MIRA INFORM REPORT

 

Report Date :

06.06.2007

 

IDENTIFICATION DETAILS

 

Name :

MOSTAFA BIN ABDULLATIF LLC

 

 

Registered Office :

Heirs of Mustafa Bin Abdullatif Building, Al Falah Street, Al Suq Al Kabir, P O Box 44, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

10th March 1971

 

 

Com. Reg. No.:

45498, Dubai

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Engaged in the manufacture of cables, computer network systems and the supply and installation of raised access flooring.

 

 

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$ 750,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : MOSTAFA BIN ABDULLATIF LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 10th March 1971

Commercial Registration Number            : 45498, Dubai

Trade Licence Number                            : 205628

Membership Number                              : 809

Issued Capital                                        : UAE Dh 4,160,000

Paid up Capital                                      : UAE Dh 4,160,000

Total Workforce                                     : 230

Line of Business                                    : Manufacturers of cables, computer network systems and the

                                                  supply and installation of raised access flooring.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

MOSTAFA BIN ABDULLATIF LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Heirs of Mustafa Bin Abdullatif Building

Street               : Al Falah Street

Area                 : Al Suq Al Kabir

PO Box             : 44

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3534192 / 3536421

Facsimile          : (971-4) 3532174

Email                : mbaled@emirates.net.ae

 

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Omran Mohamed Mustafa Abdullatif                Bahraini                        Managing Director

 

·       Maimoona Mustafa Abdul Latif                        Emirati                          Director

 

·       Loloah Al Haj Abbas                                      Emirati                          Director

 

·       Abdul Wahed Abdul Jalil Al Abbasi                 Emirati                          Director

 

·       Faiza Mohamed Mustafa                                Emirati                          Director

 

·       Nooruddin Mohamed Mustafa Abdul Latif         Emirati                          Director

 

·       Zainab Abbas Karam                         Emirati                          Director

 

·       Naheda Al Haj Abbas Abdulla             Emirati                          Director

 

·       Anwar Abdullah Mustafa Abdul Latif                Emirati                          Director

 

·       Fatima Mustafa Abdul Latif                             Emirati                          Director

 

·       Saleem Abdul Latif Mustafa                            Emirati                          Director

 

·       Ali Abdul Latif Mustafa                                   Emirati                          Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th March 1971

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 45498, Dubai

 

Trade Licence No.       : 205628 (Expires 3rd February 2011)

 

Membership No.          : 809

 

Issued Capital              : UAE Dh 4,160,000

 

Paid up Capital            : UAE Dh 4,160,000

 

 

Name of Shareholder (s)          Percentage

 

·       Maimoona Mustafa Abdul Latif                                                            23%

 

·       Anwar Abdullah Mustafa Abdul Latif                                                    23%

 

·       Ali Abdul Latif Mustafa                                                                       13%

 

·       Faiza Mohamed Mustafa                                                                    9%

 

·       Nooruddin Mohamed Mustafa Abdul Latif                                             9%

 

·       Saleem Abdul Latif Mustafa                                                                6%

 

·       Fatima Mustafa Abdul Latif                                                                 5%

 

·       Zainab Abbas Karam                                                             3%

 

·       Naheda Al Haj Abbas Abdulla                                                 3%

 

·       Loloah Al Haj Abbas                                                                          3%

 

·       Abdul Wahed Abdul Jalil Al Abbasi                                                     3%

 

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 manufacture of cables, computer network systems and the supply and installation of raised access flooring.

 

Import Countries : Europe and the United States of America.

 

Operating Trend : Steady

 

Subject has a workforce of approximately 230 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/05 :               Year Ending 31/12/06 :

 

Total Revenue                            UAE Dh 42,900,000                   UAE Dh 45,600,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Habib Bank Ltd

Murshid Bazaar

PO Box : 888

Dubai

Tel : (971-4) 2221281

Fax : (971-4) 2284631

 

 

 

 

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 1971, subject is involved in the manufacture of cables, computer network systems and the supply and installation of raised access flooring.

 

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 750,000

 

 

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

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions