MIRA
INFORM REPORT
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Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL RAYYAN STAR FOODSTUFF TRADING LLC |
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Registered Office : |
Mohamed Hadi Mohamed Ameen Building, Al Ras Street, Al Ras, PO Box
241147, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
11th July 2007 |
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Com. Reg. No.: |
1013224, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of general foodstuff products and beverages. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 40,000 |
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Status : |
New & Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
AL RAYYAN STAR FOODSTUFF TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
11th July 2007
Commercial Registration Number :
1013224, Dubai
Trade Licence Number :
598014
Membership Number :
121504
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
5
Line of Business :
Distributors of general foodstuff products and beverages.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
AL RAYYAN STAR FOODSTUFF TRADING LLC
ADDRESS
Registered & Physical Address
Building : Mohamed Hadi
Mohamed Ameen Building
Street : Al Ras
Street
Area : Al Ras
PO Box : 241147
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2350570
Facsimile : (971-4)
2350579
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
· Raj Kumar Ramchand
Gehani Indian Managing Director
· Sameh Essa Hoor
Alqeshairi Almahri Emirati Director
LEGAL FORM &
OWNERS
Date of
Establishment : 11th July
2007
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 1013224, Dubai
Trade Licence No. : 598014 (Expires 10th July 2008)
Membership No. : 121504
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Sameh Essa Hoor Alqeshairi Almahri 51%
· Raj Kumar Ramchand Gehani 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 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 general foodstuff products and beverages.
Import Countries : Europe and the
Far East.
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4)
2229131 / 2221134
Acc No.
990206600
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Investigations undertaken in Dubai did not reveal any sign of payment
defaults or delays during initial trading stages, and subject is believed to
meet its payment obligations in a timely manner, nevertheless, and in view of
the company’s infancy and the lack of a more consistent payment and financial
record, a measure of caution is advisable and a close monitoring of subject’s
business development is recommended.
Maximum suggested credit figure: US$ 40,000
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%)