MIRA
INFORM REPORT
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Report
Date : |
15.01.2007 |
IDENTIFICATION DETAILS
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Name : |
AL BOGARI
TRADING COMPANY L.L.C |
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Registered
Office : |
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Date
of Incorporation : |
31st May 1976 |
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Com.
Reg. No.: |
44573 |
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Legal
Form : |
Limited Liability Company |
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Line
of Business : |
Distributors of foodstuffs, electrical household
appliances, watches, calculators, toys, chemicals and cement. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
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$
250,000 |
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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 BOGARI
TRADING CO LLC |
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Country
of Origin |
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Legal
Form |
Limited
Liability Company - LLC |
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Registration
Date |
31st
May 1976 |
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Commercial
Registration Number |
44573, |
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Trade
License Number |
208868 |
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Membership
Number |
1854 |
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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 |
13 |
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Line
of Business |
Distributors
of foodstuffs, electrical household appliances, watches, calculators, toys,
chemicals and cement. |
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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 BOGARI TRADING CO L.L.C
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Deira
PO Box :
4048
Town :
Country :
Telephone : (971-4) 2264645 / 2224530 / 2266484
Facsimile : (971-4) 2228741
Email : albogari@emirates.net.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Farooq Qassim Yousuf Sri Lankan Managing Director
Sattar Qassim Sri Lankan Director
Osman Qassim Sri Lankan Director
Mohamed Farooq Qassim Sri
Lankan Director
Amer Farooq Qassim Sri Lankan Director
Sheikh Abdulaziz Bin Ali Rashid Al Nuaimi Emirati Director
LEGAL FORM & OWNERS
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Date
of Establishment |
31st
May 1976 |
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Legal
Form |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Commercial
Reg. No. |
44573, |
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Trade
Licence No. |
208868 (Expires 15th January
2007) |
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Membership
No. |
1854 |
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Issued
Capital |
UAE Dh
300,000 |
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Paid
up Capital |
UAE Dh
300,000 |
Name of
Shareholder (s) Percentage
Sheikh Abdulaziz Bin Ali Rashid Al Nuaimi 51%
Farooq Qassim Yousuf 21%
Sattar Qassim 10%
Osman Qassim 10%
Mohamed Farooq Qassim 4%
Amer Farooq Qassim 4%
Non
UAE Participation
The
participation of non-Emirati in a trade or business in the
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.
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.
LINE OF BUSINESS
Operations
:
Engaged in
the import and distribution of zaidi dates, grains, seeds, pulses, electrical
household
appliances, watches, calculators, toys, cement and chemicals.
Import
Countries :
Operating
Trend : Steady
Subject has
a workforce of 13 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year Ending 31/12/03 : Year Ending 31/12/04
:
Total Revenue UAE Dh 6,180,000 UAE Dh
6,600,000
Local sources consider subject’s financial condition to be
Fair.
BANKERS
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL COMMENTS
Established
in 1976, subject is involved in the import and distribution of foodstuff,
electrical household appliances, watches, calculators, toys, chemicals and
cement.
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.
Maximum
suggested credit figure: US$ 250,000
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 |