MIRA
INFORM REPORT
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Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHEIKH ABDUL RAHEEM TRADING LLC |
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Registered Office : |
Mohamed Rashid
Almutawa Building, Al Mussalla Street, Al Daghaya, Deira, PO Box 14443 & 33172, 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 : |
17.10.1999 |
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Com. Reg. No.: |
66152, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Cotton and Other Natural Fibres |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SHEIKH ABDUL RAHEEM TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th October 1999
Commercial Registration Number : 66152, Dubai
Trade Licence Number : 514697
Chamber Membership Number : 56551
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Import and distribution of cotton and other natural fibres
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
SHEIKH ABDUL RAHEEM
TRADING LLC
ADDRESS
Registered & Physical Address
Building : Mohamed Rashid Almutawa Building
Street : Al Mussalla Street
Area : Al Daghaya, Deira
PO Box : 14443 & 33172
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2724511
Facsimile : (971-4) 2724511
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Suburban Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Sheikh Mohamed
Sharif Sheikh Abdul Raheem
Pakistani Managing
Director
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Maryam Salem
Saeed Andeez Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 17th
October 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 66152, Dubai
Trade Licence No. : 514697
(Expires 12/10/2008)
Chamber Member No. : 56551
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Maryam Salem
Saeed Andeez 51%
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Sheikh Mohamed
Sharif Sheikh Abdul Raheem 49%
OPERATIONS
Activities: Engaged in the import and distribution of
cotton and other natural fibres.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 6 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 7,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction April
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1999, subject is owned and managed by Sheikh Mohamed Sharif Sheikh Abdul
Raheem, a Pakistani national who operates in Dubai under the local sponsorship
of Mr Maryam Salem Saeed Andeez.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.02 |
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Euro |
1 |
Rs.67.77 |
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%)