MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROCHIRAM AND SONS LLC |
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Registered Office : |
Shed No. 7, Industrial Area No. 13, PO Box 828, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
29.03.1976 |
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Com. Reg. No.: |
440, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Importers and Distributors of general foodstuff products, ready
made garments, footwear and household products |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : ROCHIRAM & SONS LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 29th March 1976
Commercial Registration Number : 440, Sharjah
Trade Licence Number : 1721
Membership Number : 1427
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 15
Line of Business : Distributors of general foodstuff products, ready made
garments, footwear and household products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ROCHIRAM & SONS LLC
ADDRESS
Registered & Physical Address
Location : Shed No. 7,
Industrial Area No. 13
PO Box : 828
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5385740
Facsimile : (971-6)
5385740
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
· Saleh Salem Obaid
Al Hajiri Emirati Managing Director
· Chamini Govind Indian Director
LEGAL FORM & OWNERS
Date of
Establishment : 29th
March 1976
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 440, Sharjah
Trade Licence No. : 1721 (Expires 10th June 2008)
Membership No. : 1427
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
· Saleh Salem Obaid
Al Hajiri 51%
· Chamini Govind 49%
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 150,000, 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 general
foodstuff products, ready made
garments, footwear and household products.
Import Countries : Europe and the Far East.
Subject has a workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
·
HSBC Bank Middle East
Deira Souk Branch
PO Box :
66
Dubai
Tel :
(971-4) 2535000
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1976, subject is involved in the import and distribution of
general foodstuff products, ready made garments, footwear and household
products.
Local informants reported that the telephone number listed above was
tried on numerous occasions but remained unanswered.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
Maximum suggested credit figure: US$ 100,000
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%)