MIRA INFORM REPORT

 

 

Report Date :           

05.05.2011

 

IDENTIFICATION DETAILS

 

Name :

AL BADAWI GENERAL TRADING LLC

 

 

Registered Office :

Sheikh Hassar Building, Ground Floor, Shop No. 1, Al Ras Street, Al Ras, Deira

P O Box 52418 & 1517, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.04.1985

 

 

Com. Reg. No.:

44655, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of all types of metals and metal products

 

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$ 1,500,000

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

SUMMARY

 

Company Name                                     : AL BADAWI GENERAL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 14th April 1985

Commercial Registration Number            : 44655, Dubai

Trade Licence Number                            : 200518

Chamber Membership Number                : 1844

Issued Capital                                        : UAE Dh 3,000,000

Paid up Capital                                      : UAE Dh 3,000,000

Total Workforce                                     : 104

Activities                                               : Distributors of all types of metals and metal products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : Nasser Ali, Finance Manager

 

 

COMPANY NAME

 

AL BADAWI GENERAL TRADING LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Sheikh Hassar Building, Ground Floor, Shop No. 1

Street               : Al Ras Street

Area                 : Al Ras, Deira

PO Box             : 52418 & 1517

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2256129

Facsimile          : (971-4) 2260654

Mobile               : (971-50) 4268658 / 6941798 / 8504268 / 5146780

Email                : abgtcom@emirates.net.ae / info@abgt.ae

 

Premises

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

Branch Office

 

     Location                                                                                          Description

 

·       Industrial Area No. 2                                                                          Warehouse premises

     Ras Al Khor, Al Awir

     Dubai

     Tel: (971-4) 3330750 / 3330749

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Shabir Hakimuddin Hassan Bhai                     Singaporean                  Managing Director

 

·       Mansoor Hakimuddin Hassan Bhai                 Singaporean                  Director

 

·       Zainuddin Hakimuddin                                    Singaporean                  Director

 

·       Abdullah Sultan Al Rahoomi Al Bumhair             Emirati                       Director

 

·       Anil Kumar Kejriwal                                          Indian                         Director

 

·       A K Mishra                                                          -                            Marketing Manager

 

·       Nasser Ali                                                           -                            Finance Manager

 

·       A T Mishra                                                           -                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th April 1985

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 44655, Dubai

 

Trade Licence No.       : 200518 (Expires 03/04/2012)

 

Chamber Member No. : 1844

 

Issued Capital              : UAE Dh 3,000,000

 

Paid up Capital            : UAE Dh 3,000,000

 

Name of Shareholder (s)                                         Percentage

 

·       Abdullah Sultan Al Rahoomi Al Bumhair                      51%

 

·       Zainuddin Hakimuddin                                                17%

 

·       Shabir Hakimuddin Hassan Bhai                                 16%

 

·       Mansoor Hakimuddin Hassan Bhai                             16%

 

 

AFFILIATED COMPANIES

 

·       Al Badawi Scrap LLC

Sharjah

     United Arab Emirates

     Tel: (971-6) 5421175

     Fax: (971-6) 5421176

 

·       Bani Nahan Trading Est

Muscat

     Oman

     Tel: (968) 24590437

     Fax: (968) 24593715

 

·       Indo Straits Trading Co (Pte) Ltd

180B Bencoolen Street, No. 5

PO Box: 189646

Singapore

Tel: (65) 63361602

Fax: (65) 62870690

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of all types of metals, including non-ferrous and scrap metal, as well as aluminium utensils and household items. Subject also deals in related basic chemical supplies, such as    Crude Iodine.

 

Import Countries: India and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 104 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 174,800,000                  UAE Dh 180,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Nasser Ali, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

     Swift Code: BBMEAEAD

 

·       Emirates Bank International Ltd

Al Nasr Square

PO Box: 2923

Dubai

Tel: (971-4) 2281181

 

·       ABN Amro Bank

Deira Branch

PO Box: 2567

Dubai

Tel: (971-4) 3512200

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.73.42

Euro

1

Rs.66.04

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.