MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIGHTY GENERAL TRADING LLC |
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Registered Office : |
Ajman Industrial
Area, PO Box 12872, Ajman |
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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 : |
19.03.2005 |
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Com. Reg. No.: |
30252, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Metal |
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 : MIGHTY GENERAL TRADING LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th March 2005
Commercial Registration Number : 30252, Ajman
Trade Licence Number : 39698
Chamber Membership Number : 37070
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 8
Activities : Import and distribution of metal
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
MIGHTY GENERAL
TRADING LLC
ADDRESS
Registered & Physical Address
Location : Ajman Industrial Area
PO Box : 12872
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7439911
Facsimile : (971-6) 7439903
Mobile : (971-6) 6467688
Email : mgtyrd@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
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Mokesh Kothari Indian Managing Director
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Sultan
Khalifa Mohamed Al Saidi Emirati Director
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Qadee
Ahmed - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
March 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 30252, Ajman
Trade Licence No. : 39698
Chamber Member No. : 37070
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Sultan Khalifa 51%
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Mokesh Kothari 49%
OPERATIONS
Activities: Engaged in the import and distribution of
metal, including copper, zinc and carbon steel.
Import
Countries: Europe and the
Far East
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 31/12/07:
Total Sales UAE
Dh 17,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Qadee Ahmed, Sales Manager.
BANKERS
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National Bank
of Abu Dhabi
Main Street
PO Box : 988
Ajman
Tel : (971-6) 5422996
Fax : (971-6) 5425750
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 and the above credit figure is 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.45.12 |
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UK Pound |
1 |
Rs.79.60 |
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Euro |
1 |
Rs.63.83 |
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%)