MIRA INFORM REPORT
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Report Date : |
10th May 2006 |
IDENTIFICATION DETAILS
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Name : |
LE
GRAND GENERAL TRADING LLC |
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Registered Office : |
Ismail
Abdullah Ash Sheezawi Building Murshid
Bazaar,Al Bateen 115010,
Dubai United Arab Emirates |
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Date of Incorporation : |
11th
August 2002 |
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Com. Reg. No.: |
60160,
Dubai |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Distributors of electrical
and electronic equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 |
LE GRAND GENERAL TRADING LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
11th August 2002 |
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Commercial Registration Number |
60160, Dubai |
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Trade Licence Number |
536596 |
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Membership Number |
70957 |
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Issued Capital |
UAE Dh 3,000,000 |
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Paid up Capital |
UAE Dh 3,000,000 |
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Total Workforce |
15 |
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Line of Business |
Distributors of electrical and electronic equipment. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
LE GRAND GENERAL
TRADING LLC
ADDRESS
Registered &
Physical Address
Building : Ismail Abdullah Ash Sheezawi Building
Street : Murshid Bazaar
Area : Al Bateen
PO Box : 115010
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2257851
Facsimile : (971-4) 2257154
Email : le_grand@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are owned and located in the
Central Business Area of Dubai.
Branch Offices
Location Description
Fikree Market, Shop
No. 6, Ground, 1st & 2nd Floors Office premises
PO Box : 25203
Dubai
Tel : (971-4)
2250097
Fax : (971-4)
2257154
KEY PRINCIPALS
Name Nationality Position
Sunil Lalchand
Mansukhani Indian Managing
Director
Kiran Sunil
Mansukhani Indian Director
Hassan Ahmed
Ghuloom Ahmed Baqer Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 11th August 2002
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg.
No. : 60160, Dubai
Trade Licence
No. : 536596 (Expires 10th August
2006)
Membership No. : 70957
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
Hassan Ahmed
Ghuloom Ahmed Baqer 51%
Sunil Lalchand
Mansukhani 46%
Kiran Sunil
Mansukhani 3%
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
electrical and electronic equipment.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 15 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 4,260,000 UAE Dh 4,700,000
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$ 15,000,000:
Established in
2002, subject is involved in the import and distribution of electrical and
electronic equipment.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent.
Maximum suggested
credit figure: US$ 150,000
RATING EXPLANATIONS
RATING
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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 |