MIRA
INFORM REPORT
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Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
RED BEACON GENERAL TRADING CO LLC |
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Registered Office : |
Abdur Rahman
Ishaq Mohamed Building, Shop No. S-1, Al Ras Street, Al Ras, PO Box 40637, 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 : |
13.11.1999 |
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Com. Reg. No.: |
53774, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Agricultural Products, Seeds,
Pulses, and Animal Fodder |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : RED BEACON GENERAL TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 13th November 1999
Commercial Registration Number : 53774, Dubai
Trade Licence Number : 515248
Chamber Membership Number : 56880
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Activities : Import and distribution of agricultural products, seeds, pulses, and animal fodder
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
RED BEACON GENERAL
TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Abdur Rahman Ishaq Mohamed Building, Shop No.
S-1
Street : Al Ras Street
Area : Al Ras
PO Box : 40637
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2290784
Facsimile : (971-4) 2290812
Mobile : (971-50) 4561903
Email : red@emirates.net.ae
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
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Shyam Kumar
Garj Indian Managing
Director
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Abdul Rahim
Mohamed Sharif Abdul Rahim Emirati Director
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Rahoul
S.K. Garj - General
Manager
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Anne
Chacko - Sales
Manager
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K.
Soman - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th
November 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 53774, Dubai
Trade Licence No. : 515248
(Expires 10/12/2008)
Chamber Member No. : 56880
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Abdul Rahim
Mohamed Sharif Abdul Rahim 51%
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Shyam Kumar
Garj 49%
AFFILIATED COMPANIES
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Juma Almamari
General Trading LLC
Heirs of Mohamed Ismail Alafghani Building
Al Ras Street
Al Ras
PO Box : 40637
Dubai
Tel : (971-4) 2351020
Fax : (971-4) 2351020
OPERATIONS
Activities: Engaged in the import and distribution of
agricultural products, seeds, pulses, and animal fodder.
Import
Countries: Europe and India
Operating Trend: Steady
Subject has a
workforce of 7 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
12,000,000 UAE Dh
13,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by K. Soman, Finance
Manager.
BANKERS
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ABN Amro Bank
Deira Branch
PO Box : 2567
Dubai
Tel : (971-4) 3512200
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1999, subject is owned and managed b Mr Shyam Kumar Garj, an Indian national who
operates in Dubai under the local sponsorship of Mr Abdul Rahim Mohamed Sharif
Abdul Rahim.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk and the above credit figure is deemed admissible.
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%)