MIRA
INFORM REPORT
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Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
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Name : |
JASHANMAL NATIONAL CO LLC |
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Registered Office : |
Lotus Building Salahuddin Street Deira PO Box 1545 & 3926 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.02.1976 |
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Com. Reg. No.: |
45956, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject operates several divisions (see below for details) Retail Division, Wholesale
Division, Carlton Cards Division |
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$ 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : JASHANMAL NATIONAL CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1956
Registration Date : 1st February 1976
Commercial Registration Number : 45956, Dubai
Trade Licence Number : 208891
Chamber Membership Number : 4314
Issued Capital : UAE Dh 50,000,000
Paid up Capital : UAE Dh 50,000,000
Total Workforce : 1,000
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 3,000,000
Person Interviewed : Nawab Shareef, Finance Manager
COMPANY NAME
JASHANMAL NATIONAL CO LLC
ADDRESS
Registered & Physical Address
Building : Lotus
Building
Street : Salahuddin
Street
Area : Deira
PO Box : 1545 &
3926
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2666633
Facsimile : (971-4)
2629597
Email : info@jashanmal-uae.com
/ gmjnc@jashanmal.ae
/ bking@jashanmal.ae
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
· Al Dhiyafah Street Department
store
Jumeirah
Dubai
Tel:
(971-4) 2452196
· The Centre Department
store
Muraggabat, Deira
Dubai
Tel:
(971-4) 2693659
· Wafi Mall Department
store
Bur Dubai
Dubai
Tel: (971-4)
3244800
· Abu Dhabi Mall
Building Department
store
Al Istiqlal Street
PO Box: 316
Abu Dhabi
Tel: (971-2)
6335569 / 6456454
Fax: (971-2)
6338322
· Sheikh Zayed Al
Nahyyan Building Department
store
Sheikh Khalifa Bin
Zayed Street
Al Ain Main Street
PO Box: 1372
Al Ain
Tel: (971-3)
7513151
· Sharjah Warehouse
premises
Tel: (971-6)
5724175 / 5374185 / 5731527
KEY PRINCIPALS
Name Nationality Position
· Gangu Batra Indian Managing
Director & Chief Executive
· Mohan Jashanmal Indian Director
& General Manager
· Sheikh Suroor Bin
Sultan Al Dhahiry Emirati Director
· Abdullah Mohamed
Al Mazrui Emirati Director
· Mohamed Al Fandi
Al Mazrui Emirati Director
· Abdulrahim E
Galadari Emirati Director
· Abdullah Bin
Sultan Al Suleiman Emirati Director
· Atma Jashanmal Indian Director
· Tony Jashanmal Indian Director
· Bharat Jashanmal
Bahraini Director
· Nawab Shareef - Finance
Manager
· B King Wholesale
Manager
· Sabstain Desouza Retail
Manager
LEGAL FORM & OWNERS
Date of
Establishment : Subject’s
operations date back to 1956, however it was registered on 1st
February 1976
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. : 45956, Dubai
Trade Licence No. : 208891
Chamber Member No. : 4314
Issued Capital : UAE Dh 50,000,000
Paid up Capital : UAE Dh 50,000,000
Name of Shareholder (s)
· Gangu Batra
· Mohan Jashanmal
· Sheikh Suroor Bin Sultan
Al Dhahiry
· Abdullah Mohamed
Al Mazrui
· Mohamed Al Fandi
Al Mazrui
· Abdulrahim E
Galadari
· Abdullah Bin
Sultan Al Suleiman
· Atma Jashanmal
· Tony Jashanmal
· Bharat Jashanmal
AFFILIATED COMPANIES
· Jashanmal &
Sons WLL
PO Box: 16
Manama
Bahrain
Tel: (973-17)
225431
Fax: (973-17)
223247
Established in
1935
CR No. 8153
· Jashanmal &
Sons Management Services
PO Box: 16
Manama
Bahrain
Established in
1980
CR No. 10467
· Jashanmal &
Partners
PO Box: 5138 &
99
Safat
Kuwait
Tel: (965)
25312090
Fax: (965) 25333889
· Overseas Courier
Services (Bahrain) Ltd
PO Box: 16
Manama
Bahrain
Established in
1982
CR No. 12365
· Rifai &
Jashanmal WLL
PO Box: 5138
Kuwait
Established in
1933
CR No. 234
· Fragrance &
Beauty Co
PO Box: 16
Manama
Bahrain
Established in
1979
CR No. 9606
· Emirates Markets
& Stores (Pvt) Ltd
Al Ghurair Centre
Deira
Dubai
United Arab
Emirates
· Jashanmal & Co
(For Printed Materials)
PO Box: 1545
Dubai
United Arab
Emirates
· Sigma Production
& Services
PO Box: 3555
Abu Dhabi
United Arab
Emirates
· Sigma Chemicals
(SICHEM)
Hamdan Street
PO Box: 3555
Abu Dhabi
United Arab
Emirates
Tel: (971-2)
2651561
Fax: (971-2)
2314007
· Emirates Mud
Services
PO Box: 3555
Abu Dhabi
United Arab
Emirates
· Sigma Specialised
Engineering & Construction
PO Box: 3555
Abu Dhabi
United Arab Emirates
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,
Crystal, Glass, China, Giftware, Books, Household and Kitchen Appliances.
Jashanmal holds the franchise for "MEXX" the leading international
fashion house of Europe. The company now has four "MEXX" boutiques,
which are located in large prestigious shopping malls.
In November 1997, Jashanmal opened the first Burberry store in Dubai.
This is the first store in the Middle East franchised by Burberry of London.
Located at "City Centre" the largest shopping mall in downtown Dubai,
Burberry is owned and operated by Jashanmal.
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 Dubai that supplies
the regional requirement of all retail customers. Three Clarks stand-alone
stores and four shop-in-shops are in the region now and more are planned.
In November 1998, Jashanmal entered into an agreement with Warnaco Inc. of USA
for the exclusive regional distribution of Calvin Klein underwear and leather
accessories for men in the lower GCC countries.
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 Dubai, followed by a second in
Abu Dhabi and a third in Sharjah.
· 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,
Muscat and Doha. In Bahrain the company service over 100 retailers and in
Kuwait over 500 retailers. The wholesale division generates 65% of sales.
Jashanmal's warehousing facilities consist of over 106,100
square feet in Dubai and 22,500 square feet in Abu Dhabi, a substantial portion
climate controlled.
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, Oman and Qatar.
·
Carlton Cards Division
In 1999, Jashanmal
acquired Carlton Cards Gulf, and became the regional franchisee of American
Greetings Corp., the largest greeting cards company in the world. Carlton Cards
Gulf operates 8 stand-alone stores in UAE and Oman and widely distributes
greeting cards to all major supermarkets, gas stations and gift stores in the
UAE, Oman, Qatar, Bahrain and Kuwait.
Import Countries: Subject imports products from all over the world,
particularly the United Kingdom, the Republic of Ireland, Switzerland, Hong
Kong and the United States of America
International Suppliers:
· Clarks Overseas
Shoes Ltd United Kingdom
· Ronson
International Corp United
Kingdom
· Max Factor United
Kingdom
· Hoover Plc United
Kingdom
· Grosvenor of
London Ltd United
Kingdom
· A.T. Cross Ltd Republic of Ireland
· Tobler &
Suchard Chocolates Switzerland
· Yashica Hong Kong
Co Ltd Hong Kong
· Alladdin Plastics
Inc United States
of America
Operating Trend: Steady
Subject has a workforce of approximately 1,000 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 625,000,000 UAE Dh
636,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures were confirmed by Nawab Shareef, Finance
Manager
BANKERS
·
Banque Paribas
Main Branch
PO Box: 7233
Dubai
Tel: (971-4)
2525929
·
Emirates Bank International Ltd
Beniyas Road
PO Box: 2923
Dubai
Tel: (971-4)
2256256
·
Commercial Bank of Dubai Ltd
Al Maktoum Street
PO Box: 2668
Dubai
Tel: (971-4)
2226132
·
The Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
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.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.