MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
AT QUDRA GENERAL TRADING CO., LLC |
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Registered Office : |
Commercial Bank Building, 9th Floor, 903, Baniyas Street,
Al Bateen, Deira, P O Box 13395, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
28.02.2000 |
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Com. Reg. No.: |
54127 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of Engineering Equipment and Building Materials |
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 $ 125,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL QUDRA GENERAL TRADING CO 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 CO 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
/ 2353096
Facsimile : (971-4)
2290199 / 2353098
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
· Ali Bangash - Commercial
Manager
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
2008)
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 in the import
and distribution of computer equipment, communication
and media products, include LCD, net
station, digital media player, digital frames as well as MP3 and MP4.
Import Countries : Europe and the
Far East.
International
Suppliers :
·
Tune5 Taiwan
· Net PC Taiwan
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 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE
Dh 3,790,000 UAE
Dh 4,220,000
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.
A company spokesman confirmed the subject’s line of business and did not
mention diamonds or jewellery.
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
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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. |
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%)