MIRA
INFORM REPORT
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Report Date : |
18.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL HAMID TEA TRADING CO LLC |
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Registered Office : |
Ash Shuala Tower, Al Ittihad Road, Port Saeed, PO Box 17360, 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 : |
26.11.2001 |
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Com. Reg. No.: |
57968, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of Tea |
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 :
AL HAMID TEA TRADING CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
26th November 2001
Commercial Registration Number :
57968, Dubai
Trade Licence Number :
530496
Membership Number :
66072
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
14
Line of Business :
Distributors of tea.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AL HAMID TEA TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Ash Shuala
Tower
Street : Al Ittihad
Road
Area : Port Saeed
PO Box : 17360
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2957764
Facsimile : (971-4)
2957763
Premises
Subject operates from a small suite of offices and storage facilities
that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Ahmed Ali Assarian Iranian Managing Director
· Ziba Ahmed Talebian Iranian Director
· Asad Abdul Jabbar
Mohamed Ahli Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 26th
November 2001
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 57968, Dubai
Trade Licence No. : 530496 (Expires 20th November
2008)
Membership No. : 66072
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Asad Abdul Jabbar
Mohamed Ahli 51%
· Ahmed Ali Assarian 25%
· Ziba Ahmed
Talebian 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 : Engaged in the import and distribution of tea.
Import Countries : Sri Lanka and India.
Operating Trend : Steady
Subject has a workforce of 14 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue UAE
Dh 5,200,000 UAE
Dh 6,150,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Barclays Bank Plc
PO Box : 1891
Dubai
Tel : (971-4)
3351555
Fax : (971-4) 3366700
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Commercial Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4)
3523355
Fax : (971-4)
3527655 / 2524796
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2001, subject is owned and managed by two Iranian nationals
who operate in Dubai under the local sponsorship of Mr Asad Abdul Jabbar
Mohamed Ahli.
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 company is deemed a fair trade risk. As such the above
credit figure is deemed admissible.
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%)