MIRA
INFORM REPORT
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Report Date : |
05.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ABU
MANSOUR FOODSTUFF & VEGETABLES COMPANY LLC |
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Registered Office : |
Municipal
Building, Almina Zayed Road, Meena Wholesale Market, P O Box 32149, Abu
Dhabi |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
8th May 1984 |
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Com. Reg. No.: |
10956, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged
in the import and distribution of fresh fruit and vegetable. |
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$ 120,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ABU MANSOUR FOODSTUFF & VEGETABLES COMPANY LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 8th May 1984
Commercial Registration Number :
10956,
Trade Licence Number : 15295
Membership Number : 4505
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
Total Workforce : 20
Line of Business : Import and distribution of fresh fruit and vegetable.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ABU
MANSOUR FOODSTUFF & VEGETABLES COMPANY LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Meena
Wholesale Market
PO Box : 32149
Town :
Country :
Telephone : (971-2) 6731455
Facsimile : (971-2) 6731475
Email : ame_auh@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
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Abdul Salam Ali Konji Indian Managing Director
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Jonaid Abdul Salam Ali Konji Indian Director
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Mohamed Al Masleh Al Harbi Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 8th
May 1984
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 10956,
Trade Licence No. : 15295 (Valid until 01/08/07)
Membership No. : 4505
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
Name of Shareholder
(s)
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Abdul Salam Ali Konji
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Jonaid Abdul Salam Ali Konji
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Mohamed Al Masleh Al Harbi
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 150,000, 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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Al Awal Trading Est
Tel: (971-4) 3203881
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Shatora Trading Co LLC
LINE OF BUSINESS
Operations: Engaged in the
import and distribution of fresh fruit and vegetable.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of 20 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 5,160,000 UAE Dh 5,590,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of
PO Box: 2303
Tel: (971-2) 6330244
Fax: (971-2) 6335293
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Abu
Mansour Foodstuff & Vegetables Company LLC enjoys a good reputation for the
quality of its products and is run in a professional manner.
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$ 120,000
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%)