MIRA
INFORM REPORT
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Report Date : |
15th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL ADIL TRADING CO LLC |
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Registered Office : |
Ahmed Ali Building, Sheikh Zayed Road, Al Quoz Industrial Area, 52409 Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
7th December 1991 |
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Com. Reg. No.: |
43831, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of general foodstuff
products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL ADIL TRADING CO LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
7th December 1991 |
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Commercial Registration Number |
43831, Dubai |
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Trade Licence Number |
226552 |
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Membership Number |
22643 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
32 |
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Line of Business |
Distributors of general foodstuff products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL ADIL TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Ahmed Ali Building
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 52409
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3513124
Facsimile : (971-4) 3521079
Email : adil1998@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 Dubai.
Branch Office (s)
Location Description
Bur Dubai Rented showroom premises
Dubai
Tel: (971-4) 3513124
Fax: (971-4) 3521079
KEY PRINCIPALS
Name Nationality Position
Dhananjay Mhadhaurao Datar Indian Managing Director
Mahadeo Dattatray Datar Indian Director
Abdullah Hassan Jassem Al Khalsan Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 7th December 1991
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 43831, Dubai
Trade Licence No. : 226552 (Expires 7th October 2006)
Membership No. : 22643
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Abdullah Hassan Jassem Al Khalsan 51%
Mahadeo Dattatray Datar 25%
Dhananjay Mhadhaurao Datar 24%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with
not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less
than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the
Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
Al Adil Trading Co. WLL
Electra Area
Abu Dhabi
Tel: (971-2) 6761162
Fax: (971-2) 6760577
Al Adil Supermarket LLC
Bur Dubai
Tel: (971-4) 3527342
Fax: (971-4) 3521079
Al Adil Flour Mill LLC
Rolla
Sharjah
Tel: (971-6) 5628656
Fax: (971-6) 5628929
Tulaja Exports
Vashi
New Bombay
Tel: 27899615
Fax: 55907978
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of general foodstuff products, including
herbs and spices.
Import Countries : Europe and India.
Operating Trend : Steady
Subject has a workforce of 32 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total Revenue UAE Dh 11,200,000 UAE Dh 11,500,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
Habib Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 1991, subject is involved in
the import and distribution of general foodstuff products, including herbs and
spices.
According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 250,000
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/normal. |
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 |