MIRA INFORM REPORT

 

 

Report Date :

18.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

T CHOITHRAM & SONS LLC

 

 

Registered Office :

Choithram Building, Al Ras Street, Al Ras, PO Box 5249, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

15.12.1974

 

 

Com. Reg. No.:

63074, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Chain of Supermarkets

 

 

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$ 1,500,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

SUMMARY

 

Company Name                         : T CHOITHRAM & SONS LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 15th December 1974

Commercial Registration Number            : 63074, Dubai

Trade Licence Number                            : 205202

Chamber Membership Number                : 1348

Issued Capital                                        : UAE Dh 5,000,000

Paid up Capital                                      : UAE Dh 5,000,000

Total Workforce                                     : 115

Activities                                               : Subject operates a chain of supermarkets

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,500,000

 

 

 

 

 

COMPANY NAME

 

T CHOITHRAM & SONS LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Choithram Building

Street               : Al Ras Street

Area                 : Al Ras

PO Box             : 5249

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2268980 / 2666670 / 3598772 / 3407774

Facsimile          : (971-4) 2691137

Mobile               : (971-50) 6526490

Email                : tcsmkts@emirates.net.ae

                          imports@choithram.com

 

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Central Business Area of Dubai.

 

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Sharjah Marine House                                                                       Supermarket

PO Box: 5663

Sharjah

Tel: (971-6) 5593670

 

·       Jebel Ali Free Zone                                                                            Supermarket

Dubai

     Tel: (971-4) 8846242

 

·       PO Box: 470                                                                                     Supermarket

Abu Dhabi

Tel: (971-2) 6777790

 

·       PO Box: 1142                                                                                   Supermarket

Ras Al Khaimah

Tel: (971-7) 2226515

 

 

 

 

·       PO Box: 1060                                                                                   Supermarket

Fujairah

 

·       PO Box: 5663                                                                                   Supermarket

     Ajman

 

·       PO Box: 15257                                                                                 Supermarket

Al Ain

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Ramesh Pohoomal Thanwani                Indian                         Managing Director

 

·       Vashdev Lalchand Pamnani                              Indian                         Director

 

·       Ramchand Dharamdas Rajwani                         Indian                         Director

 

·       Likraj Thakurdas Pagarani                                 British                        Director

 

·       Mohamed Abdul Rahman Al Rais                      Emirati                       Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th December 1974

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 63074, Dubai

 

Trade Licence No.       : 205202 (Expires 13/02/2009)

 

Chamber Member No. : 1348

 

Issued Capital              : UAE Dh 5,000,000

 

Paid up Capital            : UAE Dh 5,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Mohamed Abdul Rahman Al Rais                                    51%

 

·       Likraj Thakurdas Pagarani                                               46%

 

·       Ramesh Pohoomal Thanwani                                1%

 

·       Vashdev Lalchand Pamnani                                              1%

 

·       Ramchand Dharamdas Rajwani                                         1%

 

 

 

OPERATIONS

 

Activities: Subject operates a chain of supermarkets located throughout the country, which specialise in the retail of consumer products, such as foodstuff and beverages, clothing and fashion accessories, household electrical appliances, books and stationery.

 

Import Countries: Oman and India.

 

Operating Trend: Steady

 

Subject has a workforce of 115 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                            Year Ending 31/12/07:

 

Sales                                                    UAE Dh 360,000,000

 

Local sources consider subject’s financial condition to be Good.

 

 

BANKERS

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box : 999

Dubai

     Tel : (971-4) 2520455

 

 

PAYMENT HISTORY

 

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  July 2004                                  October 2006

Credit amount                            26,000                                      101,000

Amount overdue             0                                              0

Payment terms                          90 days                                     90 days

Payment Method                       Letters of Credit                         Letters of Credit

Paying record                            No Complaints                           No Complaints

Currency                                   US Dollars                                 Pounds Sterling

 

 

 

 

 

GENERAL COMMENTS

 

Established in 1974, T Choithram & Sons LLC is well known in the Emirati market with a chain of supermarkets located throughout the country offering a wide range of consumer goods.

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk.

 

 

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions