MIRA
INFORM REPORT
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Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MELLOW TRADING LLC |
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Registered Office : |
Al Fardan Real
Estate Building, Al Ras Street, Al Ras, Deira, PO Box 28712 & 4186, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
07.01.1989 |
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Com. Reg. No.: |
45738, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General Foodstuff Products and
Beverages |
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$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : MELLOW TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 7th January 1989
Commercial Registration Number : 45738, Dubai
Trade Licence Number : 218339
Chamber Membership Number : 14693
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Total Workforce : 34
Activities : Import and distribution of general foodstuff products and beverages
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 400,000
COMPANY NAME
MELLOW TRADING LLC
ADDRESS
Registered & Physical Address
Building : Al Fardan Real Estate Building
Street : Al Ras Street
Area : Al Ras, Deira
PO Box : 28712 & 4186
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2251355
Facsimile : (971-4) 2251354
Email : mellow@emirates.net.ae
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.
KEY PRINCIPALS
Name Nationality Position
·
Mohamed
Siddique Abdul Latif Fazlani Indian Managing
Director
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Shamim Mohamed
Siddique Indian Director
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Abdul Ghaffar
Fazlani Indian Director
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Mohamed Faisal
Younus Fazlani Indian Director
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Abdullah Ali
Ahmed Saleh Emirati Director
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Feroz Nagani - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th
January 1989
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45738, Dubai
Trade Licence No. : 218339
(Expires 01/01/2009)
Chamber Member No. : 14693
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Name of Shareholder (s) Percentage
·
Abdullah Ali
Ahmed Saleh 52%
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Mohamed
Siddique Abdul Latif Fazlani 12%
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Shamim Mohamed
Siddique 12%
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Abdul Ghaffar
Fazlani 12%
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Mohamed Faisal
Younus Fazlani 12%
OPERATIONS
Activities: Engaged in the import and distribution of
general foodstuff products and beverages, including almonds, desiccated coconut
powder, peanuts, popcorn, raisins, betel nuts pieces, tobacco, coffee, cardamom,
rice, mustard seeds, and spices.
Import
Countries: United States of
America, Canada, Mexico, Brazil, Guatemala, India, Pakistan, Sri Lanka,
Thailand, Indonesia , China, Iran, and South Africa.
International
Suppliers:
·
Monte De Oro
S.A. Guatemala
·
Bharathi
Associates India
Operating Trend: Steady
Subject has a
workforce of 34 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 8,310,000 UAE Dh 11,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax
: (971-4) 2284631
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Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction September
2004 September 2005
September 2007
Credit amount 322,925 299,250 477,945
Amount overdue 0 0 0
Payment terms 90
days 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints No
Complaints
Currency Canadian
Dollars Canadian
Dollars Canadian
Dollars
GENERAL COMMENTS
Established in
1989, subject is owned and managed by a number of Indian nationals who operate in
Dubai under the local sponsorship of Mr Abdulla Ali Ahmed Saleh who is well
respected in the local business community.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.37 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.68.08 |
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%)