MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHEMTEX TRADING LLC |
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Registered Office : |
Dubai International Real Estate Building, Al Muraqqabat Street, Al
Khabeesi 63941, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28.09.2002 |
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Com. Reg. No.: |
60523, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of building and construction materials ,plastic sheets
and bags, ropes, sacks and jute bags, adhesives, plastic and nylon raw
materials, paint and varnish, detergents and disinfectants. |
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 : CHEMTEX TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 28th September 2002
Commercial Registration Number : 60523, Dubai
Trade Licence Number : 537982
Membership Number : 71994
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 9
Line of Business : Distributors of building and construction materials, plastic
sheets and bags, ropes, sacks and jute bags, adhesives,
plastic and nylon raw materials, paint and varnish, detergents
and disinfectants.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CHEMTEX TRADING LLC
ADDRESS
Registered & Physical Address
Building :
Dubai International Real Estate Building
Street :
Al Muraqqabat Street
Area :
Al Khabeesi
PO Box :
63941
Town :
Dubai
Country :
United Arab Emirates
Telephone :
(971-4) 2683001
Facsimile :
(971-4) 2683006
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
·
Sirji
Teshepiken Russian Director
·
Nasser Jamil
Mulaham Syrian Director
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Natalia
Teshepiken Russian
Director
·
Mohamed Ali
Saleh Ali Emirati Director
LEGAL FORM &
OWNERS
Date of
Establishment : 28th September 2002
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg.
No. : 60523, Dubai
Trade Licence No. : 537982 (Expires 27th September 2008)
Membership No. : 71994
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Mohamed Ali
Saleh Ali 51%
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Sirji
Teshepiken 25%
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Nasser Jamil
Mulaham 14%
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Natalia
Teshepiken 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 United Arab Emirates is governed by the
Foreign Business
Investment Law, which sets capital requirements and requires 51 percent Emirati
participation in capital and profits.
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.
LINE OF BUSINESS
Operations: Engaged in
the import and distribution of building and construction materials, plastic
sheets
and bags, ropes, sacks and
jute bags, adhesives, plastic and nylon raw materials, paint and
varnish, detergents and
disinfectants.
Import Countries : Europe
and the Far East.
Operating Trend : Steady
Subject has a
workforce of 9 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 5,160,000 UAE Dh
5,400,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 3160316
Fax : (971-4) 2264302
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2002, subject is involved in the import and distribution of building and
construction materials, plastic sheets and bags, ropes, sacks and jute bags,
adhesives, plastic and nylon raw
materials, paint
and varnish, detergents and disinfectants.
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.
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%)