MIRA
INFORM REPORT
|
Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
MIAD GENERAL TRADING LLC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
29.11.1998 |
|
|
|
|
Com. Reg. No.: |
43043, |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Import and Distribution of General Foodstuff Products, including Tea, Coffee and Edible Oils |
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$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : MIAD GENERAL TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 29th November 1998
Commercial Registration Number : 43043,
Trade Licence Number : 508958
Chamber Membership Number : 52574
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 35
Activities : Import and distribution of general foodstuff products, including tea, coffee and edible oils
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Mohamed Bagher Ahmed Ainehchi
COMPANY NAME
MIAD GENERAL
TRADING LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Ras
PO Box : 13635
Town :
Country :
Telephone : (971-4) 2233290 / 2252090
Facsimile : (971-4) 2218569 / 2254019
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Mohamed
Bagher Ahmed Ainehchi Iranian Managing Director
·
Mohamed
Mohini Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 29th
November 1998
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43043,
Trade Licence No. : 508958
(Expires 24/11/2008)
Chamber Member No. : 52574
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
·
Mohamed
Mohini 51%
·
Mohamed
Bagher Ahmed Ainehchi 49%
OPERATIONS
Activities: Engaged in the import and distribution of
general foodstuff products, including tea, coffee and edible oils.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 35 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency:
Year
Ending 31/12/07:
Total Sales UAE
Dh 12,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
HSBC
Bank
Deira Souk Branch
Tel: (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction July
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency
GENERAL COMMENTS
Established in 1998,
subject is involved in the import and distribution of general foodstuff
products, including tea, coffee and edible oils.
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
deemed to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.03 |
|
|
1 |
Rs.74.42 |
|
Euro |
1 |
Rs.62.71 |
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%)