MIRA
INFORM REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIDDLE EAST MEAT CO LLC |
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Registered Office : |
Mussafah
Industrial Area M12, PO Box 2538, Abu Dhabi |
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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 : |
09.04.2003 |
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Com. Reg. No.: |
52927, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Frozen
Meat and Poultry Products |
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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MIDDLE EAST MEAT CO LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th April 2003
Commercial Registration Number : 52927, Abu Dhabi
Trade Licence Number : 77293
Chamber Membership Number : 97148
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 50
Activities : Import and distribution of frozen meat and poultry products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 175,000
COMPANY NAME
MIDDLE EAST MEAT CO
LLC
ADDRESS
Registered & Physical Address
Location : Mussafah Industrial Area M12
PO Box : 2538
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5522524
Facsimile : (971-2) 5522526
Email : mefroz@mefroz.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
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Adel
Mohamed Ahmed Rajab Al Hosani Emirati Managing Director
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Firaz
Konhi Marakarkaz Indian Director
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Ashik Mustafa - General
Manager
·
Samged Mahmood - Business
Development Manager
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G.A.
Chandrashekar - Financial
Controller
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Abhilash
Unnikrishnan - Administration
Manager
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K.M. Sakeer - Operations
Manager
LEGAL FORM & OWNERS
Date of Establishment : 9th
April 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 52927, Abu
Dhabi
Trade Licence No. : 77293 (Expires 10/05/2009)
Chamber Member No. : 97148
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
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Adel
Mohamed Ahmed Rajab Al Hosani 51%
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Firaz
Konhi Marakarkaz 49%
OPERATIONS
Activities: Engaged in the import
and distribution of frozen meat and poultry products.
Import
Countries: India, Saudi
Arabia and China
Operating Trend: Steady
Subject has a
workforce of 50 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
17,100,000 UAE Dh 18,600,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Habib Bank Ltd
Leewa Street
PO Box : 897
Abu Dhabi
Tel : (971-2) 330188
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 and the above credit figure is
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.46.25 |
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UK Pound |
1 |
Rs.85.92 |
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Euro |
1 |
Rs.68.11 |
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%)