MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEAM GULF INTERNATIONAL GENERAL TRADING LLC |
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Registered Office : |
Abdur Rahim Mohamed Az Zarooni Building, Al Buteen Street, Al Bateen, PO
Box 42049, 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 : |
25.09.2000 |
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Com. Reg. No.: |
84726, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import, Wholesale and Retail of Domestic Appliances. |
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 : TEAM GULF INTERNATIONAL GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 25th September 2000
Commercial Registration Number : 84726, Dubai
Trade Licence Number : 521428
Membership Number : 60444
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 8
Line of Business : Import, wholesale and retail of domestic appliances.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
TEAM GULF INTERNATIONAL GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Abdur Rahim
Mohamed Az Zarooni Building
Street : Al Buteen Street
Area : Al Bateen
PO Box : 42049
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2262432
/ 2854645
Facsimile : (971-4)
2350919 / 2850166
Email : teamgulf@emirates.net.ae
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Chirokandut Ashraf Indian Managing
Director
· Thazhe Nedumbarath
Ashraf Indian Director
· Aneekal Nasser
Yousef Indian Director
· Kalarakal Mohamed
Ashraf Indian Director
· Valipourakal Balan
Jayadivan Indian Director
· Latifa Yousuf Ali
Hassan Janahi Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 25th
September 2000
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 84726, Dubai
Trade Licence No. : 521428 (Expires on 24/09/2008)
Membership No. : 60444
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
· Latifa Yousuf Ali
Hassan Janahi 51%
· Chirokandut Ashraf 16%
· Thazhe Nedumbarath
Ashraf 12%
· Aneekal Nasser
Yousef 10%
· Kalarakal Mohamed
Ashraf 8%
· Valipourakal Balan
Jayadivan 3%
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, wholesale and retail of domestic appliances.
Import Countries: Japan, Italy, China and India.
Operating Trend : Steady
Subject has a workforce of 8 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 6,120,000 UAE Dh
6,750,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Abu Dhabi Commercial Bank
Al Fehaidi
PO Box : 12808
Dubai
Tel
: (971-4) 3525561
Fax
: (971-4) 3511070
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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.
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%)