MIRA
INFORM REPORT
|
Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
EMKE GROUP LLC |
|
|
|
|
Registered Office : |
Hamed Ali
Ahmed Hamad Al Dhaheri Building, Al Dhafra Street, P O Box - 4048, Abu Dhabi, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
01.06.2003 |
|
|
|
|
Com. Reg. No.: |
78103 (Expires 8th July 2007) |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Subject is a holding company offering central support services to
members of the EMKE Group |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 750,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name :
EMKE GROUP LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
1st June 2003
Trade Licence Number :
78103
Membership Number :
97954
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
6
Line of Business :
Holding company
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
EMKE GROUP LLC
ADDRESS
Registered & Physical Address
Building : Hamed Ali Ahmed Hamad Al Dhaheri Building
Street :
PO Box : 4048
Town :
Country :
Telephone : (971-2) 6421800
Facsimile : (971-2)
6410555
Email : headoffice@emkegroup.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Ahmed Hader Al
Muhairi Managing
Director
Saeed
Khalifa Al Muhairi Director
LEGAL FORM &
OWNERS
Date of Establishment : 1st
June 2003
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 78103 (Expires 8th
July 2007)
Membership No. : 97954
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Ahmed Hader Al
Muhairi 16%
Saeed
Khalifa Al Muhairi 16%
Unnamed members of the Al Muhairi family 68%
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
Subject is a member of the well known EMKE Group which has operations
dating back to 1966. It has diversified activities covering the department
store/supermarket and hypermarket business, as well as the import and distribution of food stuff and
consumer staple goods, garment manufacturing and also information technology
training.
Based in the
The EMKE Group consists of the following concerns :
EMKE General Trading
Al Qusais
PO Box : 60188
Tel : (971-4) 2670077
Fax : (971-4) 2670088
Al Tayeb Meat Est
Mina Free Zone
PO Box : 4048
Tel : (971-2) 6732141
Fax : (971-2) 6732144
Al Tayeb Cold Stores LLC
Mina Free Port
PO Box : 4048
Tel : (971-2) 6731831 / 6730393
Fax : (971-2) 6731124
Email: altcs@emirates.net.ae
Gulf Star Est
PO Box : 27608
Tel : (971-2) 4481200
Fax : (971-2) 4481718
Huda Shipping International
Mina Zayed
PO Box : 4048
Tel : (971-2) 6224226
Fax : (971-2) 6224244
Syscoms Information Technology
PO Box : 4048
Tel : (971-2) 6224226
Fax : (971-2) 6224244
Asif Jewellery
Tel : (971-2) 6331366
Fax : (971-2) 6334466
EMKE Stores
Mina
PO Box : 4048
Tel : (971-2) 6732131
Fax : (971-2) 6732151
Emke Commodities (
Tel : (254-11) 434463
Fax : (254-11) 432390
EMKE Tanzania Ltd
PO Box : 40652
Dar Ed Salaam
EMKE Garments (
PO Box : 1556
Tel : (254-11) 432585
Fax : (254-11) 432390
Fair Exports (
501 Madhava Bandra Kurla Complex
Bandra (East)
Mumbai 400051
E K Prima Exports Thailand Ltd
64/16 Sukhumvil Soi-20
E K Prima Exports HongKong Ltd
Yu Cheong
Fotan
P.T.E.K. Prima Ekspor
J1, Mangga Dua Raya
Block C 12
Tel : (62-21) 6128791/ 6128792
Fax : (62-21) 6019438
Y Tex Fashions
Bajos 1, 08922
Santa Coloma Degramnet
LINE OF BUSINESS
Operations : Subject is a holding company offering central
support services to members of the EMKE Group.
Subject has a workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Companies registered in
BANKERS
The Standard Chartered Bank
PO Box : 240
Tel : (971-2) 330077
Commercial Bank of
PO Box : 2466
Tel : (971-2) 6324324
United Bank Ltd
PO Box : 237
Tel : (971-2) 326597
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction March
2007
Credit amount 58,770
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
According to local sources subject’s operating history is clear with no
problems noted regarding the manner in which payment obligations are met. As such
we are of the opinion that the company is a sound trade risk and the above
credit figure is deemed admissible.
Maximum suggested credit figure: US$ 750,000
RATING EXPLANATIONS
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)