes, cosmetics, toys and games. |
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 :
WAIDAN TRADING LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
6th April 1995
Commercial Registration Number :
44623,
Trade Licence Number :
237395
Membership Number :
33679
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
8
Line of Business :
Distributors of ready made garments, footwear, perfumes, cosmetics,
toys and games.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
WAIDAN TRADING LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Suq Al
Kabir, Bur
PO Box : 55426
Town :
Country :
Telephone : (971-4) 3533935
/ 3539786
Facsimile : (971-4)
3533935
Email : waidan@emirates.net.ae
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
Mohamed Salim Abdul Bhai Chakkiwala Indian Managing Director
Imtyaz Abdullah Bhai Chakkiwala Indian Director
Abdullah Ahmed Sultan Al Rahoomi Albumhair Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 6th
April 1995
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 44623,
Trade Licence No. : 237395 (Expires 4th
April 2008)
Membership No. : 33679
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Abdullah Ahmed Sultan Al Rahoomi Albumhair 51%
Mohamed Salim Abdul Bhai Chakkiwala 25%
Imtyaz Abdullah Bhai Chakkiwala 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
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 ready made garments, footwear, perfumes,
cosmetics, toys and games.
Import Countries : Europe and the
Operating Trend : Steady
Subject has a workforce of 8 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 4,050,000 UAE
Dh 4,480,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Tel : (971-4) 2229131 / 2221134
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:
Established in 1995, subject is involved in the import and distribution of
ready made garments, footwear, perfumes, cosmetics, toys and games.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
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%)