MIRA
INFORM REPORT
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Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TYCO MOTORS AUTO SPARE PARTS CO LLC |
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Registered Office : |
Abdullah Eissa
Alhelu Building, Al Rigga Street, Al Muraqqabat, PO Box 22970, Dubai |
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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 : |
16.02. 2003 |
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Com. Reg. No.: |
61787, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of Automotive Spare Parts, including Tyres,
Rims and Batteries |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TYCO MOTORS AUTO SPARE PARTS CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 16th February 2003
Commercial Registration Number : 61787, Dubai
Trade Licence Number : 542123
Chamber Membership Number : 75360
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Distributors of automotive spare parts, including tyres, rims and batteries
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
TYCO MOTORS AUTO
SPARE PARTS CO LLC
ADDRESS
Registered & Physical Address
Building : Abdullah Eissa Alhelu Building
Street : Al Rigga Street
Area : Al Muraqqabat
PO Box : 22970
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2281002
Facsimile : (971-4) 2262596
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Ali Naserellah
Faraji Iranian Managing
Director
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Sayed Farzin
Sayed Jawad Jowan Iranian Director
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Abdul Rahman
Abdul Razzaq Ibrahim Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 16th
February 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 61787, Dubai
Trade Licence No. : 542123 (Expires
14/02/2009)
Chamber Member No. : 75360
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Abdul Rahman
Abdul Razzaq Ibrahim 51%
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Ali Naserellah
Faraji 25%
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Sayed Farzin Sayed
Jawad Jowan 24%
OPERATIONS
Activities: Distributors of automotive spare parts,
including tyres, rims and batteries.
Import
Countries: Europe and Japan
Operating Trend: Steady
Subject has a
workforce of 6 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:
Total Sales UAE Dh 7,900,000 UAE Dh 8,650,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Bank Saderat
Iran
Al Maktoum
PO Box 4182
Dubai
Tel:
(971-4) 2221161
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.31 |
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Euro |
1 |
Rs.64.61 |
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%)