MIRA INFORM REPORT

 

 

Report Date :

4th May 2006

 

IDENTIFICATION DETAILS

 

Name :

AL MEHTAB TRADING CO LLC

 

 

Registered Office :

Abdulkarim Captain Building

Al Khor Street, Al Ras

6354, Dubai

United Arab Emirates

 

 

Date of Incorporation :

18th July 1979

 

 

Com. Reg. No.:

41899, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Distributors of general foodstuff products.

 

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

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

Company Name

AL MEHTAB TRADING CO LLC

Country of Origin

Dubai, United Arab Emirates

Legal Form

Limited Liability Company - LLC

Registration Date

18th July 1979

Commercial Registration Number

41899, Dubai

Trade Licence Number

204294

Membership Number

5893

Issued Capital

UAE Dh 600,000

Paid up Capital

UAE Dh 600,000

Total Workforce

25

Line of Business

Distributors of general foodstuff products.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

AL MEHTAB TRADING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building      : Abdulkarim Captain Building

Street                   : Al Khor Street

Area            : Al Ras

PO Box        : 6354

Town           : Dubai

Country      : United Arab Emirates

Telephone   : (971-4) 2262145

Facsimile    : (971-4) 2263369

Email          : almehtab@emirates.net.ae

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                 Nationality            Position

 

Santa Singh Kochar                          Indian                   Managing Director

 

Gurji Singh Kochar                           Indian                   Director

 

Rubinder Kaur Kochar                      Indian                   Director

 

Jagjit Singh Kochar                          Indian                   Director

 

Juma Abdullah Mohamed Ahli                   Emirati                 Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th July 1979

 

Legal Form                    : Sharikat Thet Massouliya Mahdoudeh (Limited

                                        Liability Company - LLC)      

 

Commercial Reg. No.    : 41899, Dubai

 

Trade Licence No.         : 204294 (Expires 23rd January 2009)

 

Membership No.           : 5893

 

Issued Capital               : UAE Dh 600,000

 

Paid up Capital             : UAE Dh 600,000

 

Name of Shareholder (s)                          Percentage

 

Juma Abdullah Mohamed Ahli                            51%

 

Jagjit Singh Kochar                                    25%

 

Gurji Singh Kochar                                    12%

 

Rubinder Kaur Kochar                               12%

 

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 import and distribution of general foodstuff products, including fruit and vegetables.

 

Import Countries : Europe and the Far East.

 

Operating Trend : Steady

 

Subject has a workforce of 25 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 7,440,000                            UAE Dh 7,950,000

 

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

 

 

BANKERS

 

Standard Chartered Bank

Khalid Bin Waleed Street

PO Box : 999

Dubai

Tel : (971-4) 2520455

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1979, subject is owned and managed by a number of Indian nationals who operate in Dubai under the sponsorship of Mr Juma Abdullah Mohamed Ahli.

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

Maximum suggested credit figure: US$ 200,000

 

 

 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

 

 

 

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