MIRA
INFORM REPORT
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Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
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Name : |
TASNEEM TRADING LLC |
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Registered Office : |
Industrial
Area No. 5, P O Box - 26384 & 40466, Sharjah, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.05.1995 |
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Com. Reg. No.: |
26875,
Sharjah |
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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 Chemical & Chemical Products, Steel, Aluminium and Scrap Metal. |
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 :
TASNEEM TRADING LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
25th May 1995
Commercial Registration Number :
26875, Sharjah
Trade Licence Number :
119306
Membership Number :
36373
Issued Capital :
UAE Dh
Paid up Capital :
UAE Dh
Total Workforce :
5
Line of Business :
Import and distribution
of chemical & chemical products, steel,
aluminium and scrap metal.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
TASNEEM TRADING LLC
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 5
PO Box : 26384 & 40466
Town : Sharjah
Country :
Telephone : (971-6) 5424200
Facsimile : (971-6) 5424800
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
Essa Mohamed
Abdullah Emirati Managing Director
Mohamed Salim
Kannamkulaf Indian Director
Mohamed Yosef
Sageer Indian Director
LEGAL FORM &
OWNERS
Date of Establishment : 25th
May 1995
Legal Form :
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 26875, Sharjah
Trade Licence No. : 119306 (Valid until 24/05/2008)
Membership No. : 36373
Issued Capital : UAE
Dh 150,000
Paid up Capital : UAE
Dh 150,000
Name of Shareholder
(s) Percentage
Essa Mohamed
Abdullah 51%
Mohamed Salim
Kannamkulaf 25%
Mohamed Yosef
Sageer 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 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.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
chemical & chemical products, steel,
aluminium and scrap metal.
Import Countries : The
Far East and the
Operating Trend : Steady
Subject has a workforce of 5 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 7,100,000 UAE Dh
7,500,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
The Standard Chartered Bank
PO Box : 5
Sharjah
Tel : (971-6) 5357788
Fax : (971-6) 5335500
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%)