MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHEEBA GENERAL TRADING CO LLC |
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Registered Office : |
Al Masid Building, Al Hisn Street, Al Souq Al Kabir, P O Box
– 51305, Dubai, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06.05.1979 |
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Com. Reg. No.: |
62881, |
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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 Electrical Equipment
and Supplies |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
SHEEBA GENERAL TRADING CO LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
6th May 1979
Commercial Registration Number :
62881,
Trade Licence Number : 204293
Membership Number :
5594
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
24
Line of Business :
Import, distribution and retail of electrical equipment and
supplies.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
SHEEBA GENERAL TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Al
Street :
Area : Al Souq Al
Kabir
PO Box : 51305
Town :
Country :
Telephone : (971-4) 3511211
Facsimile : (971-4)
3525031
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
Babu Jethani Jajumal Getani Indian Managing Director
Beena Jethani Shankardas Indian Director
Sheeba Jethani Babu Jethani Indian Director
Hassan Abdullah Hussain Mohamed Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 6th
May 1979
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 62881,
Trade Licence No. : 204293 (Expires
on 01/04/2008)
Membership No. : 5594
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
Hassan Abdullah Hussain Mohamed 51%
Beena Jethani Shankardas 22%
Sheeba Jethani Babu Jethani 3%
Babu Jethani Jajumal Getani 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, distribution and retail of electrical equipment and supplies.
Import Countries :
Operating Trend : Steady
Subject has a workforce of 24 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 14,600,000 UAE Dh
15,390,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Bank Saderat
PO Box : 4182
Tel : (971-4) 2221161
Fax : (971-4) 2234460
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Sheeba General Trading Co LLC is very well established in the local
market with operations dating back to 1979. The company specialises in the
import, distribution and retail of electrical equipment and supplies.
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is a fair trade risk and the above
credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 200,000
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%)