MIRA INFORM REPORT

 

 

Report Date :

03.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

STEEL MATE GENERAL TRADING CO LLC

 

 

Registered Office :

Saeed Bin Thani Al Thani Building, Yousef Bagher Road, Al Rigga, Deira, PO Box 39212, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

26.08.2002

 

 

Com. Reg. No.:

60256, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Import and Distribution of General Merchandise Specialising in Truck Spare Parts, Heavy Duty Equipment, and Auto Spare Parts

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                         : STEEL MATE GENERAL TRADING CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 26th August 2002

Commercial Registration Number            : 60256, Dubai

Trade Licence Number                            : 536908

Chamber Membership Number                : 71279

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 4

Activities                                               : Import and distribution of general merchandise specialising in truck spare parts, heavy duty equipment, and auto spare parts

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 150,000

 

 

 

COMPANY NAME

 

STEEL MATE GENERAL TRADING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Saeed Bin Thani Al Thani Building

Street               : Yousef Bagher Road

Area                 : Al Rigga, Deira

PO Box             : 39212

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2282955

Facsimile          : (971-4) 2282966

Email                : steelmat@emirates.net.ae

 

 

Premises

 

Subject operates from a small suite of offices, a warehouse and a showroom that are rented and located in the Suburban Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Frebarz Mahmood Purmand                             Iranian             Managing Director

 

·       Sayed Mohasen Syed Taqi Syed                      Iranian             Director

 

·       Reza Rahmat Kharam Bakht                            Iranian             Director

 

·       Akbar Mozafer Qader Dan Roshan                    Iranian             Director

 

·       Suhail Mohamed Hussain Bokshian                  Iranian             Director

 

·       Mehdi Hoshank Safaei                                     Iranian             Director

 

·       Saeed Mohamed Askari Zadeh                         Iranian             Director

 

·       Fared Naser Tajar                                            Iranian             Director

 

·       Mohamed Reza Rajab Karamlou                       Iranian             Director

 

·       Ali Reza Mohamed Taghi Askari                       Iranian             Director

 

·       Abbas Juma Hussain Jameel                           Emirati                        Director

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th August 2002

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 60256, Dubai

 

Trade Licence No.       : 536908 (Expires 20/08/2009)

 

Chamber Member No. : 71279

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                              Percentage

 

·       Sayed Mohasen Syed Taqi Syed                                       3%

 

·       Reza Rahmat Kharam Bakht                                             3%

 

·       Akbar Mozafer Qader Dan Roshan                                     3%

 

·       Suhail Mohamed Hussain Bokshian                                 11%

 

·       Mehdi Hoshank Safaei                                                      3%

 

·       Saeed Mohamed Askari Zadeh                                          3%

 

·       Fared Naser Tajar                                                             3%

 

·       Mohamed Reza Rajab Karamlou                                      14%

 

·       Abbas Juma Hussain Jameel                                          51%

 

·       Ali Reza Mohamed Taghi Askari                                        3%

 

·       Frebarz Mahmood Purmand                                              3%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general merchandise specialising in truck spare parts, heavy duty equipment, auto spare parts, auto accessories and components, rubber and tyres, car seat covers, car care products, batteries, industrial v-belts, auto extra fittings, ball bearings, and car audio systems.

 

Import Countries: India, China and Europe.

 

Export Countries: Iran

 

Brand Names: MERCEDES

 

Operating Trend: Steady

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Sales                                        UAE Dh 12,000,000                   UAE Dh 14,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       The Standard Chartered Bank

Khalid Bin Waleed Street

Mankhool Branch

PO Box : 999

Dubai

Tel : (971-4) 2520455

 

·       Commercial Bank of Dubai

Mankhool Street

PO Box : 2668

Dubai

Tel : (971-4) 3523355

Fax : (971-4) 3527655 / 2524796

 

 

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.

 

The financial information contained in this report was confirmed by Mr Reza Rahmat Kharam Bakht – Director.

 

 

 

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions