MIRA
INFORM REPORT
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Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PARIS GROUP
INTERNATIONAL 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 : |
6th May 1998 |
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Com. Reg. No.: |
51921, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of ready made garments, footwear, jewellery,
perfumes, cosmetics and toys. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : PARIS GROUP INTERNATIONAL LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 6th May 1998
Commercial Registration Number :
51921,
Trade Licence Number : 505318
Membership Number : 49439
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 15
Line of Business : Distributors of ready made garments, footwear, jewellery,
perfumes, cosmetics and toys.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PARIS GROUP
INTERNATIONAL LLC
ADDRESS
Registered & Physical Address
Building :
Street :
PO Box : 62888
Town :
Country :
Telephone : (971-4) 2247774 / 8854433
Facsimile : (971-4) 8854422
Email : parisgrp@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
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Mohamed
Wadah Mohamed Fadel Haj Murad Syrian Managing Director
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Abdul
Kader Ahmed Sankari Syrian Director
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Abdullah
Mohamed Abdullah Mohamed Emirati Director
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Hassan
Saleh Yousuf Al Hamadi Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 6th
May 1998
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 51921,
Trade Licence No. : 505318
(Expires 1st May 2008)
Membership No. : 49439
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Abdul
Kader Ahmed Sankari 49%
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Hassan
Saleh Yousuf Al Hamadi 41%
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Abdullah
Mohamed Abdullah Mohamed 10%
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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Paris
Group International LLC
PO Box: 23393
Sharjah
Tel: (971-6) 5563028
Fax: (971-6) 5562048
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GC
Senior LLC
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Domain
International Fashion LLC
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Paris
Group Est
PO Box : 23393
Sharjah
Tel : (971-6) 5593493
Fax : (971-6) 5562048
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
ready made garments, footwear, jewellery, perfumes, cosmetics and toys.
Import Countries
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Operating Trend
: Steady
Subject has a workforce
of 15 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 7,290,000 UAE Dh
7,500,000
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
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1998, subject is involved in the import and distribution of ready made
garments, footwear, jewellery, perfumes, cosmetics and toys.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
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%)