MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
AL RAHMANI GENERAL TRADING CO LLC |
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Registered Office : |
Yousuf Al Rahmani
Sons Building, Hor Al Anz Street, Hor Al Anz, Deira, PO Box 329, Dubai |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1917 |
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Com. Reg. No.: |
45740, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Building Materials and Hardware |
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$ 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL RAHMANI GENERAL TRADING CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 1917
Commercial Registration Number : 45740,
Trade Licence Number : 208692
Chamber Membership Number : 6655
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 210
Activities : Import and distribution of building materials and hardware
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
Person Interviewed :
Yassir Mohamed, Finance Manager
COMPANY NAME
AL RAHMANI GENERAL
TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Yousuf Al
Street :
Area :
Hor Al Anz, Deira
PO Box : 329
Town :
Country :
Telephone : (971-4) 2142599 / 2664300 / 2664698 /
2664417
Facsimile : (971-4) 2694870
Email : rahmani@emirates.net.ae
Premises
Subject operates from
a medium sized suite of offices and a warehouse that are owned and located in
the Suburban Business Area of Dubai.
Branch Office
(s)
Location Description
·
Hor Al
Anz Showroom
premises
Tel : (971-4) 2142540 /
2664282
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Al
Aweer Showroom
premises
Tel : (971-4) 3331286
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Tel : (971-4) 2224978 /
2221444
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Mussafah
Industrial Area Showroom
premises covering
PO Box: 8413 an
area of 40,000 square feet
Tel: (971-2) 5554647 / 5552998
Fax: (971-2) 5554909
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Sharjah Showroom
premises
KEY PRINCIPALS
Name Nationality Position
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Ibrahim
Yousuf Abdul Rahman Al Rahmani Emirati Managing Director
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Noora
Heryani Emirati Director
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Yassir Mohamed - Finance
Manager
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Harish
Annaswami - Marketing
Manager
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K M
Purshothaman - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1917
History : Subject’s operations date back to 1917 when
it was established by the late HajiYousuf Al
Rahmani as a small trading concern. However subject
was registered on 6th May 1980 as a
Limited Liability Company
between the current owners.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45740,
Trade Licence No. : 208692
(Expires 27/02/2009)
Chamber Member No. : 6655
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
Yousuf Abdul Rahman Al Rahmani 80%
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Noora
Heryani 20%
AFFILIATED COMPANIES
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Sharjah
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Al
OPERATIONS
Activities: Subject has a product range covering more than
10,000 items, including the following products :
- Building materials such as
timber, plywood boards/panels, sheets, cements, and structural steel.
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Interior decoration items.
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Ceiling and partitioning products like ceiling tiles and gypsum boards .
- Complete range of hardware,
plumbing and sanitary ware, paints and accessories, hand/power tools
and accessories, as well as
electrical fittings.
Import
Countries: Europe,
International
Suppliers:
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Bison-Kit
Adhesives
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Fobro
Sarlino
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Diaglas
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Hornitex
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Jowat
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ARPA
Srl
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Ondura
Ltd
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Canfor
Wood Panels
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Milton
Ltd
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Swan
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Modecor
Ltd
Export
Countries:
Brand Names: WONDER
FOAM, BPB, DOLPHIN, MERBOARD, RIKVIN, EUCATEX, KOHL,
LOUVERLUX, RHINO, NITTOBO, TENBY ELECTRICAL
and MAKITA
Operating Trend: Steady
Subject has a
workforce of 210 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/07:
Total Sales UAE
Dh 175,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Yassir Mohamed, Finance
Manager
BANKERS
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel
: (971-4) 2535000
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The
Standard Chartered Bank
Mankhool Branch
PO Box : 999
Tel : (971-4) 2520455
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Emirates
Bank International Ltd
PO Box : 2923
Tel : (971-4) 2281181
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First
Gulf Bank
PO Box: 52053
Tel: (971-4) 2941234
Fax: (971-4)
2949595
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction January 2005 October 2006 October 2007
Credit amount 306,300 50,000 150,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Canadian
Dollars Pounds Sterling
GENERAL COMMENTS
Established in
1917, subject is owned and managed by Mr Ibrahim Yousuf Abdul Rahman Al Rahmani
and his wife Mrs Noora Heryani.
Subject is involved
in the import and distribution of building materials, hardware, power tools,
timber, laminate flooring and sanitary ware products under a number of well
known brand names.
The company enjoys
an excellent reputation for the quality of its products and has a 20% market
share in the building materials sector. Furthermore in late 2002 the company
opened another showroom based in
According to local
sources, subject’s financial condition is satisfactory whilst payments are made
in a timely manner. The company’s operating history is reportedly clear and the
subject is considered to be a sound 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.49.79 |
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1 |
Rs.81.27 |
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Euro |
1 |
Rs.63.91 |
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%)