MIRA
INFORM REPORT
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Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ABDUL KARIM ALWAN
FOODSTUFF TRADING LLC |
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Registered Office : |
Younus Ahmed
Khadim Sons Building, Al Ras Street, Al Ras Area, Deira, P O Box 63041, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20th December 2000 |
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Com. Reg. No.: |
55765, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of general foodstuff products, including grain,
cereal, vegetables and beverages. |
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 : ABDUL KARIM ALWAN FOODSTUFF TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 20th December 2000
Commercial Registration Number :
55765,
Trade Licence Number : 523160
Membership Number : 61587
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 14
Line of Business : Distributors of general foodstuff products, electrical and
communication equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ABDUL KARIM ALWAN
FOODSTUFF TRADING LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Ras Area, Deira
PO Box : 63041
Town :
Country :
Telephone : (971-4) 2350402
Facsimile : (971-4) 2350403
Email : alwantea@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
Branch Office (s)
Subject operates two sales offices in
KEY PRINCIPALS
Name Nationality Position
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Abdul
Karim Muhsen Alwan Iraqi Managing Director
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Nazeer
Abed Hamad Al Saadi Iraqi Director
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Nasser
Marzooq Abdullah Abdul Rahman Emirati Director
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Ayman
Mohamed Reda - General
Manager
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Ali
Abdul Hassan - Finance
Manager
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Raad
Abdul Hassan - Sales Manager
LEGAL FORM &
OWNERS
Date of Establishment : 20th
December 2000
Legal Form :
Sharikat Thet Massouliya Mahdoudeh
(Limited Liability Company - LLC)
Commercial Reg. No. : 55765,
Trade Licence No. : 523160
(Expires 19th December 2007)
Membership No. : 61587
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Nasser
Marzooq Abdullah Abdul Rahman 51%
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Abdul
Karim Muhsen Alwan 25%
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Nazeer
Abed Hamad Al Saadi 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.
AFFILIATED
COMPANIES
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Abdul
Karim Alwan Foodstuff Trading
Gameel Area
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
general foodstuff products, including grain, cereal, vegetables and beverages.
Subject is also
involved in the wholesale of electrical and communication equipment.
Import Countries
: Europe, the
International
Suppliers :
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Anvali
& Sons
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HVA Tea Sri Lanka
Export Countries
: GCC countries,
Brand Names : ROYAL STALON and HELADIV
Operating Trend
: Steady
Subject has a
workforce of 14 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 3,575,000 UAE Dh 4,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of
PO Box : 1709
Deira
Tel : (971-4) 2227121 / 2253222
Fax
: (971-4) 2220943 / 2254565
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Emirates
Bank International Ltd
PO Box : 2923
Deira
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction September 2001
Credit amount 120,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency
GENERAL COMMENTS
Established in
2000, subject is owned and managed by Mr Abdul Karim Muhsen Alwan and Mr Nazeer
Abed Hamad Al Saadi, who are Iraqi nationals operating in
Subject is involved
in the import and distribution of general foodstuff products, including grain, cereal,
vegetables and beverages. As well as the wholesale of electrical and
communication equipment.
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%)