MIRA
INFORM REPORT
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Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZAKER TRADING LLC |
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Registered Office : |
Dubai Real Estate
Warehouse Complex, Plot Number B2-11, Al Suq Street, Al Quoz Industrial Area,
P O Box 55197, 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 : |
2nd April 1981 |
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Com. Reg. No.: |
41304, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of hardware, tools and ironmongery 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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ZAKER TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 2nd April 1981
Commercial Registration Number : 41304, Dubai
Trade Licence Number : 201930
Membership Number : 7657
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 10
Line of Business : Distributors of hardware, tools and ironmongery products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ZAKER TRADING LLC
ADDRESS
Registered & Physical Address
Building : Dubai Real Estate Warehouse
Complex, Plot Number B2-11
Street : Al Suq Street
Area : Al Quoz Industrial Area
PO Box : 55197
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3389799
Facsimile : (971-4) 3389788
Email : geom@zaker.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in the
Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Meenathethil
George Oomen Indian Managing Director
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Geesi Oomen Indian Director
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George Oomen
Pantaylabil Indian Director
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Mohamed Ahmad
Humaid Alhumaidi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 2nd
April 1981
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 41304, Dubai
Trade Licence No. : 201930
(Expires 8th July 2008)
Membership No. : 7657
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
Percentage
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Mohamed Ahmad
Humaid Alhumaidi 51%
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Meenathethil
George Oomen 25%
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Geesi Oomen 12%
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George Oomen
Pantaylabil 12%
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
hardware, tools and ironmongery products.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 10 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 Sales UAE Dh 6,050,000 UAE Dh
6,275,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
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Middle East
Bank Ltd
Arbift Tower
Baniyas Street
PO Box : 5547
Dubai
Tel : (971-4) 2220121
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1981, subject is involved in the import and distribution of hardware, tools and
ironmongery products.
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.
Maximum suggested
credit figure: US$ 175,000
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%)