MIRA
INFORM REPORT
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Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AL ULOOM STATIONERY LLC |
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Registered Office : |
Shama Bint Ahmad Obaid Building, Al Esbij Street, Al Souq Al
Kabir, P O Box - 13324, Dubai, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
04.07.1987 |
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Com. Reg. No.: |
44307, |
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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, Distribution and Retail of Stationery, Drawing
and Writing Instruments and Accessories |
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 :
AL ULOOM STATIONERY LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
4th July 1987
Commercial Registration Number :
44307,
Trade Licence Number :
215295
Membership Number :
12318
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
7
Line of Business :
Import, distribution and retail of stationery, drawing and writing
instruments and accessories.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AL ULOOM STATIONERY LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Souq Al
Kabir
PO Box : 13324
Town :
Country :
Telephone : (971-4) 3527087
Facsimile : (971-4)
3526040
Email : aluloom@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
Mustaq Imran Ali Rangwala Indian Managing Director
Imran Mustaq Rangwala Indian Director
Akil Mustaq Rangwala Indian Director
Abdullah Moosa Zaid Mubarak Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 4th
July 1987
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 44307,
Trade Licence No. : 215295 (Valid
until 22/06/2008)
Membership No. : 12318
Issued Capital : UAE Dh 500,000
Paid up Capital :
UAE
Dh 500,000
Name of Shareholder
(s) Percentage
Abdullah Moosa Zaid Mubarak 51%
Mustaq Imran Ali Rangwala 17%
Imran Mustaq Rangwala 16%
Akil Mustaq Rangwala 16%
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 stationery, drawing and writing
instruments and accessories.
Import Countries :
Operating Trend : Steady
Subject has a workforce of 7 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 5,780,000 UAE Dh
5,900,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Habib Bank AG
PO Box: 3306
Tel: (971-4) 3232212
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 and the
above credit figure is 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%)