MIRA INFORM REPORT

 

 

Report Date :           

20.10.2011

 

IDENTIFICATION DETAILS

 

Name :

MASHREQ INTERNATIONAL LLC

 

 

Registered Office :

Sheikh Hamdan Building, Suite No. 111, Abu Baker Al Siddique Street, Al Khabeesi, P O Box 25018, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

21.11.1993

 

 

Com. Reg. No.:

41279, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of jewellery, watches and electrical products

 

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$ 750,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

sUMMARY

 

Company Name                                     : MASHREQ INTERNATIONAL LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : 1986

Registration Date                                   : 21st November 1993

Commercial Registration Number            : 41279, Dubai

Trade Licence Number                            : 232594

Chamber Membership Number                : 28814

Issued Capital                                        : UAE Dh 6,000,000

Paid up Capital                                      : UAE Dh 6,000,000

Total Workforce                                     : 150

Activities                                               : Wholesale and retail of jewellery, watches and electrical products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 750,000

Person Interviewed                                 : Krishnan Rajan, Finance Manager

 

 

 

COMPANY NAME

 

MASHREQ INTERNATIONAL LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Sheikh Hamdan Building, Suite No. 111

Street               : Abu Baker Al Siddique Street

Area                 : Al Khabeesi

PO Box             : 25018

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2626399

Facsimile          : (971-4) 2629978

Mobile               : (971-50) 4580063 / 6985302

Email                : zenart@emirates.net.ae / contact@mashreqworld.com / rajan@mashreqworld.com

 

Premises

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Dubai.

 

Branch Offices

 

Location                                                                                          Description

 

·       Al Falasi Building                                                                              Office premises

Salah Uddine Road

Dubai

Tel: (971-4) 2661900

Fax: (971-4) 2997789

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Habib Sayed Mohamed Mukrim                        Indian                          Managing Director

 

·       Majid Saif Ahmed Al Ghurair                            Emirati                        Director

 

·       Qader Ali Najem Eddine                                        -                            Commercial Manager

 

·       Krishnan Rajan                                                    -                            Finance Manager

 

·       Natrajan Sunder                                                   -                            Sales Manager

 

·       Sayed Maskeen Sultan                                         -                            Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1986, however it was registered on 21st November 1993

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 41279, Dubai

 

Trade Licence No.       : 232594 (Expires 19/11/2012)

 

Chamber Member No. : 28814

 

Issued Capital              : UAE Dh 6,000,000

 

Paid up Capital            : UAE Dh 6,000,000

 

Name of Shareholder (s)                                         Percentage

 

·       Majid Saif Ahmed Al Ghurair                                      51%

 

·       Habib Sayed Mohamed Mukrim                                  49%

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Al Ghurair Group, which has a turnover over in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified range of interests spanning real estate, finance and industry, with specialist operations in banking, trading and shipping.

 

Some of the very successful industries that it operates today in the United Arab Emirates, include the National Flour Mills Co Ltd, National Cement Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National Mosaic Tiles, Arabian Packaging Co and Al Ghurair Publishing and Printing. In the banking sector, the Ghurairs are owners of the UAE’s largest private bank, the Dubai-based Mashreq Bank, which is one of the Group’s most successful ventures and operates from branches both within and outside the UAE.

 

The Al Ghurair Group is active in London, New York, Cairo, Khartoum, Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.

 

In real estate the Al Ghurair Centre has become a prominent landmark in Dubai. It was built at a cost of more than US $ 150 million and is now home to most of the city’s top retailers.

 

The Al Ghurair Group comprises the following concerns:

 

·       Al Ghurair Holdings (Private) Ltd

 

·       Gulf Extrusions Ltd

 

·       Arabian Aluminium Company

 

·       Al Ghurair Publishing & Printing House

 

·       Union Mosaic & Marble Company

 

·       Al Ghurair Centre

 

·       Arabian Mix

 

·       National Cement Company Ltd

 

·       Arabian Packing Company

 

·       Gulf Utensils

 

·       Gulf Import & Export Co

 

·       House of Perfume

 

·       Computer Intelligence and Communications Ltd

 

·       Gulf Confectionery & Biscuit Company

 

·       Oman Insurance Co Limited

 

·       Mashreq Bank

 

·       Al Ghurair Enterprises

 

·       Al Ghurair Exchange

 

·       National Flour Mills Company Ltd

 

·       Emirates Trading Agency LLC

 

·       National Concrete Company Ltd

 

·       Masafi Mineral Water Co LLC

 

·       Associated Construction & Investment Co LLC (ASCON)

 

·       Al Ghurair Fieness Perry & Partners

 

·       Pak Arab Traders

 

·       Al Ghurair Real Estate

 

·       Al Khaleej Sugar Co WLL

 

·       Central Electric Equipment Co LLC (CEEC)

 

·       National Oman Marble Company

 

·       Rawda Quarries Ltd

 

·       Ghurair Tarmac

 

·       Oman Finance Company

 

·       Ghurair Crown (Engineering) Ltd

 

·       Al Ghurair Industries (Pvt) Ltd

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of jewellery, watches and electrical products.

 

Import Countries: Europe and GCC countries.

 

Brand Names: ZENART, DGO, SWISCRADIN, VERONA, FUSION and EPOK.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 150 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 82,700,000                   UAE Dh 90,000,000

 

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

 

The above figures were provided by Mr Krishnan Rajan, Finance Manager

 

 

BANKERS

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

 

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.18

UK Pound

1

Rs.77.49

Euro

1

Rs.67.96

 

 

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.