MIRA
INFORM REPORT
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Report Date : |
12.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL
SAQR GENERAL TRADING CO LLC |
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Registered Office : |
Al
Ahmadiya Building, Shop No. 13, Al Ras Street, Al Ras, P O Box 16136, Dubai |
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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 : |
21st February 1988 |
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Com. Reg. No.: |
44707 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import
and distribution of general merchandise, specialising in foodstuff products such as spices, butter, milk and coffee. |
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
Company Name : AL SAQR GENERAL TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st February 1988
Commercial Registration Number : 44707, Dubai
Trade Licence Number : 215957
Membership Number : 13152
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 8
Line of Business : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL SAQR
GENERAL TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Al Ahmadiya Building, Shop No. 13
Street : Al Ras Street
Area : Al Ras
PO Box : 16136
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2290944
Facsimile : (971-4) 2291123 / 2262086
Email : alsaqr@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Saadulla Abdul Razzaq Mikati Lebanese Managing Director
· Ibrahim Nasser Abdullah Hussain Emirati Director
· Zakaria Mohamed Julidan - Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 21st February 1988
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 44707, Dubai
Trade Licence No. : 215957 (Expires 16th February
2007)
Membership No. : 13152
Issued
Capital : UAE Dh 3,000,000
Paid
up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
· Ibrahim Nasser Abdullah Hussain 51%
· Saadulla Abdul Razzaq Mikati 49%
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 in the
import and distribution of general merchandise, specialising in foodstuff
products such as spices, butter, milk and
coffee.
Import
Countries :
Europe and GCC countries.
International
Suppliers :
· Akawi Cheese Czech Republic
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 31/12/04 Year
Ending 31/12/05
Total
Revenue UAE Dh
3,900,000 UAE
Dh 4,075,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Arab
Bank Plc
Ittihad Street
PO Box : 11364
Dubai
Tel : (971-4) 2228845
Fax : (971-4) 2285974 / 2940847
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of transaction June 2004 June 2005
Credit
amount 273,660 248,000
Amount
overdue 0 0
Payment
terms 90 days 90 days
Payment
Method Letters of Credit Letters of Credit
Paying
record No Complaints No Complaints
Currency Canadian
Dollars Canadian
Dollars
GENERAL COMMENTS
Established
in 1988, subject is owned and managed by Mr Saadulla Abdul Razzaq Mikati, a
Lebanese national who operates in Dubai under the local sponsorship of Mr
Ibrahim Nasser Abdullah Hussain.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk.
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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