MIRA
INFORM REPORT
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Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
JALEEL TRADERS
LLC |
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Registered Office : |
Al Khaleej
Street, Corniche Market, Deira, P O Box 3262, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
8th July 1978 |
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Com. Reg. No.: |
42914, Dubai |
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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, specializing in 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 : JALEEL TRADERS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th July 1978
Commercial Registration Number : 42914, Dubai
Trade Licence Number : 206583
Membership Number : 4630
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 49
Line of Business : Distributors of general foodstuff products, specialising in fruit
and vegetables.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
JALEEL TRADERS LLC
ADDRESS
Registered & Physical Address
Street : Al Khaleej Street
Area : Corniche Market, Deira
PO Box : 3262
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3339191
Facsimile : (971-4) 3331415
Email : jaleel@emirates.net.ae
Premises
Subject operates from
a medium sized suite of offices and a retail outlet that are rented and located
in the Central Business Area of Dubai.
Branch Office (s)
Location Description
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Sheikh Zayed Road Rented
retail outlet
Dubai
Tel: (971-4) 2727127
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Alaweer Central Vegetables & Fruits Market Rented
retail outlet
Emirates Street
Dubai
Tel: (971-4) 3201616
KEY PRINCIPALS
Name Nationality Position
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Sameer Kunhu
Mohamed Indian Managing Director
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Venmadathayl
Kunhu Mohamed Indian Director
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Abdul Ghafoor
Kunhu Mohamed Indian Director
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Essa Mohamed
Saleh Al Rais Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 8th
July 1978
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 42914, Dubai
Trade Licence No. : 206583
(Expires 15th March 2008)
Membership No. : 4630
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s)
Percentage
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Essa Mohamed
Saleh Al Rais 51%
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Sameer Kunhu
Mohamed 16%
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Venmadathayl
Kunhu Mohamed 17%
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Abdul Ghafoor
Kunhu Mohamed 16%
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, specialising in fruit and vegetables.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 49 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 17,900,000 UAE Dh 20,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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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.
Date of transaction July 2005
Credit amount 60,000
Amount overdue 0
Payment terms 45
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1978, subject is owned and managed by members of the Mohamed family who are
Indian nationals operating in Dubai under the local sponsorship of Mr Essa
Mohamed Saleh Al Rais.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
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. |
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%)