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MIRA INFORM REPORT
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Report No. : |
493144 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
TRUEBELL MARKETING & TRADING LLC |
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Registered Office : |
Truebell Building, Al Soor Street, Industrial Area No. 13, PO Box
4146, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
08.09.1982 |
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Com. Reg. No.: |
9272, Sharjah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject’
operations are performed through the following divisions: ·
General Foodstuff
Division ·
Ship Chandelling
Division ·
Clearing &
Forwarding Division ·
Liquor & Cigarettes
Division ·
Duty Free Shops
Division ·
Procurement &
Supplies Division |
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No. of Employees : |
250 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced
in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low
oil prices have prompted the UAE to cut expenditures, including on some social
programs, but the UAE has sufficient assets in its sovereign investment funds
to cover its deficits. The government reduced fuel subsidies in August 2015,
and has announced plans to introduce excise and value-added taxes by January 1,
2018. The UAE's strategic plan for the next few years focuses on economic
diversification, promoting the UAE as a global trade and tourism hub,
developing industry, and creating more job opportunities for nationals through
improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name :
TRUEBELL MARKETING & TRADING LLC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
8th September 1982
Commercial Registration Number :
9272, Sharjah
Trade Licence Number :
17080
Chamber Membership Number :
9901
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
250
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Good
Payments :
Regular
Operating Trend :
Steady
Person Interviewed :
Umm Prakash, Finance Manager
COMPANY
NAME
TRUEBELL MARKETING & TRADING LLC
ADDRESS
Registered &
Physical Address
Building : Truebell
Building
Street : Al Soor
Street
Area : Industrial
Area No. 13
PO Box :
4146
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5342111
/ 5726422 / 5723722 / 5745991 / 5343111
Facsimile : (971-6)
5725611 / 5723191 / 5547435 / 5342112 / 5344509
Mobile : (971-50)
6327138 / 6443749 / 6319351
Email : info@truebell.org
/ truebell@truebell.org
/ tmt@emirates.net.ae
/ trueship@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
Dubai Investment Park Warehouse
premises
PO Box: 35629
Dubai
Tel: (971-4) 8856968
Fax: (971-4) 8856977
PO Box: 46090 Office
premises
Abu Dhabi
Tel: (971-2) 5333395
PO Box: 1019 Office
premises
Fujairah
Tel: (971-9) 2228119
Fax: (971-9) 2228120
KEY
PRINCIPALS
Name Nationality Position
Ghandi Jetendar Indian Managing
Director
Botea Bor Indian Director
Sonil Laksman Indian Director
Ramesh Kumar Indian Director
Jassim Al Medfa
Emirati Director
Krishnan Pratab Mangal - Procurement
Manager
Umm Prakash - Finance Manager
Anoop Mathtarani - Commercial
Manager
Mohan Kunnath - Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 8th
September 1982
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 9272, Sharjah
Trade Licence No. : 17080 (Expires
07/09/2018)
Chamber Member No. : 9901
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Jassim Al Medfa 51%
Big House 12%
United Kingdom
Desnimes Ltd 10%
British Virgin Islands
Sonil Laksman Ramsangani 10%
Ghandi Jetendar 6%
Botea Purrayal 6%
Ramesh Kumar Narang 5%
AFFILIATED
COMPANIES
Al Rama International Trading Ltd
Al Mina Street
Industrial Area No. 11
PO Box: 4146
Sharjah
Tel: (971-6) 5346550 / 5723722
Fax: (971-6) 5723191
Email: trublind@emirates.net.ae
Truebell Marketing Trading
Fujairah
Truebell General Trading Co WLL
Safat
Kuwait
Truebell Marketing & Distribution Pvt Ltd
India
Lanka Premium Beverages
Sri Lanka
OPERATIONS
Activities: Subject’ operations are performed through the following divisions:
General Foodstuff Division
Engaged in the import and distribution of general foodstuff products,
including bakery items, cheeses,
pasta & pasta sauces, pork, oils & vinegar, coffee & beverages,
canned fruits & vegetables. The
division services over 5000 customers in the region, which includes prestigious
clients like Carrefour, Spinneys, Pyramids & Le Meridien.
Agencies Held :
BACI, SASSO, KIKKOMAN, ARDMONA, KOMPLET, KALYAN,
DAWAAT, SENECA, BELL, LIBERTY and DON PARIDE.
Ship Chandelling Division
Engaged in all aspects of ship chandelling, as well as the import of
polypropylene & steel ropes.
Clearing & Forwarding Division
Operators of clearing and forwarding services, specialising in the oil
and gas industries.
Liquor & Cigarettes Division
Engaged in the import and distribution of alcoholic beverages and
tobacco.
Duty Free Shops Division
Currently Truebell operates Duty Free Shops in
Fujairah Seaport, Fujairah International Airport and Sharjah Seaport.
Procurement & Supplies Division
The Procurement & Supplies Division was
established in 1994 as a division of Truebell Marketing & Trading and has
since grown into one of the leading suppliers to United Nations Missions,
relief agencies, oil companies and related service companies. Subject is
registered as a vendor with United Nations - New York and United Nations High
Commissioner for Refugees (UNHCR) - Geneva.
Subject’s operations are ISO 9002 certified.
Import Countries: Australia, New Zealand, Greece, France, Spain,
Italy, Germany and the United States of America
Principal Suppliers:
Fratelli Saclà S.p.A Italy
Wine and Spirit International Ltd United
Kingdom
Eaux de Saint Géron France
Able & Schiefer Germany
Cape Campbell Wine Company Ltd New
Zealand
MMI Dubai
African Eastern Dubai
Operating Trend: Steady
Subject has a workforce of approximately 250 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 650,340,580 UAE Dh
632,235,021
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Umm Prakash, Finance Manager
BANKERS
Sharjah Islamic Bank
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
Established in 1982, Truebell Marketing & Trading Co LLC is involved
in a wide range of activities and is a well-known establishment in the
Emirates. It stocks over 6,000 different products and operates warehousing facilities with over 150,000 Sq.ft. of dry storage area, over
3,000 Sq. ft. of cold storage area and 35,000 Sq.ft., of bonded warehouses
and duty free shop area, at various locations within the UAE.
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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UAE Dh |
1 |
INR 17.65 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
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Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.