MIRA
INFORM REPORT
|
Report
Date : |
23rd
February, 2007 |
IDENTIFICATION DETAILS
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Name : |
NATVAR
& CO |
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Registered
Office : |
Real Estate Department Building, Al Ras Street, Al Ras, PO
Box: 2748, Dubai, United Arab Emirates |
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Country
: |
United
Arab Emirates |
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Date
of Incorporation : |
30.06.1976 |
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Com.
Reg. No.: |
186,
Dubai |
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Legal
Form : |
Sharikat
Tadhamun (General Partnership) |
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Line
of Business : |
Engaged
in the import and distribution of general foodstuff products and beverages. |
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 |
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Maximum
Credit Limit : |
US$
250,000 |
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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 |
NATVAR
& CO |
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Country of Origin |
Dubai,
United Arab Emirates |
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Legal Form |
General
Partnership |
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Registration Date |
30th
June 1976 |
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Commercial Registration Number |
186,
Dubai |
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Trade Licence Number |
204825 |
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Membership Number |
2297 |
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Partners Capital |
UAE Dh
300,000 |
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Total Workforce |
45 |
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Line of Business |
Distributors
of general foodstuff products and
beverages. |
|
Financial Condition |
Fair |
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Payments |
Nothing
detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
NATVAR
& CO
ADDRESS
Registered & Physical Address
Building : Real Estate Department Building
Street : Al Ras Street
Area : Al Ras
PO Box : 2748
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2269900
Facsimile : (971-4) 2267200
Email : jilu1997@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices and a warehouse that are owned
and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Prakash
Kumar Pranlal Doshi Indian Managing Partner
·
Vasantrai
Maganlal Patel British Partner
·
Natvarlal
Magabhai Patel British Partner
LEGAL FORM & OWNERS
Date of Establishment : 30th June 1976
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 186, Dubai
Trade Licence No. : 204825 (Expires 11th February 2008)
Membership No. : 2297
Partners
Capital : UAE Dh 300,000
Name of Partner (s) Percentage
·
Prakash
Kumar Pranlal Doshi 50%
·
Vasantrai
Maganlal Patel 25%
·
Natvarlal
Magabhai Patel 25%
Note to
the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established
between two or more general partners
who will jointly and unlimitedly, to the extent of their personal assets, be
responsible for the liabilities of the company. Creditors may claim the debts
from either the company as a separate legal entity or from the general
partners. The incorporation of the type of company is now restricted to UAE
Nationals.
Notwithstanding the English translation of its name, this
type of company should not be compared to the partnership concept under English
Law. A Sharikat Tadhamun is considered a company and has the attributes of a
corporation similar to that of a partnership under Scottish Law or to the
“Societe en Nom Collectif” under French Law.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of general foodstuff products and beverages.
Import
Countries : Europe
and GCC countries.
Operating
Trend : Steady
Subject has
a workforce of 45 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 15,000,000 UAE Dh
16,275,000
Local sources consider subject’s financial condition to be
Fair.
BANKERS
· National Bank of Fujairah
PO Box 2979
Dubai
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
PAYMENT HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL COMMENTS
Established
in 1976, subject is involved in the import and distribution of general
foodstuff products and beverages.
During the
course of this investigation nothing detrimental was uncovered regarding
subject’s operating history or the manner in which payments are fulfilled. As
such the company is considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 250,000
RATING EXPLANATIONS
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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 |
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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 |
|
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
PRIVATE
& CONFIDENTIAL : This information is provided to you at
your request, you having employed MIPL for such purpose. You will use the
information as aid only in determining the propriety of giving credit and
generally as an aid to your business and for no other purpose. You will hold
the information in strict confidence, and shall not reveal it or make it known
to the subject persons, firms or corporations or to any other. MIPL does not
warrant the correctness of the information as you hold it free of any liability
whatsoever. You will be liable to and indemnify MIPL for any loss, damage or
expense, occasioned by your breach or non observance of any one, or more of
these conditions