MIRA INFORM REPORT

 

 

Report No. :

506210

Report Date :

02.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AL DAR GENERAL TRADING CO

 

 

Registered Office :

Heirs of Jamea Khalifa Alqaizi Building Ali Bin Abi Talib Street Bur Dubai, PO Box 5413, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

12.06.1979

 

 

Com. Reg. No.:

4710, Dubai

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Subject is engaged in the import and distribution of textiles, fabrics and readymade garments.

 

 

No. of Employees :

18

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

A2

A2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 from the oil and gas sector to 30%.

 

Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.

 

The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

 

 

Company name

 

AL DAR GENERAL TRADING CO

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

AL DAR GENERAL TRADING CO

 

2) Registered Address:

Address

:

Heirs of Jamea Khalifa Alqaizi Building Ali Bin Abi Talib Street Bur Dubai

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

5413

Phone (s)

:

(971-4) 3532519 / 3534476

Facsimile

:

(971-4) 3535139

Mobile

:

(971-50) 6549843

Email

:

kaldar@emirates.net.ae / info@al-dar.com / aldartex@eim.ae

 

3) Operational Address & Contact Details:

Address

:

Heirs of Jamea Khalifa Alqaizi Building Ali Bin Abi Talib Street Bur Dubai

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

5413

Phone (s)

:

(971-4) 3532519 / 3534476

Facsimile

:

(971-4) 3535139

Mobile

:

(971-50) 6549843

Email

:

kaldar@emirates.net.ae / info@al-dar.com / aldartex@eim.ae

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

General Partnership

Date of Registration

:

12th June 1979

Trade License Number

:

202487

Commercial Registration Number

:

4710, Dubai

 

OTHER REGISTRATION/ MEMBERSHIPS

 

Chamber Membership Number

:

5747

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Fair

Primary Business Activity

:

Distributors of textiles, fabrics and readymade garments

Number of Employees

:

18

Partners Capital

:

UAE Dh 200,000

Note:

Engaged in the import and distribution of textiles, fabrics and readymade garments.

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

 

Year Ending 31/12/16:

Year Ending 31/12/17:

Total Sales

UAE Dh 28,300,000

UAE Dh 29,000,000

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

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

1

Name

Union National Bank

 

Address

Baniyas Street

 

PO Box

6811 Dubai

 

Tel

(971-4) 2211188

 

2

Name

HSBC Bank Middle East

 

Address

Deira Souk Branch

 

PO Box

66 Dubai

 

Tel

(971-4) 2535000

 

SHAREHOLDERS

 

Sr.No

Name

Nationality

Percentage

1

Ismail Abdul Karim Abdul Karim

 Pakistani

50%

2

Ahmed Abdul Karim Abdul Karim

 Pakistani

50%

Total Shares

100%

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Designation

1

Ismail Abdul Karim Abdul Karim

 Pakistani

Managing Partner

2

Ahmed Abdul Karim Abdul Karim

 Pakistani

Partner

3

Riad Aziz Mohamed

_

General Manager

4

Bhagwan Lalwani

_

Sales Manager

5

Ashfaq Mohamed

_

Accountant

 

AFFILIATED COMPANIES

 

1

Name

Karim Corporation General Trading

 

Country

Dubai

 

Tel

(971-4) 3532519

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

India

Import

2

Thailand

Import

 

International Suppliers:

Sr.No

Name

Country

1

 Cheripal Textile

India

2

 Shushi Textile

India

3

 Toptex

India

4

 BSL Textile

India

5

 M N International

India

6

 Topmen Export Ltd 

India

7

 Luckytex

Thailand

 

PREMISES

 

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

 

PAYMENT

 

No complaints regarding subject’s payments have been reported.

 

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

INVESTIGATOR'S COMMENTS

 

Person Interviewed   : Riad Aziz Mohamed, General Manager

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 business is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

UAE Dh

1

INR 18.15

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.