MIRA
INFORM REPORT
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Report Date : |
23rd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
M. H.
ENTERPRISES LLC |
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Registered Office : |
Khamis
Rashid Khamis Building, Al Ras Street, Al Ras, Al Quoz Industrial Area, PO
Box : 5771, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
20.04.1986 |
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Com. Reg. No.: |
42288, Dubai |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Distributors of foodstuff, foodservice disposable
products and chemicals. |
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 |
M.H. ENTERPRISES 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 |
20th April 1986 |
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Commercial Registration Number |
42288, Dubai |
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Trade Licence Number |
202177 |
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Membership Number |
8305 |
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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 |
165 |
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Line of Business |
Distributors of foodstuff, foodservice disposable products and chemicals. |
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Financial Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
M.H.
ENTERPRISES LLC
ADDRESS
Registered & Physical Address
Building : Khamis Rashid Khamis Building
Street : Al Ras Street
Area : Al Ras, Al Quoz Industrial
Area
PO Box : 5771
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262800 / 2267960 / 3470444
Facsimile : (971-4) 3470971 / 3470972 / 2488971
Email : mhentdxb@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices and a warehouse that are rented
and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
·
Rashidiyah Owned
warehouse premises
Dubai
Tel: (971-4) 2666670 / 2851257
/ 2851937
Fax: (971-4) 2851017
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PO
Box : 47381 Sales
office & warehouse
Abu Dhabi
Tel: (971-2) 6732774
Fax: (971-2) 6732319
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Sharjah Sales
office & warehouse
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Fujairah Sales
office & warehouse
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Al
Ain Sales
office & warehouse
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Ras
Al Khaimah Sales
office & warehouse
KEY PRINCIPALS
Name Nationality Position
·
Gandhi
Hemchand Chatur Bhujdas Indian Managing Director
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Manish
Hemchand Gandhi Indian Director
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Mohamed
Khalfan Ali Al Bagh Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 20th April 1986
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 42288, Dubai
Trade Licence No. : 202177 (Expires 17th March 2007)
Membership No. : 8305
Issued
Capital : UAE Dh 3,000,000
Paid
up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
·
Mohamed
Khalfan Ali Al Bagh 51%
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Gandhi
Hemchand Chatur Bhujdas 29%
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Manish
Hemchand Gandhi 20%
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.
AFFILIATED COMPANIES
·
M.
H. International
PO Box : 5771
Dubai
United Arab Emirates
Tel :
(971-4) 3470444
Fax :
(971-4) 3470971
·
Prime
Trading Co LLC
PO Box : 153, Wadi Kabir 117
Muscat
Oman
Tel :
(968) 7715274
Fax :
(968) 7712033
LINE OF BUSINESS
Operations
: Subject’s
activities are performed through the following divisions:
· Foodstuff Division
This division specialises in the wholesale
of a wide range of foodstuff products including; spices and pickles, rice, evaporated
milk, canned fruit and vegetables and fruit juices.
The
division also imports frozen items and dry foodstuff for supply to catering
units like airlines, hotels and oil companies.
· Disposable Division
Engaged in the distribution and marketing of
foodservice disposable products, including foam burger boxes, foam plates, foam
lunch boxes, gear containers, foam bowls, sandwich wedges, food containers,
plastic cutlery, drinking straws, and sandwich paper. The company are approved
suppliers for well known companies such as Nestle and Unilever in the Middle
East.
· Chemical Division
Distributors
of solvents and specialty chemicals in the gulf, specialising in supplying
chemicals for the paint, oilfield, printing, packaging, food & beverages,
water treatment, paper, pharmaceuticals, construction and other chemical
industries.
Import
Countries :
Europe, United States of America, Australia, Asia and the Far East.
International
Suppliers :
·
Citrus
World Inc. United
States of America
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Oregon
Fruits Growers United
States of America
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United
Food Industries United
States of America
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Steinfelds United
States of America
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Coopers
Fine Foods Pvt. Ltd Australia
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SPC
Fruits Australia
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Taikoo
Sugar Ltd Hong
Kong
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M M
Poonjiaji India
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Guard
Agricultural Pakistan
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Imeko
Diary Products Netherlands
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Jenes
Warneke Exports Germany
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Reckit
& Coleman United
Kingdom
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Rivoire
& Carret Lastucru France
Export
Countries :
Northern Africa, Iran, India, Pakistan, Bangladesh and Sri Lanka.
Brand
Names :
POLARCUP, DART, SOLO and SWEETHEART.
Operating
Trend : Steady
Subject
has a workforce of approximately 165 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
45,200,000 UAE
Dh 46,750,000
Local
sources consider subject’s financial condition to be Good.
BANKERS
·
The
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel :
(971-4) 2520455
·
ABN
Amro Bank
Deira Branch
PO Box : 2567
Dubai
Tel :
(971-4) 3512200
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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
M.H.
Enterprises LLC is well established in the local market and was registered in
1986. It operates several divisions specialising in the import and distribution
of foodstuff, foodservice disposable products and chemicals.
The
company deals with a host of reputable international suppliers with no problems
noted regarding the manner in which payment obligations are fulfilled. The
operating history is clear and as such we are of the opinion that the company
is a fair trade risk. As such the above credit figure is considered to be
admissible.
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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