MIRA
INFORM REPORT
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Report Date : |
28.11.2008 |
IDENTIFICATION DETAILS
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Name : |
FEDERAL GENERAL TRADING LLC |
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Registered Office : |
Abdullah Saif Al
Hathboor Building, Mezzanine Floor, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.05.1986 |
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Com. Reg. No.: |
41474, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and distribution of automotive spare parts 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 : FEDERAL GENERAL TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 19th May 1986
Commercial Registration Number : 41474,
Trade Licence Number : 205096
Chamber Membership Number : 11593
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 20
Activities : Import and distribution of automotive spare parts and related accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
FEDERAL GENERAL
TRADING LLC
ADDRESS
Registered &
Physical Address
Building : Abdullah Saif Al Hathboor
Building, Mezzanine Floor
Street :
Area : Al Garhoud
PO Box : 4045
Town :
Country :
Telephone : (971-4) 2826373
Facsimile : (971-4) 2827262
Email : federal@emirates.net.ae
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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Abbas
Ali Ramadan Sabbar Iranian Managing Director
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Baratulla
Ramadan Ibrahimi Iranian Director
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Ibrahim
Abdul Malik Mohamed Ahli Emirati Director
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Sayed Mobashir - Sales
Manager
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V.S Ayer - Finance
Manager
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Dina Desouza - Administrative
Officer
LEGAL FORM & OWNERS
Date of Establishment : 19th
May 1986
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41474,
Trade Licence No. : 205096
(Expires 14/01/2009)
Chamber Member No. : 11593
Issued Capital : UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Name of Shareholder (s) Percentage
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Ibrahim
Abdul Malik Mohamed Ahli 51%
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Baratulla
Ramadan Ibrahimi 25%
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Abbas
Ali Ramadan Sabbar 24%
OPERATIONS
Activities: Engaged in the import and distribution of
automotive spare parts and related accessories.
Import
Countries:
Brand Names: WEBER, PS, and
DIESEL TECH
Operating Trend: Steady
Subject has a
workforce of 20 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency:
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 7,600,000 UAE Dh 8,375,000
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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National
Bank of
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction July
2006
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
1986, subject is involved in the import and distribution of automotive spare
parts and related accessories.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.84 |
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1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
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%)