|
Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
MASHREQ INTERNATIONAL LLC |
|
|
|
|
Registered Office : |
Sheikh Hamdan Building, Suite No. 111, Abu Baker Al Siddique Street, P O Box 25018, Dubai |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishment : |
1986 |
|
|
|
|
Com. Reg. No.: |
41279, |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale and retail of jewellery, watches and electrical
products |
|
|
|
|
No. of Employees : |
155 employees |
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 |
|
Status : |
Good |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income
and a sizable annual trade surplus. Successful efforts at economic
diversification have reduced the portion of GDP based on oil and gas output to
25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has
undergone a profound transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. The government
has increased spending on job creation and infrastructure expansion and is
opening up utilities to greater private sector involvement. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with
|
Source : CIA |
Company Name : MASHREQ INTERNATIONAL LLC
Country of Origin :
Legal Form : Limited Liability Company – LLC
Start Date : 1986
Registration Date : 21st November 1993
Commercial Registration Number : 41279,
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 : 155
Activities : Wholesale and retail of jewellery, watches and electrical products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Krishnan Rajan, Finance Manager
MASHREQ
INTERNATIONAL LLC
Registered &
Physical Address
Building :
Street :
PO Box : 25018
Town :
Country :
Telephone : (971-4) 2626399
Facsimile : (971-4) 2629978
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
Tel: (971-4) 2661900
Fax: (971-4) 2997789
·
Al
Khabeesi Area Office
premises
Tel: (971-4) 2623377
Fax: (971-4) 2977892
Name Nationality Position
·
Habib
Sayed Mohamed Mukrim Indian Managing
Director
·
Majid
Saif Ahmed Al Ghurair Emirati Director
·
Aslam
Habib - General
Manager
·
Qader
Ali Najem Eddine - Commercial
Manager
·
Krishnan
Rajan - Finance
Manager
·
Najam
Eddine - Sales
Manager
·
Sudndar
Natrajan - Marketing
Manager
·
Sayed
Maskeen Sultan - Public
Relations Manager
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,
Trade Licence No. : 232594
(Expires 20/11/2013)
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%
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
The Al Ghurair Group is active in
In real estate the Al Ghurair Centre has become a prominent landmark in
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
·
Activities: Engaged in the wholesale and retail of
jewellery, watches, electrical products, timber, building materials and
engineering products.
Import
Countries:
Brand Names: ZENART, DGO, TRAZER, LEROSKY, JULIUS, AREN
DINO, XETEX, SWISCARDIN,
FUSION and EPOK
Operating Trend: Steady
Subject has a
workforce of approximately 155 employees.
Financial highlights
provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
90,000,000 UAE Dh
122,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Krishnan Rajan, Finance Manager
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4) 2229131 / 2221134
No complaints regarding
subject’s payments have been reported.
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.
DIAMOND INDUSTRY –
-
From time immemorial,
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
The diamond jewellery industry in
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This
could be the biggest credibility crisis the Indian diamond industry has ever
faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen
diamond firms in
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.