MIRA
INFORM REPORT
|
Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AL ADAB ELECTRICAL & HARDWARE TRADING LLC |
|
|
|
|
Registered Office : |
Al Nakheel Building, Naif Street, Naif, PO Box 40645, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
04.03.2006 |
|
|
|
|
Com. Reg. No.: |
79119, Dubai |
|
|
|
|
Legal Form : |
Limited Liability
Company - LLC |
|
|
|
|
Line of Business : |
Import and
Distribution of hardware, including nuts, bolts, screws and nails, tools,
building and construction materials, electrical fittings and glass and
mirrors. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : AL ADAB ELECTRICAL
& HARDWARE TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 4th
March 2006
Commercial
Registration Number : 79119,
Dubai
Trade Licence Number : 578489
Chamber Membership
Number : 105164
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 4
Activities :
Import and distribution of hardware, including nuts, bolts, screws and nails,
tools, building and construction materials, electrical fittings and glass and
mirrors.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit
Limit : US$ 100,000
COMPANY NAME
AL ADAB ELECTRICAL & HARDWARE TRADING LLC
ADDRESS
Registered & Physical Address
Building : Al Nakheel
Building
Street : Naif Street
Area : Naif
PO Box : 40645
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2296955
Facsimile : (971-4)
2296956
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Suburban Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Ravi Vidhi Indian Managing
Director
· Ankur Goyal
Subhash Indian Director
· Noor Hussain Abul
Qassim Amir Hussain Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 4th
March 2006
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 79119, Dubai
Trade Licence No. : 578489
Chamber Member No. : 105164
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Noor Hussain Abul
Qassim Amir Hussain 51%
· Ravi Vidhi 25%
· Ankur Goyal
Subhash 24%
OPERATIONS
Activities: Engaged in the import and distribution of hardware, including nuts,
bolts, screws and nails, tools, building
and construction materials, electrical fittings and glass and mirrors.
Import Countries: India and China
Subject has a workforce of 4 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Sales UAE
Dh 5,100,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
United Bank Ltd
Murshid Bazar
Branch
PO Box : 1000
Dubai
Tel : (971-4)
2282025 / 2223191
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)