MIRA INFORM REPORT

 

 

Report Date :

16.01.2007

 

IDENTIFICATION DETAILS

 

Name :

AL QUDRA GENERAL TRADING LLC

 

 

Registered Office :

Commercial Bank Building, 9th Floor, 903 Baniyas Street, Al Bateen, Deira, P O Box 13395, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

28th February 2000

 

 

Com. Reg. No.:

54127

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Engaged as general traders, specialising in the import and distribution of engineering equipment and building materials.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 125,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

SUMMARY

 

Company Name                         : AL QUDRA GENERAL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 28th February 2000

Commercial Registration Number            : 54127, Dubai

Trade Licence Number                            : 516847

Membership Number                              : 58231

Issued Capital                                        : UAE Dh 3,000,000

Paid up Capital                                      : UAE Dh 3,000,000

Total Workforce                                     : 8

Line of Business                                    : Distributors of engineering equipment and building materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

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 31/12/04                             Year Ending 31/12/05

 

Total Revenue                            UAE Dh 3,400,000                                 UAE Dh 3,790,000

 

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

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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