MIRA
INFORM REPORT
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Report
Date : |
20th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL QUDRA GENERAL TRADING LLC |
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Registered
Office : |
Commercial Bank Building, 9th Floor, 903
Baniyas Street, Al Bateen, Deira, P. O. Box 13395, Dubai, United Arab Emirates |
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Date
of Incorporation : |
28.02.2000 |
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Com.
Reg. No.: |
54127 |
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Legal
Form : |
Limited Liability Company |
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Line
of Business : |
Engaged as general traders, specializing in the import and
distribution of engineering equipment and building materials. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
US$
125,000 |
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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 QUDRA
GENERAL TRADING 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 |
28th
February 2000 |
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Commercial
Registration Number |
54127,
Dubai |
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Trade
Licence Number |
516847 |
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Membership
Number |
58231 |
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Issued
Capital |
UAE Dh
3,000,000 |
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Paid
up Capital |
UAE Dh
3,000,000 |
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Total
Workforce |
8 |
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Line
of Business |
Distributors
of engineering equipment and building materials. |
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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 QUDRA
GENERAL TRADING LLC
ADDRESS
Registered
& Physical Address
Building : Commercial Bank Building, 9th
Floor
Street : 903 Baniyas Street
Area : Al Bateen, Deira
PO Box : 13395
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2290299
Facsimile : (971-4) 2290199
Email : quadra@emirates.net.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
Branch Office
Location Description
PO Box:
42612 Rented
sales office
Corniche
Street
Abu Dhabi
Tel : (971-2) 6816070
Fax : (971-2) 6813134
KEY PRINCIPALS
Name Nationality Position
Mohamed
Ghulam Hussain Abbasi Iranian Managing Director
Ali Reza
Ghulam Hussain Abbasi Iranian Director
Abdullah
Redhwan Ibrahim Al Khalsan Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 28th
February 2000
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial
Reg. No. : 54127, Dubai
Trade
Licence No. : 516847
(Expires 25th February 2007)
Membership
No. : 58231
Issued
Capital : UAE Dh
3,000,000
Paid up
Capital : UAE Dh
3,000,000
Name of Shareholder (s) Percentage
Abdullah Redhwan Ibrahim Al Khalsan 51%
Mohamed Ghulam Hussain Abbasi 25%
Ali Reza Ghulam Hussain Abbasi 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.
LINE OF BUSINESS
Operations
: Engaged as
general traders, specialising in the import and distribution of
engineering equipment and building
materials.
Import
Countries : Europe
and the Far East.
Operating
Trend : Steady
Subject has
a workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given
below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/03: Year
Ending 31/12/04:
Total Revenue UAE
Dh 3,020,000 UAE
Dh 3,400,000
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
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 2000, subject is owned and managed by Mr Mohamed Ghulam Hussain Abbasi and
Mr Ali Reza Ghulam Hussain Abbasi, who are Iranian nationals operating in Dubai
under the local sponsorship of Mr Abdullah Redhwan Ibrahim Al Khalsan.
Subject is
engaged as general traders, specialising in the import and distribution of
engineering equipment and building materials.
Local
sources report that subject meets its payments in a timely manner and is
considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 125,000
RATING EXPLANATIONS
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 |