MIRA INFORM REPORT

 

 

Report Date :

2nd June 2006

 

IDENTIFICATION DETAILS

 

Name :

AJMAL PERFUME MANUFACTURING & OUDH PROCESSING INDUSTRY LLC

 

 

Registered Office :

Plot No. 108, Sheikh Zayed Road

Al Quoz Industrial Area, 3141

Dubai, United Arab Emirates

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31/12/2005

 

 

Date of Incorporation :

1951

 

 

Com. Reg. No.:

42094, Dubai

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Manufacturers of perfumes and cosmetics.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 400,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

Litigation :

Clear

 

 

 

 

 

SUMMARY

 

Company Name

AJMAL PERFUME MANUFACTURING & OUDH PROCESSING INDUSTRY LLC

Country of Origin

Dubai, United Arab Emirates

Legal Form

Limited Liability Company – LLC

Start Date

1951

Registration Date

8th June 1987

Commercial Registration Number

42094, Dubai

Trade Licence Number

300319

Membership Number

12259

Issued Capital

UAE Dh 10,500,000

Paid up Capital

UAE Dh 10,500,000

Total Workforce

280

Line of Business

Manufacturers of perfumes and cosmetics.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

AJMAL PERFUME MANUFACTURING & OUDH PROCESSING INDUSTRY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Plot No. 108

Street               : Sheikh Zayed Road

Area                 : Al Quoz Industrial Area

PO Box             : 3141

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2690102

Facsimile          : (971-4) 2629747

Email                : info@ajmalperfume.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Dubai.

 

Branch Offices

 

Location                                                                                                Description

 

Hamarain Center, Gate 8, 2nd Floor                                                          Office premises

PO Box : 8809

Dubai

 

PO Box : 11500                                                                                     Showroom premises

Muharraq

Bahrain

 

4/13 Kamal Mansion                                                                              Showroom premises

Arthur Bunder Road

Mumbai

India

 

PO Box : 28343                                                                                     Showroom premises

Safat 13142

Kuwait

 

PO Box : 2429                                                                                       Showroom premises

Ruwi 112

Muscat

Oman

 

PO Box : 4485                                                                                       Showroom premises

Doha

Qatar

 

PO Box : 104080                                                                                   Showroom premises

Jeddah 21331

Saudi Arabia

 

64 Knightsbridge                                                                                    Showroom premises

London SW1X 7JF

United Kingdom

 

 

KEY PRINCIPALS

 

Name                                                                Nationality                     Position

 

Mohamed Amiruddin Ajmal Ali                            Indian                            Managing Director

 

Nazirul Haq Ajmal                                              Indian                            Director

 

Mohamed Fakhruddin Ajmal                                Indian                            Director

 

Hamad Ahmed Bin Suqat                                   Emirati                          Director

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1951, however subject was registered on 8th June 1987.

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 42094, Dubai

 

Trade Licence No.       : 300319 (Expires 31st May 2006)

 

Membership No.          : 12259

 

Issued Capital              : UAE Dh 10,500,000

 

Paid up Capital            : UAE Dh 10,500,000

 

Name of Shareholder (s)                               Percentage

 

Hamad Ahmed Bin Suqat                                               51%

 

Mohamed Amiruddin Ajmal Ali                                        17%

 

Nazirul Haq Ajmal                                                          16%

 

Mohamed Fakhruddin Ajmal                                            16%

 

Note to the Legal Form  

A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with

not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.

 

The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less

than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.

 

This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.

 

Non UAE Participation   

The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the

Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.

 

It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.

 

Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the manufacture of perfumes and cosmetics.

 

Import Countries : Europe and the United States of America.

 

Operating Trend : Steady

 

Subject has a workforce of approximately 280 employees.

 

 

FINANCIAL HIGHLIGHTS

 

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/04 :                           Year Ending 31/12/05 :

 

Total Revenue                            UAE Dh 37,900,000                               UAE Dh 42,500,000

 

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

 

 

 

BANKERS

 

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.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 1951, subject is involved in the manufacture of perfumes and cosmetics.

 

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 above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 400,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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