MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TECHNOLOGY GENERAL TRADING CO LLC |
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Registered Office : |
Sultan Ahmed Lootah Building, Al Rigga Street, Al Muraqqabat Area, P O
Box - 28343, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17.07.1996 |
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Com. Reg. No.: |
47180, |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Engaged in the import and distribution of general
merchandise, including ready made garments, electrical appliances and
foodstuffs. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
TECHNOLOGY GENERAL TRADING CO LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
17th July 1996
Commercial Registration Number :
47180,
Trade Licence Number :
242693
Membership Number :
39375
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
6
Line of Business :
Distributors of general merchandise.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
TECHNOLOGY GENERAL TRADING CO LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al
Muraqqabat Area
PO Box : 28343
Town :
Country :
Telephone : (971-4) 2214891
Facsimile : (971-4)
2216433
Email : kccdubai@emirates.net.ae
Premises
Subject operates from a small suite of offices, a showroom and a
warehouse that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Ali Yousuf Al Alami Egyptian Managing Director
Abdul Aziz Mohamed Thanian Al Ghanem Kuwaiti Director
Ali Majid Ahmed Al Ghurair Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 17th
July 1996
Legal Form :
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 47180,
Trade Licence No. : 242693
(Expires 16th July 2008)
Membership No. : 39375
Issued Capital : UAE
Dh 3,000,000
Paid up Capital : UAE
Dh 3,000,000
Name of Shareholder (s) Percentage
Ali Majid Ahmed Al Ghurair 51%
Abdul Aziz Mohamed Thanian Al Ghanem 29%
Ali Yousuf Al Alami 20%
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
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, including ready
made
garments, electrical appliances and
foodstuffs.
Import Countries :
Europe and the
Operating Trend :
Steady
Subject has a workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year Ending 31/12/05: Year Ending
31/12/06:
Total Revenue UAE
Dh 3,950,000 UAE
Dh 4,210,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction June
2006
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
Established in 1996, subject is owned and managed by Mr Abdul Aziz
Mohamed Thanian Al Ghanem and Mr Ali Yousuf Al Alami who operate in
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 and the above credit figure is considered to be within
subject’s financial means.
Maximum suggested credit figure: US$ 100,000
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)