MIRA
INFORM REPORT
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Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANZOOR FOOD INDUSTRIES LLC |
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Registered Office : |
Industrial Area No. 15, PO Box
24561, Sharjah |
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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 : |
11.02.1995 |
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Com. Reg. No.: |
36533, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Grinders and
Repackaging of Spices |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MANZOOR FOOD INDUSTRIES LLC
Also Known As : MANDHOOR FOOD INDUSTRIES LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th February 1995
Commercial Registration Number : 36533, Sharjah
Trade Licence Number : 217925
Membership Number : 35970
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 35
Line of Business : Grinders and repackaging of spices.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MANZOOR FOOD INDUSTRIES LLC
ALSO KNOWN AS
MANDHOOR FOOD INDUSTRIES LLC
ADDRESS
Registered & Physical Address
Location : Industrial
Area No. 15
PO Box : 24561
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5342162
Facsimile : (971-6)
5341972
Email : mandhoor7@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Sharjah.
Branch Offices
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Al Ras Area
PO Box: 36917
Dubai
Tel : (971-4) 2295001
Fax : (971-4) 2295852
KEY PRINCIPALS
Name Nationality Position
· Abdul Majid Habib
Jafar Ali Emirati Managing Director
· Tawfiq Abdul
Rahman Qassim Saudi Director
· Safiq Ahmed Haji Pakistani Director
· Shakil Ahmed Haji Pakistani Director
· Firasat Hussain - Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 11th
February 1995
Legal Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 36533
Trade Licence No. : 217925
Membership No. : 35970
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
Percentage
· Abdul Majid Habib
Jafar Ali 51%
· Tawfiq Abdul
Rahman Qassim 24%
· Shakil Ahmed Haji 13%
· Safiq Ahmed Haji 12%
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 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 grinding
of spices and repackaging for consumers.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 35 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 14,900,000 UAE
Dh 16,175,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4)
2221281
Fax : (971-4)
2284631
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1995, subject is involved in the grinding of spices and repackaging for consumers.
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 and the above credit figure is considered to be within
subject’s financial means.
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%)