MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DHALUMAL INTERNATIONAL TRADING LLC |
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Registered Office : |
Moosa Jaafar Ali Building, Ali Ibn Abi Talib Street, Al Suq Al Kabir,
PO Box 38, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
22.08.1976 |
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Com. Reg. No.: |
41826, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of Electrical Household Appliances |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : DHALUMAL INTERNATIONAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd August 1976
Commercial Registration Number : 41826, Dubai
Trade Licence Number : 203481
Membership Number : 2480
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 24
Line of Business : Distributors of electrical household appliances.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
DHALUMAL INTERNATIONAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Moosa Jaafar
Ali Building
Street : Ali Ibn Abi
Talib Street
Area : Al Suq Al
Kabir
PO Box : 38
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2263635
/ 3530374
Facsimile : (971-4)
2253985 / 3538303
Email : dhalumal@emirates.net.ae
Premises
Subject operates from a small suite of offices, a showroom and a warehouse
that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Gopal Dhalumal
Shroff Indian Managing Director
· Pavan Gopal Shroff Indian Director
· Abdul Salam
Ibrahim Mohamed Hussain Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 22nd
August 1976
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 41826, Dubai
Trade Licence No. : 203481 (Expires 7th April 2010)
Membership No. : 2480
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
· Abdul Salam
Ibrahim Mohamed Hussain 51%
· Gopal Dhalumal
Shroff 25%
· Pavan Gopal Shrouf 24%
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 electrical household
appliances.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 24 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 16,380,000 UAE
Dh 17,500,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Commercial Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4)
2227121 / 2253222
Fax : (971-4)
2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1976, subject is involved in the import and distribution
of electrical household appliances.
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$ 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. |
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%)