MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHELLCO INTERNATIONAL TRADING CO LLC |
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Registered Office : |
Radisson SAS Hotel Building, 4th Floor, Office No. 405, Beniyas
Street, Al Rigga, Deira, PO Box
21432, 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 : |
20.10.1993 |
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Com. Reg. No.: |
41146, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesaler and Retailer of Auto Spare Parts |
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 : SHELLCO INTERNATIONAL TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 20th October 1993
Commercial Registration Number : 41146, Dubai
Trade Licence Number : 232086
Chamber Membership Number : 28394
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities : Wholesale and retail of auto spare parts
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
SHELLCO INTERNATIONAL TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Radisson SAS Hotel Building, 4th Floor, Office
No. 405
Street : Beniyas
Street
Area : Al Rigga,
Deira
PO Box : 21432
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2276299
Facsimile : (971-4)
2287706
Mobile : (971-50)
Email : shellco@emirates.net.ae
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
· Sadegh Hussain
Robati Iranian Managing Director
· Mrs Sadegh Hussain
Robati Iranian Director
· Ali Mohamed Obaid
Al Qutami Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 20th
October 1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 41146, Dubai
Trade Licence No. : 232086 (Expires 10/05/2008)
Chamber Member No. : 28394
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Ali Mohamed Obaid
Al Qutami 51%
· Mrs Sadegh Hussain
Robati 25%
· Sadegh Hussain
Robati 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of auto spare parts, including
tyres and wheel rims, motorcycle spare parts and bicycles.
Import Countries: China, Japan, India and Europe.
Operating Trend: Steady
Subject has a workforce of 3 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 14,750,000 UAE Dh
16,200,000
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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Bank Saderat Iran
Al Maktoum Street
PO Box : 4182
Dubai
Tel : (971-4)
2221161
Fax : (971-4)
2234460
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Dubai Islamic Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 and
the above credit figure is within subject’s financial means.
Please note that the address you provided, Flat No. 402, 4th
Floor, Deira Tower is incorrect. The correct address is as above and has been
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%)