MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDEN EXPRESS GENERAL TRADING LLC |
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Registered Office : |
White Crown
Building, 10th Floor, 1007 Sheikh Zayed Road, PO Box 29955 & 7590, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
08.11. 2007 |
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Com. Reg. No.: |
1018513, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject operates with
a General Trade Licence and is engaged in the Import and Distribution of
General Merchandise |
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$ 50,000 |
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Status : |
New and Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GOLDEN EXPRESS GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th November 2007
Commercial Registration Number : 1018513, Dubai
Trade Licence Number : 602454
Chamber Membership Number : 125776
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : Subject operates with a general trade licence
Activities : 3
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 50,000
COMPANY NAME
GOLDEN EXPRESS
GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : White Crown Building, 10th
Floor
Street : 1007 Sheikh Zayed Road
PO Box : 29955 & 7590
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3322392
Facsimile : (971-4) 3311229
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Adel Haider
Bertawi Iranian Managing Director
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Mohamed Reza
Hussain Iranian Director
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Mohamed Shaikh
Ahmed Abdul Rahim Bawazir Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 8th
November 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1018513,
Dubai
Trade Licence No. : 602454
(Expires 30/10/2008)
Chamber Member No. : 125776
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Mohamed Shaikh
Ahmed Abdul Rahim Bawazir 51%
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Adel Haider
Bertawi ]
] 49%
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Mohamed Reza
Hussain ]
OPERATIONS
Activities: Subject operates with a general trade
licence and is engaged in the import and distribution of general
merchandise.
Subject has a
workforce of 3 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Bank Saderat
Iran
Al Maktoum Street
PO Box : 4182
Dubai
Tel : (971-4) 2221161
Fax : (971-4) 2234460
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
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%)