MIRA
INFORM REPORT
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Report Date : |
21.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL BOGARI TRADING CO LLC |
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Registered Office : |
Twin Towers,
Suite 503, Baniyas Road, Deira, PO Box
4048, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
31.05.1976 |
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Com. Reg. No.: |
44573, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject’s operations are performed through the following divisions: Commodities
Division, Islamic Gold Division and Strategic Investments Division |
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$ 750,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL BOGARI TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 31st May 1976
Commercial Registration Number : 44573, Dubai
Trade Licence Number : 208868
Chamber Membership Number : 1854
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 75
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
COMPANY NAME
AL BOGARI TRADING
CO LLC
ADDRESS
Registered & Physical Address
Building : Twin Towers, Suite 503
Street : Baniyas Road
Area : Deira
PO Box : 4048
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2264645 / 2224530 / 2266484
Facsimile : (971-4) 2228741
Email : albogari@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Farooq Qassim
Yousuf Sri
Lankan Managing
Director
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Sattar Qassim Sri
Lankan Director
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Osman Qassim Sri
Lankan Director
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Mohamed Farooq
Qassim Sri
Lankan Director
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Amer Farooq
Qassim Sri
Lankan Director
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Sheikh
Abdulaziz Bin Ali Rashid Al Nuaimi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 31st
May 1976
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 44573, Dubai
Trade Licence No. : 208868
Chamber Member No. : 1854
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Sheikh
Abdulaziz Bin Ali Rashid Al Nuaimi 51%
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Farooq Qassim
Yousuf 21%
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Sattar Qassim 10%
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Osman Qassim 10%
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Mohamed Farooq
Qassim 4%
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Amer Farooq
Qassim 4%
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
·
Commodities Division
Engaged in the import
and distribution of dates, fruit, cumin seed, raisins, dried fruits, cloves and
other agricultural products, as well as cement, caustic soda and general
merchandise.
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Islamic Gold Division
This division specialises in gold and silver bullion and other precious metals, and a
range of securities.
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Strategic Investments Division
Engaged in investment activities covering land, commercial, residential and industrial property as
well as maritime operations.
Import
Countries: China, South
Korea, Sri Lanka, Hong Kong, Japan and Germany
Operating Trend: Steady
Subject has a
workforce of 75 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales UAE Dh
283,000,000 UAE Dh
298,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
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Habib Bank AG
Zurich
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
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.
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%)