MIRA
INFORM REPORT
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Report Date : |
8th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
ABU MANSOUR FOODSTUFF
& VEGETABLES COMPANY LLC |
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Registered Office : |
Municipal Building, Almina Zayed Road Meena Wholesale Market, 32149 Abu Dhabi, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
8th May 1984 |
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Com. Reg. No.: |
10956, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and
distribution of fresh fruit and vegetable |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 120,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
ABU MANSOUR FOODSTUFF
& VEGETABLES COMPANY LLC |
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Country of Origin |
Abu Dhabi, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
8th May 1984 |
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Commercial Registration Number |
10956, Abu Dhabi |
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Trade Licence Number |
15295 |
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Membership Number |
4505 |
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Issued Capital |
UAE Dh 400,000 |
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Paid up Capital |
UAE Dh 400,000 |
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Total Workforce |
20 |
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Line of Business |
Import and distribution of fresh fruit and vegetable. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
ABU MANSOUR FOODSTUFF & VEGETABLES COMPANY LLC
ADDRESS
Registered & Physical Address
Building : Municipal Building
Street : Almina Zayed Road
Area : Meena Wholesale Market
PO Box : 32149
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6731455
Facsimile : (971-2) 6731475
Email :
ame_auh@emirates.net.ae
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
Abdul Salam Ali Konji Indian Managing Director
Jonaid Abdul Salam Ali Konji Indian Director
Mohamed Al Masleh Al Harbi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 8th May 1984
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 10956, Abu Dhabi
Trade Licence No. : 15295 (Valid until 01/08/06)
Membership No. : 4505
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
Name of Shareholder (s)
Abdul Salam Ali Konji
Jonaid Abdul Salam Ali Konji
Mohamed Al Masleh Al Harbi
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 150,000, 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.
AFFILIATED COMPANIES
Al Awal Trading Est
Dubai
Tel: (971-4) 3203881
Shatora Trading Co LLC
Dubai
Tel: (971-4) 3202372
LINE OF BUSINESS
Operations: Engaged in the import and distribution of fresh fruit and
vegetable.
Import Countries: India, Egypt and Asia.
Operating Trend: Steady
Subject has a workforce of 20 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 4,800,000 UAE Dh 5,160,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Bank of Baroda
PO Box: 2303
Abu Dhabi
Tel: (971-2) 6330244
Fax: (971-2) 6335293
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Abu Mansour Foodstuff & Vegetables Company LLC enjoys a good reputation for the quality of its products and is run in a professional manner.
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.
Maximum suggested credit figure: US$ 120,000
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/normal. |
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 |