MIRA
INFORM REPORT
|
Report Date : |
28.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
JASHANMAL NATIONAL CO LLC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Year of Establishment : |
1956 |
|
|
|
|
Com. Reg. No.: |
22592, |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject operates several divisions such as Retail Division, Wholesale Division and Carlton Cards Division |
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$ 2,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : JASHANMAL NATIONAL CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 1956
Commercial Registration Number : 22592,
Chamber Membership Number : 4314
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
Total Workforce : 600
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
Person Interviewed : B. King, Wholesale Manager
COMPANY NAME
JASHANMAL NATIONAL
CO LLC
ADDRESS
Registered &
Physical Address
Building :
Street :
Area : Deira
PO Box : 1545 & 3926
Town :
Country :
Telephone : (971-4) 2666633
Facsimile : (971-4) 2629597
Email : info@jashanmal-uae.com
Premises
Subject operates from
a large suite of offices and a warehouse that are rented and located in the
Suburban Business Area of Dubai.
Branch Office
(s)
Location Description
·
Jumeirah
Tel : (971-4) 2452196
·
The
Centre Department
store
Muraggabat, Deira
Tel : (971-4) 2693659
·
Wafi
Mall Department
store
Bur
Tel : (971-4) 3244800
·
PO Box : 316
Tel : (971-2) 6335569 / 6456454
Fax : (971-2) 6338322
(Established 1964)
·
Sheikh
Zayed Al Nahyyan Building Department
store
PO Box : 1372
Al Ain
Tel : (971-3) 7513151
(Established 1979)
·
Sharjah Warehouse
premises
Tel : (971-6) 5724175 / 5374185 / 5731527
KEY PRINCIPALS
Name Position
·
Gangu
Batra Managing
Director & Chief Executive
·
Mohan
Jashanmal Director
& General Manager
·
Hiro
Jashanmal Director
& Regional Manager
·
Sheikh
Suroor Bin Sultan Al Dhahiry Director
·
Abdullah
Mohamed Al Mazrui Director
·
Mohamed
Al Fandi Al Mazrui Director
·
Abdulmalik
Al Hamar Director
·
Abdulrahim
E. Galadari Director
·
Abdullah
Bin Sultan Al Suleiman Director
·
Atma
Jashanmal Director
·
Tony
Jashanmal Director
·
Bharat
Jashanmal Director
·
Nawab Shareef Finance
Manager
·
B. King Wholesale
Manager
·
Sabstain Desouza Retail
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1956
History : Subject was established in 1956 as a
Limited Liability Partnership under the
name of “Jashanmal National Co (UAE)”.
In July 1991, and following an amendment to
the UAE commercial law
regulating companies partly owned
by foreign parties, subject was re-organised
and re-registered as a Limited
Liability Company – LLC under the new name of
“Jashanmal National Co LLC”.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 22592,
Chamber Member No. : 4314
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
Name of Shareholder (s)
·
Gangu
Batra
·
Mohan
Jashanmal
·
Hiro
Jashanmal
·
Sheikh
Suroor Bin Sultan Al Dhahiry
·
Abdullah
Mohamed Al Mazrui
·
Mohamed
Al Fandi Al Mazrui
·
Abdulmalik
Al Hamar
·
Abdulrahim
E. Galadari
·
Abdullah
Bin Sultan Al Suleiman
·
Atma
Jashanmal
·
Tony
Jashanmal
·
Bharat
Jashanmal
AFFILIATED COMPANIES
·
Jashanmal
& Sons WLL
PO Box : 16
Manama
Tel : (973) 225431
Fax : (973) 223247
Established in 1935
C.R.No. 8153
·
Jashanmal
& Sons Management Services
PO Box : 16
Established in 1980
C.R.No. 10467
·
Jashanmal
& Partners
PO Box : 5138 & 99
Safat
Tel : (965) 5312090
Fax : (965) 5333889
·
Overseas
Courier Services (
PO Box : 16
Established in 1982
C.R.No. 12365
·
Rifai
& Jashanmal WLL
PO Box : 5138
Established in 1933
C.R.No. 234
·
Fragrance
& Beauty Co
PO Box : 16
Established in 1979
C.R.No. 9606
·
Emirates
Markets & Stores (Pvt) Ltd
Al Ghurair Centre
Deira
·
Jashanmal
& Co (For Printed Materials)
PO Box : 1545
·
Sigma
Production & Services
PO Box : 3555
·
Sigma
Chemicals (SICHEM)
PO Box : 3555
Tel : (971-2) 2651561
Fax : (971-2) 2314007
·
Emirates
Mud Services
PO Box : 3555
·
Sigma
Specialised Engineering & Construction
Tel : (971-2) 5393228
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Retail Division
The Retail Division operates a chain of four department stores and stand
alone international franchises. The stores carry reputed brands of Pens,
Cameras, Luggage, Leather, Fashion, Accessories, Shoes, Linen, Houseware,
Jashanmal holds the franchise for "MEXX" the leading international
fashion house of
In November 1997, Jashanmal opened the first Burberry store in
Jashanmal had been retailing Clarks Shoes in the Gulf for over 35 years. In
1998, Jashanmal were appointed exclusive regional distributor for Clarks Shoes,
and operate a shoe warehouse in the Jebel Ali Free Zone in
In November 1998, Jashanmal entered into an agreement with Warnaco Inc. of
In 1999 this relationship was expanded to include distribution of Olga, Warners
and Body Slimmers range of intimate apparel. With this, Jashanmal developed the
concept of stand-alone underwear stores named "INNERLINES". The first
store opened in 2000 at the Deira City Centre in
·
Wholesale Division
The Wholesale Division is responsible for the
Distribution and Marketing of a number of major International brands. It
currently distributes and services over 2500 retailers in the UAE apart from
the main Seaports and Duty Free Shops at various International Airports in the
UAE,
Jashanmal's warehousing facilities consist of
over 106,100 square feet in
The division also operates bonded duty free
warehouses consisting of 24,000 sq.ft. located in the Duty Free Zone, out of
which 5,550 sq.ft. is temperature controlled.
A fleet of 44
commercial vehicles is used for transportation to all the markets in the UAE,
·
In 1999, Jashanmal
acquired
Import
Countries: Subject imports
products from all over the world, particularly the
International
Suppliers:
·
Clarks
Overseas Shoes Ltd
·
Ronson
International Corp
·
Max
Factor
·
Hoover
Plc
·
Grosvenor
of London Ltd
·
A.T.
Cross Ltd
·
Tobler
& Suchard Chocolates
·
Yashica
Hong Kong Co Ltd
·
Alladdin
Plastics Inc
Operating Trend: Steady
Subject has a
workforce of approximately 600 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
275,000,000 UAE Dh
308,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Banque
Paribas
Main Branch
Tel: (971-4) 2525929
·
Emirates
Bank International Ltd
Tel: (971-4) 2256256
·
Commercial
Bank of Dubai Ltd
Tel: (971-4) 2226132
·
The
Standard Chartered Bank
Tel: (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction September
2001
Credit amount 75,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Jashanmal National Co
LLC is a well established concern, with operations dating back to 1956. It
enjoys a good reputation for the quality of its products, which is reflected by
the high standards of its many international suppliers.
Local informants
report that subject’s financial condition is good and the company are
considered trustworthy for respecting their financial trade commitments.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.84 |
|
|
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
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%)