MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
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, P O Box
5771, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20th April 1986 |
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Com. Reg. No.: |
42288, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesale of a
wide range of foodstuff products. Engaged in the
distribution and marketing of foodservice disposable products. Distributors of
solvents and specialty 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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : M.H. ENTERPRISES LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 20th April 1986
Commercial Registration Number :
42288,
Trade Licence Number : 202177
Membership Number : 8305
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 165
Line of Business : Distributors of foodstuff, foodservice disposable products and
chemicals.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
M.H. ENTERPRISES
LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Ras, Al Quoz Industrial
Area
PO Box : 5771
Town :
Country :
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
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Rashidiyah Owned
warehouse premises
Tel: (971-4) 2666670 / 2851257
/ 2851937
Fax: (971-4) 2851017
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PO Box
: 47381 Sales
office & warehouse
Tel: (971-2) 6732774
Fax: (971-2) 6732319
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Sharjah 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
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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,
Trade Licence No. : 202177
(Expires 17th March 2008)
Membership No. : 8305
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s)
Percentage
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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
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
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M. H.
International
PO Box : 5771
Tel: (971-4) 3470444
Fax: (971-4) 3470971
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Prime
Trading Co LLC
PO Box : 153, Wadi Kabir 117
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
· 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,
International
Suppliers :
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Citrus
World Inc.
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United
Food Industries
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Steinfelds
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Coopers
Fine Foods Pvt. Ltd
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SPC
Fruits
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Taikoo
Sugar Ltd
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M M
Poonjiaji
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Guard
Agricultural
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Imeko
Diary Products
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Jenes
Warneke Exports
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Reckit
& Coleman
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Rivoire
& Carret Lastucru
Export Countries
: Northern Africa,
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 :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 46,750,000 UAE Dh 53,200,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
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The
Standard Chartered Bank
PO Box : 999
Tel : (971-4) 2520455
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ABN
Amro Bank
Deira Branch
PO Box : 2567
Tel : (971-4) 3512200
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction November 2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency
GENERAL COMMENTS
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.
Maximum suggested
credit figure: US$ 250,000
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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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%)