MIRA
INFORM REPORT
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Report Date : |
8th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
MEGHANMAL JETHANAND |
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Registered Office : |
Al
Thuraya Towers, 4th Floor, Office No. 3 Al
Souq Street, Al Souq Al Kabir 2636,
Dubai, 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 : |
13th June 1968 |
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Com. Reg. No.: |
4050, Dubai |
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Legal Form : |
General Partnership |
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Line of Business : |
Subject
operates with a general trade licence and imports and distributes general
merchandise. |
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$
150,000 |
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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 |
MEGHANMAL JETHANAND |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
General Partnership |
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Registration Date |
13th June 1968 |
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Commercial Registration Number |
4050, Dubai |
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Trade Licence Number |
208010 |
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Membership Number |
219 |
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Partners Capital |
UAE Dh 500,000 |
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Total Workforce |
6 |
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Line of Business |
Subject operates with a general trade licence. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
MEGHANMAL
JETHANAND
ADDRESS
Registered
& Physical Address
Building : Al Thuraya Towers, 4th
Floor, Office No. 3
Street : Al Souq Street
Area : Al Souq Al Kabir
PO Box : 2636
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3535366
Facsimile : (971-4) 3534522
Email : artrd@emirates.net.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Raj
Kumar Maghanmal Indian Managing Partner
Maghanmal
Jethanand Pancholia Indian Partner
Pancholia
Lalchand Maghanmal Indian Partner
Ashwin
Lalchand Pancholia Indian Partner
LEGAL FORM & OWNERS
Date
of Establishment : 13th June 1968
Legal
Form : Sharikat Tadhamun (General Partnership)
Commercial
Reg. No. : 4050, Dubai
Trade
Licence No. : 208010 (Valid until 27/01/2008)
Membership
No. : 219
Partners
Capital : UAE Dh 500,000
Name of
Partner (s) Percentage
Raj
Kumar Maghanmal 40%
Maghanmal
Jethanand Pancholia 20%
Pancholia
Lalchand Maghanmal 20%
Ashwin
Lalchand Pancholia 20%
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
LINE OF BUSINESS
Operations: Subject operates with a general
trade licence and imports and distributes general merchandise.
Import
Countries: India
Operating
Trend: Steady
Subject
has a workforce of 6 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
3,160,000 UAE Dh
3,290,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
National
Bank of Dubai (NBD)
Baniyas
Street
PO Box :
777
Dubai
Tel :
(971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Meghanmal
Jethanand is very well established in the local market with operations dating
back to 1968. The business is owned by a group of Indian businessmen who are
trusted members of the business community.
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 and the above credit
figure is within subject’s financial means.
Maximum
suggested credit figure: US$ 150,000
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 |