MIRA
INFORM REPORT
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Report Date : |
15th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL DAR
GENERAL TRADING COMPANY |
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Registered Office : |
Heirs
of Jamea Khalifa Alqaizi Building, Al Faheidi Street, Al Suq Al Kabir, PO Box : 5413, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
12.06.1979 |
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Com. Reg. No.: |
4710,
Dubai |
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Legal Form : |
Sharikat
Tadhamun (General Partnership) |
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Line of Business : |
Importer and Distributors of textiles, fabrics and ready made garments. |
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 : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL DAR GENERAL TRADING CO |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
General Partnership |
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Registration Date |
12th June 1979 |
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Commercial Registration Number |
4710, Dubai |
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Trade Licence Number |
202487 |
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Membership Number |
5747 |
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Partners Capital |
UAE Dh 200,000 |
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Total Workforce |
3 |
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Line of Business |
Distributors of textiles, fabrics and ready made garments. |
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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 DAR
GENERAL TRADING CO
ADDRESS
Registered & Physical Address
Building : Heirs of Jamea Khalifa Alqaizi
Building
Street : Al Faheidi Street
Area : Al Suq Al Kabir
PO Box : 5413
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3532519
Facsimile : (971-4) 3535139
Email : kaldar@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
·
Ismail
Abdul Karim Abdul Karim Pakistani Managing Partner
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Ahmed
Abdul Karim Abdul Karim Pakistani Partner
LEGAL FORM & OWNERS
Date of Establishment : 12th June 1979
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 4710, Dubai
Trade Licence No. : 202487 (Expires 15th February
2009)
Membership No. : 5747
Partners
Capital : UAE Dh 200,000
Name of Partner (s) Percentage
·
Ismail
Abdul Karim Abdul Karim 50%
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Ahmed
Abdul Karim Abdul Karim 50%
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of textiles, fabrics and ready made garments.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 3 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
4,920,000 UAE Dh
5,075,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Union
National Bank
Baniyas Street
PO Box : 6811
Dubai
Tel : (971-4) 2211188
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1979, subject is owned and managed by Mr Ismail Abdul Karim Abdul Karim and
Mr Ahmed Abdul Karim Abdul Karim, who are well respected in the local business
community.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the business is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum
suggested credit figure: US$ 150,000
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 |
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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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