MIRA
INFORM REPORT
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Report Date : |
22nd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL
SHAYA TRADING CO. |
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Registered Office : |
Abdulaziz
Al Shaya Building, Salah Al Din Street, Hor Al Anz, PO Box: 1277, Dubai,
United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
01.04.1970 |
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Com. Reg. No.: |
3019, Dubai |
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Legal Form : |
Sharikat
Tadhamun (General Partnership) |
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Line of Business : |
Wholesaler and Retailer of building
materials, tiles, sanitary ware, mixers, kitchen accessories, glass blocks,
adhesives, bath systems, flooring and shelving. |
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$
200,000 |
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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 SHAYA 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 |
1st April 1970 |
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Commercial Registration Number |
3019, Dubai |
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Trade Licence Number |
204902 |
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Membership Number |
615 |
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Partners Capital |
UAE Dh 6,000,000 |
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Total Workforce |
30 |
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Line of Business |
Distribution of building materials and sanitary ware. |
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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 SHAYA
TRADING CO
ADDRESS
Registered & Physical Address
Building :
Abdulaziz Al Shaya Building
Street : Salah Al Din Street
Area : Hor Al Anz
PO Box : 1277
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2629100
Facsimile : (971-4) 2692165
Email : alshaya@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices and a warehouse that are owned
and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
·
PO
Box : 26754 Owned
warehouse & showroom
Abu Dhabi
Tel :
(971-2) 6772983
Fax :
(971-2) 6789650
KEY PRINCIPALS
·
Ayman
Abdul Latif Ali Al Shaya Managing
Partner
·
Abdul
Aziz Mohamed Hamood Al Shaya Partner
·
Ibrahim
Abdul Aziz Al Shaya Partner
·
Abdul
Wahab Saleh Al Shaya Partner
·
Abdullatif
Ali Hamood Al Shaya Partner
·
Salah
Ali Hamood Al Shaya Partner
·
Anand
Naryan General
Manager
·
Steph
Vicstaff Commercial
Manager
·
Anil
Patliwal Finance
Manager
·
Abdul
Rahman Abu Babkr Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st April 1970
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 3019, Dubai
Trade Licence No. : 204902 (Expires 10th February
2007)
Membership No. : 615
Partners
Capital : UAE Dh 6,000,000
Name of Partner (s)
·
Ayman
Abdul Latif Ali Al Shaya
·
Abdul
Aziz Mohamed Hamood Al Shaya
·
Ibrahim
Abdul Aziz Al Shaya
·
Abdul
Wahab Saleh Al Shaya
·
Abdullatif
Ali Hamood Al Shaya
·
Salah
Ali Hamood Al Shaya
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.
AFFILIATED COMPANIES
Subject is a member of the M H Al Shaya Group of Companies, which has
operations dating back over 100 years and activities stretching across the Gulf
Region. The M H Al Shaya
Group of Companies includes the following concerns:
·
Intermarkets
UAE
Al Ittihad Street
PO Box : 7434
Dubai
Tel :
(971-4) 2660664
Fax :
(971-4) 2667114
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Al
Shaya Trading Agencies
PO Box : 543
Riyadh
Saudi Arabia
Tel :
(966-1) 4038152 / 4038949
Fax :
(966-1) 4038676
·
Abha
Contracting Company
Abha
Saudi Arabia
Tel : (966-4) 8363254
·
Kuwait
Automotive Import Co WLL (Al Shaya & Al Sagar)
Tunis Street
Hawalli
PO Box : 48
Safat 13001
Kuwait
Tel :
(965) 2421276 / 2421277 / 2421278 / 2421279
Fax :
(965) 2401820
·
Mohamed
Hamood Al Shaya Co
Al Shaya Building
Street No. 2
North Shuwaikh
PO Box : 181
Safat 13002
Kuwait
Tel :
(965) 4841953
Fax :
(965) 4848051
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Oriental
Hotels Company
Safat
Kuwait
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Pan
Arab Research Centre (PARC)
Safat
Kuwait
Tel : (965) 2450783
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Sheraton
Hotel
Fahed Al Salem Street
PO Box : 5902
Safat
Kuwait
Tel : (965) 2422055
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Pan
Arab Computer Company (PACC)
PO Box : 921
Safat
Kuwait
Tel : (965) 4848500
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Al
Shaya International General Trading Co
PO Box : 181
Safat 13002
Kuwait
Tel :
(965) 4848400
Fax :
(965) 4814842
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Al
Shaya Holding Co
PO
Box : 181
Safat 13002
Kuwait
Tel :
(965) 4848400
Fax :
(965) 4814842
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Saud
A. M. Al Shaya Trading & Contracting Est
PO
Box : 181
Safat 13002
Kuwait
Tel : (965) 4841964
Fax : (965) 4814842
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Al
Shaya & Juma Al Majid Trading Co
PO Box : 64432
Safat
Kuwait
Tel :
(965) 4848411 / 4848400
Fax :
(965) 4848425
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Dareen
International Holding Co
PO
Box : 181
Safat 13002
Kuwait
Tel :
(965) 4848400
Fax :
(965) 4814842
·
Al
Injaz Contracting Co KSC
PO Box : 25215
Safat
Kuwait
Tel :
(965) 4832615
Fax :
(965) 4843953
LINE OF BUSINESS
Operations : Engaged in the wholesale and retail of building materials, tiles, sanitary ware, mixers, kitchen accessories, glass blocks, adhesives, bath systems, flooring and shelving.
Import
Countries :
Italy, Spain, Germany, the United Kingdom and the United States of America.
International
Suppliers :
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Imola
Legno Spa Italy
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ESCO
Italiano Spa Italy
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MAB
Spa Italy
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Pozzi
Ginori Italy
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Keramag Germany
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Royal
Doulton Tableware Ltd United
Kingdom
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Leisure
Kitchen Products United
Kingdom
·
Habitat-Mothercare
Group Design Ltd United Kingdom
Brand
Names : KLUDI,
VALLI & VALLI, TEUCO, MECALUX, GEBERIT, ELECTROLUX, MEIKO, JUNCKERS,
CERYPSA, KLUDI, BULTHAUP, NOBLESSA, BOBRICK, VALLI & VALLI, BAL and HUPPE.
Operating
Trend : Steady
Subject
has a workforce of 30 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
24,280,000 UAE Dh
24,775,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Mashreq
Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel :
(971-4) 2229131 / 2221134
Fax :
(971-4) 2233784
Acc No. 0492104857
·
National
Bank of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of
transaction September
1998 March 2002
Credit
amount 300,000 100,000
Amount
overdue 0 0
Payment
terms 60 days 30 days
Payment
Method Letters of Credit Letters of Credit
Paying
record No Complaints No Complaints
Currency Pounds
Sterling Euros
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Al Shaya
Trading Company is a very well established business with operations dating back
to 1970. It is engaged in the distribution of building materials and sanitary
ware, stocking many leading brands and dealing with a host of reputable
international suppliers.
Subject
is owned by members of the Al Shaya family who are wealthy Kuwaiti nationals,
with business interests throughout the Arabian Gulf.
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 admissible.
Maximum
suggested credit figure: US$ 200,000
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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