MIRA
INFORM REPORT
|
Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FUTURE MARK INTERNATIONAL GENERAL TRADING LLC |
|
|
|
|
Registered Office : |
Muntana Building, Suite 401, Zabeel Road, Naif District, PO Box 123822, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
27.03.2006 |
|
|
|
|
Com. Reg. No.: |
79714, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Import and Distribution of General Merchandise |
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$ 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : FUTURE MARK INTERNATIONAL GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 27th March 2006
Commercial Registration Number : 79714, Dubai
Trade Licence Number : 579521
Membership Number : 106012
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Line of Business : Import and distribution of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
FUTURE MARK INTERNATIONAL GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Muntana
Building, Suite 401
Street : Zabeel Road
Area : Naif
District
PO Box : 123822
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2224939
Facsimile : (971-4)
3359352
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Sayed Shehenshan
Kosar Pakistani Managing Director
· Mohamed Moner Pakistani Director
· Hussain Fouad
Mohsen Jawad Sajwani Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 27th
March 2006
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 79714, Dubai
Trade Licence No. : 579521 (Expires on 26/03/2008)
Membership No. : 106012
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Hussain Fouad Mohsen
Jawad Sajwani 51%
· Sayed Shehenshan
Kosar 25%
· Mohamed Moner 24%
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: Subject operates with a general trade licence and is engaged in the
import and distribution
of general merchandise.
Import Countries: India, China and Europe.
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below:
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Revenue UAE
Dh 3,900,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Dubai Islamic Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Future Mark International General Trading LLC is a relatively new
business with operations commencing in March 2006. It is engaged in the import
and distribution of general merchandise.
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 business is
considered to be a fair trade risk.
Maximum suggested credit figure: US$ 100,000
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%)