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Report No. : |
322643 |
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Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
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Name : |
M H ENTERPRISES LLC |
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Registered Office : |
Khamis Rashid Khamis Building, Al Ras Street, 3rd & 4th
Interchange, Al Ras, Al Quoz Industrial Area No. 3, PO Box 5771, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
20.04.1986 |
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Com. Reg. No.: |
42288 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s
activities are performed through the following divisions: ·
Foodstuff Division ·
Disposable Division ·
Chemical Division |
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No. of Employees : |
270 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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, 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 diversification and creating more 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 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce : 270
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Wilson Mehta, Finance Manager
M H ENTERPRISES LLC
Registered &
Physical Address
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 : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3470444
Facsimile : (971-4)
3470971
Mobile : (971-50)
3528474 / 4565183
Email : mhentdxb@emirates.net.ae
/ info@mhdubai.com
/ irishaad@mhent.ae
Premises
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
Abu Dhabi
Tel: (971-2) 6732774
Fax: (971-2) 6732319
Sharjah Sales
office & warehouse
Fujairah 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
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 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of
Shareholder (s) Percentage
MAK International LLC
51%
Dubai
MH Holding Ltd
41%
British Virgin Islands
Gandhi Hemchand Chatur Bhujdas ]
] 8%
Manish Henchand Gandhi ]
M. H. International FZC
PO Box: 5771
Dubai
United Arab Emirates
Tel: (971-4) 3470444
Fax: (971-4) 3470971
Prime Trading Co LLC
PO Box: 153, Wadi Kabir 117
Muscat
Oman
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 Middle East.
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, United States of America, Australia, Asia
and the Far East.
International Suppliers:
Citrus World Inc. United
States of America
Oregon Fruits Growers United
States of America
United Food Industries United
States of America
Steinfelds United
States of America
Coopers Fine Foods Pvt. Ltd Australia
SPC Fruits Australia
Taikoo Sugar Ltd Hong
Kong
M M Poonjiaji India
Guard Agricultural Pakistan
Imeko Diary Products Netherlands
Jenes Warneke Exports Germany
Reckit & Coleman United
Kingdom
Rivoire & Carret Lastucru France
Export Countries: Northern Africa, Iran, India, Pakistan, Bangladesh
and Sri Lanka.
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
Khalid Bin Waleed Street
PO Box: 999
Dubai
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.
Date of transaction November
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
M H Enterprises LLC is well established in the local market and was
registered in 1986. It operates several divisions specializing 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.63.69 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
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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 |
|
|
-- |
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.