MIRA INFORM REPORT

 

 

Report Date :

20.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

RISING SUN ELECTRICALS TRADING LLC

 

 

Registered Office :

Mohamed Bin Ali Alqizi Building, Al Suq Al Kabeer Street, Murshid Bazar, Al Bateen, Deira, PO Box   42416, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

25.07.2001

 

 

Com. Reg. No.:

57148, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Wholesale and Retail of Light Fittings and Fixtures as well as Electrical Fittings.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 400,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

SUMMARY

 

Company Name                         : RISING SUN ELECTRICALS TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 25th July 2001

Commercial Registration Number            : 57148, Dubai

Trade Licence Number                            : 528043

Chamber Membership Number                : 13412

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 8

Activities                                               : Wholesale and retail of light fittings and fixtures as well as electrical fittings.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 400,000

 

 

 

 

 

COMPANY NAME

 

RISING SUN ELECTRICALS TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Mohamed Bin Ali Alqizi Building

Street               : Al Suq Al Kabeer Street

Area                 : Murshid Bazar, Al Bateen, Deira

PO Box             : 42416

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2291187

Facsimile          : (971-4) 2258230

Mobile               : (971-50)

Email                : rst@emirates.net.ae

                          sales@risingsundubai.com

 

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Al Quoz Industrial Area No. 4                                                             Rented warehouse covering an area

Dubai                                                                                               of 30,000 square feet

     Tel: (971-4) 3411764

     Fax: (971-4) 3404504

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       Akbar Hussain                                                          Canadian                       Managing Director

 

·       Anour Hussain                                                          Canadian                       Director

 

·       Ahmad Abdullah Ahmad Basaeed Al Jessmi                 Emirati                        Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th July 2001

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 57148, Dubai

 

Trade Licence No.       : 528043 (Expires 24/07/2008)

 

Chamber Member No. : 13412

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                              Percentage

 

·       Ahmad Abdullah Ahmad Basaeed Al Jessmi                    51%

 

·       Akbar Hussain                                                               25%

 

·       Anour Hussain                                                               24%

 

 

AFFILIATED COMPANIES

 

·       Rising Star Trading Est

PO Box 1106

Al Ain

Tel: (971-3) 7643253

Fax: (971-3) 7663130

 

·       Al Ajwad Electrical Trading

PO Box 11081

Ras Al Khaimah

Tel: (971-7) 2236717

Fax: (971-7) 2236616

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of light fittings and fixtures as well as electrical fittings, including power

cables – PVC insulated and armoured, conduits and PVC accessories, wiring accessories – basic to home automation, Low Voltage Switchgear and control gears, distribution boards, and control relays.

 

Import Countries: China, United States of America, Europe and the Middle East.

 

Brand Names: F&G, DORMAN SMITH, MEM, VOLEX, TENBY, A&T, DUCAB, NCI, OMAN CABLES,

GULF CABLES, STAR CABLES, PHILIPS, SECU PEN, DUPRO, EVERRISE, MARSHALL TUFFLEX, SMC, EVERNAL, SUN, KHIND, SHAMS, USHA, KAWAMURA, ELKAMET, BRILLIANT, BIM, PRESTO PLAST, VINI TAPE

 

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 16,300,000                   UAE Dh 18,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       United Bank Ltd

Murshid Bazar Branch

PO Box : 1000

Dubai

Tel : (971-4) 2282025 / 2223191

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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 contained in this report has been verified by Mr Akbar Hussain, Managing Director.

 

 

 

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions