MIRA INFORM REPORT
|
Report Date : |
4th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
EMKE
STORES |
|
|
|
|
Registered Office : |
Saif
Suhail Al Kheili Building Madina
Zayed, 4048 Abu Dhabi, United Arab Emirates |
|
|
|
|
Date of Incorporation : |
20th
April 1970 |
|
|
|
|
Com. Reg. No.: |
19413,
Abu Dhabi |
|
|
|
|
Legal Form : |
Limited
Liability Company - LLC |
|
|
|
|
Line of Business : |
Subject
operates several divisions (see below for details) |
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$
350,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
EMKE STORES |
|
Country of Origin |
Abu Dhabi, United Arab Emirates |
|
Legal Form |
Limited Liability Company - LLC |
|
Registration Date |
20th April 1970 |
|
Commercial Registration Number |
19413, Abu Dhabi |
|
Trade Licence Number |
6590 |
|
Membership Number |
1290 |
|
Issued Capital |
UAE Dh 3,500,000 |
|
Paid up Capital |
UAE Dh 3,500,000 |
|
Total Workforce |
200 |
|
Line of Business |
Subject operates several divisions (see below for details) |
|
Financial Condition |
Undetermined |
|
Payments |
Nothing detrimental uncovered |
COMPANY NAME
EMKE STORES
ADDRESS
Registered &
Physical Address
Building : Saif Suhail Al Kheili Building
Area : Madina Zayed
PO Box : 4048
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6732131 / 6394949 / 6421800
Facsimile : (971-2) 6732151 / 6396807
Email : emkest@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
Musaliam Abdul
Qader Yousuf Ali * Indian Managing
Director
Mosalam K. Abdullah Emirati Director
Narayan Nair - General Manager
N. Shatty - Finance Manager
* Profile on Musaliam Abdul Qader
Yousuf Ali
Mr Musaliam Abdul
Qader Yousuf Ali is an Indian national born in Nattika, Kerala, India. He holds
a Diploma in Business Management and Administration and has extensive business
experience. He is a Director of Cochin International Airport Ltd, Air India
& Indian Airlines, Al Noor Indian School, Abu Dhabi, as well as being a
founding member of Indian Business/Professional Group, Abu Dhabi.
LEGAL FORM & OWNERS
Date of
Establishment : 20th April 1970
Legal Form : Limited Liability Company - LLC
Commercial Reg.
No. : 19413, Abu Dhabi
Trade Licence
No. : 6590 (Valid until 11/07/2006)
Membership No. : 1290
Issued Capital : UAE Dh 3,500,000
Paid up Capital : UAE Dh 3,500,000
Name of Shareholder
(s) Percentage
Mosalam K. Abdullah 51%
Musaliam Abdul
Qader Yousuf Ali 49%
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
Subject is a member
of the well known EMKE Group which has operations dating back to 1966. It has
diversified activities covering the department store/supermarket and
hypermarket business, as well as the
import and distribution of food stuff and consumer staple goods, garment
manufacturing and also information technology training.
Based in the United
Arab Emirates, the EMKE Group’s activities span the globe with operational
bases in India, Hong Kong, Thailand, Indonesia, Kenya, Tanzania, Spain and
other Middle East countries such as Oman, Qatar and Kuwait.
The EMKE Group
consists of the following concerns :
EMKE General
Trading
Al Qusais
PO Box : 60188
Dubai
Tel : (971-4)
2670077
Fax : (971-4)
2670088
Al Tayeb Meat Est
Mina Free Zone
PO Box : 4048
Abu Dhabi
Tel : (971-2)
6732141
Fax : (971-2)
6732144
Al Tayeb Cold
Stores LLC
Mina Free Port
PO Box : 4048
Abu Dhabi
Tel : (971-2)
6731831 / 6730393
Fax : (971-2)
6731124
Email: altcs@emirates.net.ae
Gulf Star Est
PO Box : 27608
Abu Dhabi
Tel : (971-2)
4481200
Fax : (971-2)
4481718
Huda Shipping
International
Mina Zayed
PO Box : 4048
Abu Dhabi
Tel : (971-2) 6224226
Fax : (971-2)
6224244
Syscoms Information
Technology
Liwa Street
PO Box : 4048
Abu Dhabi
Tel : (971-2)
6224226
Fax : (971-2)
6224244
Asif Jewellery
Hamdan Street
PO Box 4048
Abu Dhabi
Tel : (971-2) 6331366
Fax : (971-2) 6334466
EMKE Stores
Mina
PO Box : 4048
Abu Dhabi
Tel : (971-2)
6732131
Fax : (971-2)
6732151
Emke Commodities
(Kenya) Ltd
PO Box 1556
Mombasa
Kenya
Tel : (254-11)
434463
Fax : (254-11)
432390
EMKE Tanzania Ltd
PO Box : 40652
Dar Ed Salaam
Tanzania
EMKE Garments
(Kenya) Ltd
PO Box : 1556
Mombasa
Kenya
Tel : (254-11)
432585
Fax : (254-11)
432390
Fair Exports
(India) Pvt. Ltd
501 Madhava Bandra
Kurla Complex
Bandra (East)
Mumbai 400051
India
E K Prima Exports
Thailand Ltd
64/16 Sukhumvil
Soi-20
Bangkok 10110
Thailand
E K Prima Exports
HongKong Ltd
Yu Cheong Ind
Centre, Room 5K
1 Wong Chuk Yeung
Street
Fotan
Hong Kong
P.T.E.K. Prima
Ekspor Indonesia
J1, Mangga Dua Raya
Block C 12
Jakarta 14430
Indonesia
Tel : (62-21)
6128791/ 6128792
Fax : (62-21)
6019438
Y Tex Fashions
San Joaquin, 99-101
Bajos 1, 08922
Santa Coloma
Degramnet
Barcelona
Spain
LINE OF BUSINESS
Operations: Subject’s activities are performed through
the following divisions:
General
Trading Division
This division
specialises in the import and distribution of general foodstuff products such
as frozen and dried foods as well as dairy produce.
Department
Store
Operators of a
department store that sells a variety of consumer goods, including readymade
garments, electrical and household appliances, cosmetics and beauty products.
Supermarket
Division
Owners and
operators of a supermarket selling general groceries.
Import
Countries: India, Southeast
Asia and Europe.
Subject has a
workforce of approximately 200 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Abu Dhabi, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
The Standard
Chartered Bank
Sheikh Hamdan
Street
PO Box : 240
Abu Dhabi
Tel : (971-2)
330077
Commercial Bank of
Dubai
Sheikh Khalifa
Street
PO Box : 2466
Abu Dhabi
Tel : (971-2)
6324324
United Bank Ltd
Hamdan Street
PO Box : 237
Abu Dhabi
Tel : (971-2)
326597
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 15,000,000
Emke Stores is very
well established in Abu Dhabi with operations dating back approximately 35
years. The company operates 3 divisions specialising in the operation of a
department store, supermarket and foodstuff trading.
The company is
owned by the very well known Indian businessman Mr Musaliam Abdul Qader Yousuf
Ali and his Emirati sponsor Mosalam K. Abdullah.
According to local
sources subject’s operating history is clear with no problems noted regarding
the manner in which payment obligations are met. As such we are of the opinion
that the company is a sound trade risk.
The above credit
figure is higher than transactions previously seen and a measure of caution would
be prudent given the magnitude of the transaction.
Maximum suggested
credit figure: US$ 350,000
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 |