MIRA INFORM REPORT

 

 

Report Date :           

01.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MONEX INTERNATIONAL TRADING LLC

 

 

Registered Office :

Saeed Suhail Saeed Building, Showroom No. 2, Ras Al Khor Road, Al Aweer Industrial Area, P O Box 25645,: Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.06.1999

 

 

Com. Reg. No.:

52975, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of automotive spare parts and related accessories

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 500,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : MONEX INTERNATIONAL TRADING LLC         

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 20th June 1999

Commercial Registration Number            : 52975, Dubai

Trade Licence Number                            : 512550

Chamber Membership Number                : 55077

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 16

Activities                                               : Import and distribution of automotive spare parts and related

accessories

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

Person Interviewed                                 : Karamutel Kumar Babu, Finance Manager

 

 

COMPANY NAME

 

MONEX INTERNATIONAL TRADING LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Saeed Suhail Saeed Building, Showroom No. 2

Street               : Ras Al Khor Road

Area                 : Al Aweer Industrial Area

PO Box             : 25645

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3339463 / 3335283

Facsimile          : (971-4) 3339453

Email                : monex@monex-gt.com

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Khuda Karam Safar Hashimi                            Iranian             Managing Director

 

·       Farhang Ali Ehsan Rezai Amiri                         Iranian             Director

 

·       Kazem Abdullah Oghabi                                  Iranian             Director

 

·       Mansoor Ahmed Mansoor Ali                           Emirati                        Director

 

·       Randolph D' Souza                                               -                            Sales Manager

 

·       Karamutel Kumar Babu                                         -                            Finance Manager

 

·       Oscar Pink                                                          -                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 20th June 1999

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 52975, Dubai

 

Trade Licence No.       : 512550 (Expires 18/06/2011)

 

Chamber Member No. : 55077

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                               Percentage

 

·       Mansoor Ahmed Mansoor Ali                                          51%

 

·       Khuda Karam Safar Hashimi                                           17%

 

·       Farhang Ali Ehsan Rezai Amiri                                        16%

 

·       Kazem Abdullah Oghabi                                                 16%

 

 

AFFILIATED COMPANIES

 

·       Monex & Harrington Automotive Machinery & Parts FZCO

PO Box: 262683

Jebel Ali Free Zone

Dubai

Tel: (971-4) 8809802

Fax: (971-4) 8809803

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of automotive spare parts and related accessories, as well as truck and trailer spare parts.

 

Subject holds the agency rights for Firestone Air Suspension systems, Eurohitch landing Gear, Arfesan Brake systems, and the Monex Brand of Truck and trailer parts. The company also stocks various replacement parts like Hella, Wabco, mahle, Febi and KM parts from Germany and Euroricambi gear parts from Italy.

 

Subject are sole distributors of Firestone, Airsping, MGM and ATT.

 

Distributors of:

 

·       Euroricambi

·       Febi

·       KM

·       KAT

·       SABO

·       Monroe

·       Arfesan

·       Wabco

·       Dayco

·       Hengst

 

Import Countries: Germany and Italy

 

Export Countries: Yemen, Tanzania, Uganda, Kenya, Mombasa, Ivory Cost and the GCC region

 

Brand Names: MERCEDES, VOLVO, SCANIA, BPW & ROR

 

Operating Trend: Steady

 

Subject has a workforce of 16 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 58,500,000                   UAE Dh 61,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures were confirmed by Karamutel Kumar Babu, Finance Manager

 

 

BANKERS

 

·       ABN Amro Bank

Deira Branch

PO Box: 2567

Dubai

     Tel: (971-4) 3512200

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2006

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.03

UK Pound

1

Rs.74.43

Euro

1

Rs.64.75

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.