MIRA
INFORM REPORT
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Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL QATEEF STAR GENERAL TRADING LLC |
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Registered Office : |
Al Hamriyah Port,
Block No. 17, Al Khaleej Street, PO Box 112770, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
13.09.1997 |
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Com. Reg. No.: |
57206 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of General Merchandise. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL QATEEF STAR GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 13th September 1997
Commercial Registration Number : 57206, Dubai
Trade Licence Number : 501056
Membership Number : 45330
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 7
Line of Business : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL QATEEF STAR
GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Location : Al Hamriyah Port, Block No. 17
Street : Al Khaleej Street
PO Box : 112770
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2681169
Facsimile : (971-4) 2381169
Mobile : (971-50) 5519838
Email : alqateef@emirates.net.ae
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Central Business Area of Dubai.
Branch Offices
Location Description
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Sharjah Sales
Office
Tel : (971-6) 5689663
Fax
: (971-6) 5689663
Mobile : (971-50) 3066112
KEY PRINCIPALS
Name Nationality Position
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Solly Chandy
Perumal Indian Managing Director
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Raju Perumal Indian Director
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Rafia Sultan
Abdullah Salem Al Mehairi Emirati Director
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K Stalin - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th
September 1997
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 57206, Dubai
Trade Licence No. : 501056
(Expires 3rd September 2008)
Membership No. : 45330
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
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Rafia Sultan
Abdullah Salem Al Mehairi 51%
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Solly Chandy
Perumal 25%
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Raju Perumal 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
general merchandise, including general foodstuff
products, animal feed,
ready made garments, household appliances building materials and cement.
Import Countries
: Europe and the Far East.
International Suppliers :
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MGM Trade Link India
Operating Trend
: Steady
Subject has a
workforce of 7 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 52,000,000 UAE Dh 56,475,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Umm Al Quwain
PO Box : 9175
Bank Street
Dubai
Tel : (971-4) 2228000
Fax : (971-4) 2236112
Acc No. 0201001586
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1997, subject is owned and managed by Mr Solly Chandy Perumal and Mr Saju
Perumal who are Indian nationals operating in Dubai under the local sponsorship
of Mr Rafia Sultan Abdullah Salem Al Mehairi.
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$ 750,000
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%)