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Report No. : |
355264 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
M H ENTERPRISES
LLC |
|
|
|
|
Registered Office : |
Khamis Rashid Khamis Building Al Ras Street, 3rd & 4th Interchange Al Ras, Al Quoz Industrial Area No. 3 5771 Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
20.04.1986 |
|
|
|
|
Com. Reg. No.: |
42288, Dubai |
|
|
|
|
Legal Form : |
Limited Liability
Company - LLC |
|
|
|
|
Line of Business : |
Subject’s activities are performed through the following divisions: · Foodstuff Division · Disposable Division · Chemical
Division |
|
|
|
|
No. of Employee : |
270 |
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 : |
Regular |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
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 country 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. The country's free trade zones - offering
100% foreign ownership and zero taxes - are helping to attract foreign
investors. The global financial crisis of 2008, tight international credit, and
deflated asset prices constricted the economy in 2009. UAE authorities tried to
blunt the crisis by increasing spending and boosting liquidity in the banking
sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed
real estate prices. Dubai lacked sufficient cash to meet its debt obligations,
prompting global concern about its solvency and ultimately a $20 billion
bailout from the UAE Central Bank and Abu Dhabi-emirate government that was
refinanced in March 2014. Dependence on oil, a large expatriate workforce, and
growing inflation pressures are significant long-term challenges. The UAE's
strategic plan for the next few years focuses on economic diversification and
creating more job opportunities for nationals through improved education and
increased private sector employment.
|
Source
: CIA |
Company Name : M H
ENTERPRISES LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 20th
April 1986
Commercial
Registration Number : 42288,
Dubai
Trade Licence
Number : 202177
Chamber Membership
Number : 8305
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 270
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Irishad Ahmed,
Human Resources Manager
M H ENTERPRISES LLC
Building : Khamis Rashid Khamis Building
Street : Al Ras Street, 3rd &
4th Interchange
Area : Al Ras, Al Quoz Industrial
Area No. 3
PO Box : 5771
Town :
Country :
Telephone : (971-4) 3470444 / 4666670
Facsimile : (971-4) 3470971
Mobile : (971-50) 3528474 / 4565183 /
6526958 / 4565183
Email : mhentdxb@emirates.net.ae / info@mhdubai.com / irishaad@mhent.ae
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Dubai.
Branch Office
(s)
Location Description
·
PO Box:
47381 Sales
office & warehouse
Tel: (971-2) 6732774
Fax: (971-2) 6732319
·
Sharjah Sales
office & warehouse
·
·
Al Ain Sales
office & warehouse
·
Ras Al
Khaimah Sales
office & warehouse
Name Nationality Position
·
Gandhi
Hemchand Chatur Bhujdas Indian Managing
Director
·
Manish
Hemchand Gandhi Indian Director
·
Mohamed
Khalfan Ali Al Bagh Emirati Director
·
Eric Mistry - General
Manager
·
Irishad Ahmed - Human
Resources Manager
·
Wilson Mehta - Finance
Manager
·
Raj
Bhatia - Sales
Manager
·
Yogesh Poruhitk - Credit
Controller
·
E P Mahes
- Senior
Accountant
Date of Establishment : 20th
April 1986
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 42288, Dubai
Trade Licence No. : 202177
Chamber Member No. : 8305
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
MAK
International LLC 51%
Dubai
·
M H
Holding Investment Ltd 44%
British Virgin Islands
·
Gandhi
Hemchand Chatur Bhujdas 3%
·
Manish
Henchand Gandhi 2%
·
M H
International FZC
PO Box: 5771
Tel: (971-4) 3470444
Fax: (971-4) 3470971
·
Prime
Trading Co LLC
PO Box: 153, Wadi Kabir 117
Tel: (968) 24715274
Fax: (968) 24712033
·
Grocers
LLC
Dubai
·
Prime
International LLC
Dubai
·
Flemingo
International FZC
Dubai
·
Gulf
Processing Industries LLC
Dubai
Activities: Subject’s activities are performed through
the following divisions:
· Foodstuff Division
This division specialises in the wholesale
of a wide range of foodstuff products including; spices and pickles, rice,
evaporated milk, canned fruit and vegetables and fruit juices.
The
division also imports frozen items and dry foodstuff for supply to catering
units like airlines, hotels and oil companies.
· Disposable Division
Engaged in the distribution and marketing of
foodservice disposable products, including foam burger boxes, foam plates, foam
lunch boxes, gear containers, foam bowls, sandwich wedges, food containers,
plastic cutlery, drinking straws, and sandwich paper. The company are approved
suppliers for well known companies such as Nestle and Unilever in the
· Chemical Division
Distributors
of solvents and specialty chemicals in the gulf, specialising in supplying
chemicals for the paint, oilfield, printing, packaging, food & beverages,
water treatment, paper, pharmaceuticals, construction and other chemical
industries.
Import
Countries: Europe,
International
Suppliers:
·
Citrus
World Inc United
States of America
·
·
United
Food Industries
·
Steinfelds
·
Coopers
Fine Foods Pvt Ltd Australia
·
SPC
Fruits
·
Taikoo
Sugar Ltd
·
M M
Poonjiaji
·
Guard
Agricultural
·
Imeko
Diary Products
·
Jenes
Warneke Exports
·
Reckit
& Coleman
·
Rivoire
& Carret Lastucru
Export
Countries: Northern Africa,
Brand Names: POLARCUP, DART, SOLO and SWEETHEART
Operating Trend: Steady
Subject has a
workforce of approximately 270 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh
494,200,000 UAE Dh
500,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Standard
Chartered Bank
PO Box: 999
Tel: (971-4) 2520455
·
ABN
Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4) 3512200
·
HSBC Bank
Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints
regarding subject’s payments have been reported.
M H Enterprises LLC
is well established in the local market and was registered in 1986. It operates
several divisions specialising in the import and distribution of foodstuff,
foodservice disposable products and chemicals.
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.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
UAE Dh |
1 |
Rs.18.05 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.