MIRA
INFORM REPORT
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Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
FIRST GOLDEN ELECTRONICS LLC |
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Registered Office : |
Deira Tower,
Baniyas Square, Al Rigga, Deira, PO Box 12146, Dubaib |
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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 : |
17.12. 2003 |
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Com. Reg. No.: |
65216, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of audio-visual and recording
equipment, household electrical appliances, photographic equipment, computer
supplies and related accessories. |
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 : FIRST GOLDEN ELECTRONICS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th December 2003
Commercial Registration Number : 65216, Dubai
Trade Licence Number : 551664
Chamber Membership Number : 82987
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Activities : Wholesale and retail of audio-visual and recording equipment, household electrical appliances, photographic equipment, computer supplies and related accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
FIRST GOLDEN
ELECTRONICS LLC
ADDRESS
Registered & Physical Address
Building : Deira Tower
Street : Baniyas Square
Area : Al Rigga, Deira
PO Box : 12146
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2350900 / 2299509
Facsimile : (971-4) 2350901
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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Omid Karam
Karam Abyan Iranian Managing
Director
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Afshin Jafar
Gholi Radmanesh Iranian Director
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Mahdi Salem
Majid Al Hashimi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 17th
December 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 65216, Dubai
Trade Licence No. : 551664
Chamber Member No. : 82987
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Mahdi Salem Majid
Al Hashimi 51%
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Omid Karam
Karam Abyan 25%
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Afshin Jafar
Gholi Radmanesh 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of
audio-visual and recording equipment, household electrical
appliances, photographic
equipment, computer supplies and related accessories.
Import
Countries: Japan, China,
India, United States of America and Europe
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 8,900,000 UAE Dh 10,250,000
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
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
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.
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%)