MIRA INFORM REPORT

 

 

Report No. :

347976

Report Date :

07.11.2015

 

IDENTIFICATION DETAILS

 

Name :

TAJ AL MULOOK GENERAL TRADING LLC

 

 

Registered Office :

Plot No. B-802 Sheikh Zayed Road Al Quoz Industrial Area No. 3, Al Barsha, Block 36 51688 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

18.06.1989

 

 

Com. Reg. No.:

45718, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Engaged in the import and distribution of industrial chemicals and related raw materials for paints, adhesives, plastics, fibreglass, construction chemicals, detergents and pharmaceuticals.

 

 

No. of Employee :               

34

 

 

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

 

 

UNITED ARAB EMIRATES ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

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                                     : 34

Activities                                               : Import and distribution of industrial chemicals and related raw materials

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Rafiq Quraishi, Finance Manager

 

 

 

COMPANY NAME

 

TAJ AL MULOOK GENERAL TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Plot No. B-802

Street               : Sheikh Zayed Road

Area                 : Al Quoz Industrial Area No. 3, Al Barsha, Block 36

 

PO Box                        : 51688

 

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3475588

Facsimile          : (971-4) 3475537

Mobile              : (971-50) 7542172 / 6249344

Email                : almulook@emirates.net.ae / info@tajchem.com

 

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

 

·       Arfan Siddiq Mulla                                           Indian                                    Managing Director

 

·       Abdul Qader Mohamed Moosa                         Indian                                    Director

 

·       Ahmed Nader Shaikh Bin Yousuf                     Emirati                                    Director

 

·       Rafiq Quraishi                                                     -                            Finance Manager

 

·       Raheel Ahmed                                                     -                            Sales Manager

 

·       P S Appanna                                                                    -                           Administration 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 06/06/2016)

 

Chamber Member No.  : 16282

 

Issued Capital              : UAE Dh 3,000,000

 

Paid up Capital            : UAE Dh 3,000,000

 

 

Name of Shareholder (s)                                              Percentage

 

·       Ahmed Nader Shaikh Bin Yousuf                                    51%

 

·       Arfan Siddiq Mulla                                                        25%

 

·       Abdul Qader Mohamed Moosa                                       24%

 

 

AFFILIATED COMPANIES

 

·       Tam House Co Ltd

Al Hawariyy Street

PO Box: 28606

Malaz District

Riyadh 11447

Saudi Arabia

Tel: (966-11) 4731653 / 2915226

Fax: (966-11) 2919441

 

·       Tam India

705 Raikar Chamber premises co-op Society Ltd,

Govandi (E) Mumbai 400088.
India
Tel: (91-22) 42479002

Mob: (91-97) 73564250

 

 

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.

 

     Subject is ISO 9001 accredited.

 

Import Countries: United States of America, Europe, Singapore and India.

 

International Suppliers:

 

·       Schulke & Mayr                    Germany

·       Munzing Chemie                   Germany

·       Terhal                                   Germany

·       Bayer AG                             Germany

·       Waardals                              Norway

·       Synthron                              France

·       Hexion                                 France

·       Sanwa Chemicals                 Singapore

·       Sun Ace Kakoh                     Singapore

·       KLJ Ltd                                India

·       Admark Ltd                          India

 

Brand Names: THOMAS SWAN, NIKHIL, ADMARK, CREAFILL, SUNACE, SILYSIAMONT, MOMENTIVE, KUMHO PETROCHEMICAL, SKC, LAADER BERG, KPX, EURO SUPPORT, KUSA CHEMICALS, SILBOND, LEHMANN & VOSS & CO and DURA

 

Operating Trend: Steady

 

Subject has a workforce of 34 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                UAE Dh 289,434,000                 UAE Dh 320,000,000

 

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

 

The above figures were provided by Mr Rafiq Quraishi, Finance Manager

 

 

BANKERS

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

     Tel: (971-4) 2229131 / 2221134

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

·       Emirates National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222555

     Fax: (971-4) 2221110

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.79

UK Pound

1

Rs.99.95

Euro

1

Rs.71.55

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.