MIRA
INFORM REPORT
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Report Date : |
26.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL REDHA CHEMICALS TRADING LLC |
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Registered Office : |
Kuwait
Street, Al Masiloon Area, 33062,
Sharjah |
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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 : |
19.03.2001 |
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Com. Reg. No.: |
38383, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and distribution of
industrial chemicals, plastic, rubber, tools and cleaning materials. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL REDHA CHEMICALS TRADING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th March 2001
Commercial Registration Number : 38383, Sharjah
Trade Licence Number : 508256
Chamber Membership Number : 50514
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 15
Activities :
Import and distribution of industrial chemicals,
plastic, rubber, tools and
cleaning materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
AL
REDHA CHEMICALS TRADING LLC
ADDRESS
Registered & Physical Address
Street : Kuwait
Street
Area : Al
Masiloon Area
PO Box : 33062
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5668875
/ 3625824
Facsimile : (971-6) 5668876
Email : airrepar@gmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Mohamed
Khalaf Ahmed Ali Khaliqi Emirati Managing
Director
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Sayed
Mahboob Aeeran Indian Director
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Bhawar
Lal Kiran Raj Indian Director
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Dr Khayum
Basheer - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
March 2001
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 38383, Sharjah
Trade Licence No. : 508256
Chamber Member No. : 50514
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Mohamed
Khalaf Ahmed Ali Khaliqi 51%
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Sayed
Mahboob Aeeran 25%
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Bhawar
Lal Kiran Raj 24%
OPERATIONS
Activities: Engaged in the
import and distribution of industrial chemicals, plastic, rubber, tools and
cleaning materials.
Import Countries
India and China
Operating Trend
Steady
Subject has a
workforce of 15 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 Sale UAE Dh 7,100,000 UAE Dh 8,500,000
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 Melli
Iran
Deira Branch
PO Box : 1894
Dubai
Tel : (971-4) 2268207
Fax : (971-4) 2269157 / 2267096
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 the
correct registered name of the subject is “Al Redha
Chemicals Trading LLC” and not “Al Ridaa Chemical Trading LLC”.
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%)