MIRA INFORM REPORT
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Report Date : |
17th May 2006 |
IDENTIFICATION DETAILS
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Name : |
MAHASWETHA FOODSTUFF
TRADING LLC |
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Registered Office : |
Saeed
Juma Almuhairi Building Al
Daghaya, 33262 & 122519 Dubai, United Arab Emirates |
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Date of Incorporation : |
4th
February 2006 |
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Com. Reg. No.: |
78512,
Dubai |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Distributors of general
foodstuff products and beverages. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
30,000 |
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Status : |
New Concern |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
MAHASWETHA FOODSTUFF 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 |
4th February 2006 |
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Commercial Registration Number |
78512, Dubai |
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Trade Licence Number |
577430 |
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Membership Number |
104348 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
3 |
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Line of Business |
Distributors of general foodstuff products and beverages. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
MAHASWETHA
FOODSTUFF TRADING LLC
ADDRESS
Registered &
Physical Address
Building : Saeed Juma Almuhairi Building
Area : Al Daghaya
PO Box : 33262 & 122519
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3359122
Facsimile : (971-4) 3359322
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Narasimha Manchu
Konda Indian Managing Director
Ahmed Musabeh Abed
Thani Bin
Saif Al Marri Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 4th February 2006
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg.
No. : 78512, Dubai
Trade Licence
No. : 577430 (Expires 3rd February
2007)
Membership No. : 104348
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Ahmed Musabeh Abed
Thani Bin Saif Al Marri 51%
Narasimha Manchu
Konda 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 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 and beverages.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
HSBC Bank Middle
East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4)
2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum suggested
credit figure: US$ 30,000
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 |