MIRA
INFORM REPORT
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Report Date : |
16.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL
MEHTAB TRADING CO LLC |
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Registered Office : |
Abdulkarim
Captain Building, Al Khor Street, Al Ras, P O Box 6354, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
18th July 1979 |
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Com. Reg. No.: |
41899 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged
in the import and distribution of general foodstuff products, including fruit
and vegetables. |
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$
200,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL MEHTAB TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th July 1979
Commercial Registration Number : 41899, Dubai
Trade Licence Number : 204294
Membership Number : 5893
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Total Workforce : 25
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL
MEHTAB TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Abdulkarim Captain Building
Street : Al Khor Street
Area : Al Ras
PO Box :
6354
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262145
Facsimile : (971-4) 2263369
Email : almehtab@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Santa Singh Kochar Indian Managing Director
· Gurji Singh Kochar Indian Director
· Rubinder Kaur Kochar Indian Director
· Jagjit Singh Kochar Indian Director
· Juma Abdullah Mohamed Ahli Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 18th July 1979
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 41899, Dubai
Trade Licence No. : 204294 (Expires 23rd January
2009)
Membership No. : 5893
Issued
Capital : UAE Dh 600,000
Paid
up Capital : UAE Dh 600,000
Name of Shareholder
(s) Percentage
· Juma Abdullah Mohamed Ahli 51%
· Jagjit Singh Kochar 25%
· Gurji Singh Kochar 12%
· Rubinder Kaur Kochar 12%
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, including fruit and
vegetables.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 25 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
7,440,000 UAE
Dh 7,950,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
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Abu Dhabi Commercial Bank
Al
Rigga Road
PO Box : 5550
Dubai
Tel : (971-4) 2958888
/ 3228141
Fax : (971-4) 2959310
/ 3279632
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1979, subject is owned and managed by a number of Indian nationals who
operate in Dubai under the sponsorship of Mr Juma Abdullah Mohamed Ahli.
According
to local sources, subject meets its payment obligations in a timely manner and
the company is considered to be a fair trade risk. As such the above credit
figure is deemed to be within subject’s financial means.
Maximum
suggested credit figure: US$ 200,000
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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