MIRA
INFORM REPORT
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Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL SAQR GENERAL TRADING CO LLC |
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Registered Office : |
Al Ahmadiya
Building, Ground Floor, Shop No. 13, Al Ras Street, Al Ras, Deira, PO Box 16136, 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 : |
21.02.1988 |
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Com. Reg. No.: |
44707, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General Merchandise,
Specialising in Foodstuff Products |
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$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL SAQR GENERAL TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st February 1988
Commercial Registration Number : 44707, Dubai
Trade Licence Number : 215957
Chamber Membership Number : 13152
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 20
Activities : Import and distribution of general merchandise, specialising in foodstuff
products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 400,000
COMPANY NAME
AL SAQR GENERAL
TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Al Ahmadiya Building, Ground Floor, Shop No.
13
Street : Al Ras Street
Area : Al Ras, Deira
PO Box : 16136
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2290944
Facsimile : (971-4) 2291123 / 2262086
Mobile : (971-50) 7592574
Email : alsaqr@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.
KEY PRINCIPALS
Name Nationality Position
·
Saadulla Abdul
Razzaq Mikati Lebanese Managing Director
·
Ibrahim Nasser
Abdullah Hussain Emirati Director
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Tariq
Mikati - Commercial
Manager
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Saji
Mohan George - Accounts
Manager
LEGAL FORM & OWNERS
Date of Establishment : 21st
February 1988
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 44707, Dubai
Trade Licence No. : 215957
(Expires 16/02/2009)
Chamber Member No. : 13152
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
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Ibrahim Nasser
Abdullah Hussain 51%
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Saadulla Abdul
Razzaq Mikati 49%
OPERATIONS
Activities: Engaged in the import and distribution of
general merchandise, specialising in foodstuff products such as spices, butter,
milk and coffee.
Import
Countries: Europe and GCC
countries
International
Suppliers:
·
Akawi Cheese Czech Republic
Operating Trend: Steady
Subject has a
workforce of 20 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:
Total Sales UAE Dh
105,000,000 UAE Dh
127,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Mr Saji Mohan George,
Accounts Manager.
BANKERS
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Arab Bank Plc
Ittihad Street
PO Box : 11364
Dubai
Tel : (971-4) 2228845
Fax
: (971-4) 2285974 / 2940847
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction June 2004 June 2005
Credit amount 273,660 248,000
Amount overdue 0 0
Payment terms 90
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars Canadian
Dollars
GENERAL COMMENTS
Established in
1988, subject is owned and managed by Mr Saadulla Abdul Razzaq Mikati, a
Lebanese national who operates in Dubai under the local sponsorship of Mr
Ibrahim Nasser Abdullah Hussain.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.02 |
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Euro |
1 |
Rs.67.77 |
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%)