MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABDUL KARIM ALWAN FOODSTUFF TRADING LLC |
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Registered Office : |
Younus Ahmed Khadim Sons Building, Al Ras Street, Al Ras Area, Deira,
PO Box 63041, 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 : |
20.12.2000 |
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Com. Reg. No.: |
69205, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General Foodstuff Products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 800,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ABDUL KARIM ALWAN FOODSTUFF TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 20th December 2000
Commercial Registration Number : 69205, Dubai
Trade Licence Number : 567770
Chamber Membership Number : 89830
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 8
Activities : Import and distribution of general foodstuff products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 800,000
COMPANY NAME
ABDUL KARIM ALWAN FOODSTUFF TRADING LLC
ADDRESS
Registered & Physical Address
Building : Younus Ahmed
Khadim Sons Building
Street : Al Ras
Street
Area : Al Ras Area,
Deira
PO Box : 63041
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2350402
Facsimile : (971-4)
2350403
Email : alwantea@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Dubai.
Branch Office (s)
Subject operates two sales offices in Iran, one on
Kish Island and the other at Bander Abbas.
KEY PRINCIPALS
Name Nationality Position
· Abdul Karim Muhsen
Alwan Iraqi Managing
Director
· Habib
Hussain Nasser Al Obdai
Emirati Director
· Saif
Eddine Abbas - General Manager
· Mohamed
Faisal - Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 20th
December 2000
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 69205, Dubai
Trade Licence No. : 567770
(Expires 31/07/2008)
Chamber Member No. : 89830
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Habib
Hussain Nasser Al Obdai 51%
· Abdul Karim Muhsen
Alwan 49%
AFFILIATED COMPANIES
· Abdul Karim Alwan
Foodstuff Trading
Gameel Street
Gameel Area
Baghdad
Iraq
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuff products,
including grain, cereal, vegetables, beverages and spices.
Import Countries: Europe, the Far East and GCC countries.
International Suppliers:
· Anvali & Sons Sri Lanka
· HVA Tea Sri Lanka
Export Countries: GCC countries, Iran and Iraq.
Brand Names: ROYAL STALON and HELADIV
Operating Trend: Steady
Subject has a workforce of 8 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:
Sales UAE
Dh 105,000,000 UAE Dh
220,000,000
Local sources consider subject’s financial condition to be Good.
BANKERS
·
Commercial Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4)
2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
·
Emirates Bank International Ltd
Baniyas Street
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 September
2001
Credit amount 120,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is a fair trade risk.
The financial data supplied in this report was confirmed by the subject.
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%)