MIRA
INFORM REPORT
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Report Date : |
24.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRANS GLOBAL TECH SHIPPING LLC |
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Registered Office : |
Al
Majaz Area, PO Box 68227,
Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
12.11.2006 |
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Com. Reg. No.: |
547526, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Provision of Shipping Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TRANS GLOBAL TECH SHIPPING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th November 2006
Commercial Registration Number : 547526, Sharjah
Trade Licence Number : 547526
Chamber Membership Number : 75495
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 15
Activities : Provision of shipping services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 75,000
COMPANY NAME
TRANS
GLOBAL TECH SHIPPING LLC
ADDRESS
Registered & Physical Address
Location : Al Majaz
Area
PO Box : 68227
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5720982
/ 5720981
Facsimile : (971-6) 5720983
Email : tgts@eim.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Suburban
Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Sheikh
Saeed Bin Humaid Emirati Managing
Director
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Azad
Ahmed Ahrar Ahmed Pakistani Director
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Ashar
Ahmed - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
November 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 547526, Sharjah
Trade Licence No. : 547526 (Expires 11/12/ 2008)
Chamber Member No. : 75495
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Sheikh
Saeed Bin Humaid 51%
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Azad
Ahmed Ahrar Ahmed 49%
OPERATIONS
Activities: Engaged in the provision of shipping
services specialising in dry goods and cargo, with destinations
including the Red Sea, East Africa, and the Persian Gulf.
Operating Trend: Steady
Subject has a
workforce of 15 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Sales UAE
Dh 12,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates Bank
International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 733300
Fax : (971-6) 730077
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Trans Global Tech Shipping LLC is a relatively new business with operations commencing in November 2006. It is engaged in the provision of shipping services.
According
to local sources subject is making steady progress in the local business market
and nothing detrimental has been reported regarding the manner in which
payments are fulfilled. As such the company is considered to be a fair trade risk.
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%)