MIRA
INFORM REPORT
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Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAJ AL MULOOK GENERAL TRADING LLC |
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Registered Office : |
Real Estate
Department Building, Sheikh Zayed Road, Al Quoz Industrial Area, PO Box 51688, 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 : |
18.06. 1989 |
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Com. Reg. No.: |
45718, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Industrial Chemicals and
related Raw Materials |
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$ 350,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TAJ AL MULOOK GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th June 1989
Commercial Registration Number : 45718, Dubai
Trade Licence Number : 219992
Chamber Membership Number : 16282
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 20
Activities : Import and distribution of industrial chemicals and related raw materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 350,000
COMPANY NAME
TAJ AL MULOOK
GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Real Estate Department Building
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 51688
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3475588
Facsimile : (971-4) 3475537
Email : almulook@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Arfan Siddiq
Mulla Indian Managing
Director
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Abdul Qader
Mohamed Moosa Indian Director
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Ahmed Nader
Shaikh Bin Yousuf Emirati Director
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Burhan Dohadwala - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 18th
June 1989
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45718, Dubai
Trade Licence No. : 219992
(Expires 06/06/2008)
Chamber Member No. : 16282
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
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Ahmed Nader
Shaikh Bin Yousuf 51%
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Arfan Siddiq
Mulla 25%
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Abdul Qader
Mohamed Moosa 24%
OPERATIONS
Activities: Engaged in the import and distribution of
industrial chemicals and related raw materials for paints,
adhesives, plastics,
fibreglass, construction chemicals, detergents and pharmaceuticals.
Import
Countries: United States of
America, Europe and the Far East.
International
Suppliers:
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Schulke &
Mayr Germany
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Munzing Chemie Germany
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Waardals Norway
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Synthron France
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Sanwa
Chemicals Singapore
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
13,550,000 UAE Dh
18,750,000
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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Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel
: (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction March
2007
Credit amount 34,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Established in
1989, subject is owned and managed by Mr Arfan Siddiq Mulla and Mr Abdul Qader
Mohamed Moosa who are Indian nationals operating in Dubai under the local
sponsorship of Mr Ahmed Nader Shaikh Bin Yousuf.
The company is run
in a professional manner and has made considerable progress in the local
chemicals market, growing at a rate of 15 percent per annum.
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%)