MIRA
INFORM REPORT
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Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIR METALS TRADING LLC |
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Registered Office : |
Nasser Ahmad
Lootah Building, Zaabeel Street, Umm Hurer, PO Box 49289, 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 : |
22.02. 2003 |
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Com. Reg. No.: |
61834, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Basic Steel 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 : MIR METALS TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd February 2003
Commercial Registration Number : 61834, Dubai
Trade Licence Number : 542338
Chamber Membership Number : 75533
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Import and distribution of basic steel products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 175,000
COMPANY NAME
MIR METALS TRADING
LLC
ADDRESS
Registered & Physical Address
Building : Nasser Ahmad Lootah Building
Street : Zaabeel Street
Area : Umm Hurer
PO Box : 49289
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3978831
Facsimile : (971-4) 3978832
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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Mir Mujtaba
Hussain Indian Managing Director
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Tariq Makki
Hassan Mohamed Makki Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 22nd
February 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 61834, Dubai
Trade Licence No. : 542338
(Expires 21/02/2009)
Chamber Member No. : 75533
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Tariq Makki
Hassan Mohamed Makki 51%
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Mir Mujtaba Hussain 49%
AFFILIATED COMPANIES
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Sun & Moon
Jewellery LLC
Al Sheikh Mohamed Noor
Building
Al Ras Street
Al Ras
PO Box 66480 & 126628
Dubai
Tel: (971-4) 2354166
Fax: (971-4) 2354167
OPERATIONS
Activities: Engaged in the import and distribution of
basic steel products.
Import
Countries: India
Operating Trend: Steady
Subject has a
workforce of 12 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 8,750,000 UAE Dh 10,200,000
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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Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box : 1709
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.17 |
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UK Pound |
1 |
Rs.86.46 |
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Euro |
1 |
Rs.68.68 |
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%)