MIRA
INFORM REPORT
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Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL DAR GENERAL TRADING CO |
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Registered Office : |
Heirs of Jamea Khalifa
Alqaizi Building, Al Faheidi Street, Al Suq Al Kabir, PO Box 5413, 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 : |
12.06.1979 |
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Com. Reg. No.: |
4710, Dubai |
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Legal Form : |
General Partnership |
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Line of Business : |
Import and Distribution of Textiles, Fabrics and Ready
Made Garments |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL DAR GENERAL TRADING CO
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Registration Date : 12th June 1979
Commercial Registration Number : 4710, Dubai
Trade Licence Number : 202487
Chamber Membership Number : 5747
Partners Capital : UAE Dh 200,000
Total Workforce : 20
Activities : Import and distribution of textiles, fabrics and ready made garments
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
AL DAR GENERAL
TRADING CO
ADDRESS
Registered & Physical Address
Building : Heirs of Jamea Khalifa Alqaizi
Building
Street : Al Faheidi Street
Area : Al Suq Al Kabir
PO Box : 5413
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3532519 / 3534476
Facsimile : (971-4) 3535139
Email : kaldar@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Ismail Abdul
Karim Abdul Karim
Pakistani Managing
Partner
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Ahmed Abdul
Karim Abdul Karim
Pakistani Partner
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Bhawan
Daz Lalwani - General
Manager
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Riyad
Abdulaziz - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
June 1979
Legal Form :
General Partnership
Commercial Reg. No. : 4710, Dubai
Trade Licence No. : 202487
(Expires 15/02/2009)
Chamber Member No. : 5747
Partners Capital : UAE Dh 200,000
Name of Partner (s) Percentage
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Ismail Abdul Karim
Abdul Karim 50%
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Ahmed Abdul
Karim Abdul Karim 50%
OPERATIONS
Activities: Engaged in the import and distribution of
textiles, fabrics and ready made garments.
Import
Countries: Europe and the
Far East
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 9,800,000 UAE Dh 11,250,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Union National
Bank
Baniyas Street
PO Box : 6811
Dubai
Tel : (971-4) 2211188
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction November
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1979, subject is owned and managed by Mr Ismail Abdul Karim Abdul Karim and Mr
Ahmed Abdul Karim Abdul Karim, who are well respected in the local business
community.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the business is deemed a fair trade risk
and the above credit figure is considered to be within subject’s financial
means.
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%)