MIRA
INFORM REPORT
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Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
DUBAI GARDEN CENTRE LLC |
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Registered Office : |
Saeed Khalfan Alghaith Building, Sheikh Zayed Road, 4th
Interchange, Al Quoz Industrial Area, PO Box
37579, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.06.2002 |
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Com. Reg. No.: |
59280 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Operators of a Garden Centre. |
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 :
DUBAI GARDEN CENTRE LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
1st June 2002
Commercial Registration Number :
59280, Dubai
Trade Licence Number :
533931
Membership Number :
69369
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
25
Line of Business :
Operators of a garden centre.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
DUBAI GARDEN CENTRE LLC
ADDRESS
Registered & Physical Address
Building : Saeed
Khalfan Alghaith Building
Street : Sheikh Zayed
Road, 4th Interchange
Area : Al Quoz
Industrial Area
PO Box : 37579
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3400006
Facsimile : (971-4)
3402210
Email : dxbgrdn@eim.ae
Premises
Subject operates from a medium sized suite of offices and a garden centre
that are rented and located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Saeed Khalfan Al
Ghaith Emirati Managing Director
· Buti Saeed Mohamed
Al Ghandi Emirati Director
· Julian Patrick Lee British Director
LEGAL FORM & OWNERS
Date of Establishment : 1st
June 2002
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 59280, Dubai
Trade Licence No. : 533931 (Expires 5th May 2008)
Membership No. : 69369
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Saeed Khalfan Al
Ghaith 34%
· Julian Patrick Lee 33%
· Emirates
Investment & Development PJC 33%
Dubai
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 as operators of a garden centre, involved
in the wholesale and retail of flowers,
plants, seeds, fertilizers and gardening tools.
Import Countries : Europe and GCC countries.
Operating Trend : Steady
Subject has a workforce of 25 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 Revenue UAE
Dh 9,270,000 UAE
Dh 10,450,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Commercial Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4)
2227121 / 2253222
Fax : (971-4)
2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2002, subject is involved as operators of a garden
centre, involved in the wholesale and retail of flowers, plants, seeds,
fertilizers and gardening tools.
According to local sources, subject’s financial condition is
satisfactory whilst payments are made in a timely manner. The company’s
operating history is reportedly clear and the above credit figure is considered
to be within subject’s financial means.
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%)