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MIRA INFORM REPORT
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Report No. : |
515835 |
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Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
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Name : |
MASHREQ INTERNATIONAL LLC |
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Registered Office : |
Sheik Hamdan Building, Office 111, Deira, PO Box: 25018, Dubai |
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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 : |
20.11.1993 |
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Com. Reg. No.: |
232594 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading
as importers and wholesalers of chemical products, watches, agricultural
commodities, building materials, timber and electrical appliances. |
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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 |
Acceptable Risk |
Business dealings permissible with
moderate 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 (31.12.2017) |
Current Rating (01.04.2018) |
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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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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 |
BRIEF
SUMMARY
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COMPANY NAME |
MASHREQ INTERNATIONAL LLC |
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ADDRESS |
Building |
Street |
Area |
PO Box |
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Sheik Hamdan Building, Office 111 |
Abu Baker Al Siddique Street |
Deira, Near Abu Hail Station |
25018 Dubai |
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TEL/FAX |
Verified Phones: (+971 4) 266 1900 /
Fax: (+971 4) 297 7892 |
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EMAIL/WEBSITE |
Email: finance@mashreqworld.com / Website: www.mashreqworld.com |
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ACTIVITY |
NACE 4675 - Wholesale of chemical products; NACE 4613 - Agents involved
in the sale of timber and building materials; NACE 4648 - Wholesale of
watches and jewellery; NACE 4690 - Non-specialised wholesale trade; |
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PRINCIPAL |
Mukrim
Syed Habeeb |
Workforce |
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Managing Director |
250 |
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LEGAL INFO |
Date Of Est. |
Reg. No. |
Legal Form |
Status |
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20/11/1993 |
232594 |
LLC |
Active |
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CAPITAL |
CURRENCY |
AMOUNT |
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AED |
10,000,000 |
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IDENTIFICATION
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CO. NAME |
MASHREQ INTERNATIONAL
LLC |
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ALSO KNOWN NAME
(S) |
MASHREQ INTERNATIONAL
(L.L.C.) |
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BUILDING |
Sheik Hamdan
Building, Office 111 |
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STREET |
Abu Baker Al
Siddique Street |
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AREA |
Deira, Near Abu
Hail Station |
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POSTAL ADDRESS |
25018 Dubai |
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CITY |
Dubai |
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COUNTRY |
United Arab Emirates |
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TELEPHONE |
(+971 4) 266 1900 / Mobile (+971 50) 458 0063 |
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FAX |
(+971 4) 297 7892 |
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VERIFIED EMAIL |
finance@mashreqworld.com |
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WEBSITE |
www.mashreqworld.com |
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BUSINESS HOURS |
DAYS |
OFFICE HOURS |
BREAK TIME |
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Sun-Thu |
09:00-21:30 |
13:30-16:30 |
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REGISTERED
ADDRESS |
Sheik Hamdan
Building, Office 111 Deira PO Box: 25018 Dubai United Arab
Emirates |
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SENIOR
PERSONNEL
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MANAGEMENT |
NAME |
POSITION |
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Mukrim Syed Habeeb |
Managing
Director |
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Rajan K. |
Chief Accountant
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WORKFORCE |
NO. OF EMPLOYEES
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PERIOD |
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250 |
06.2018 |
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FINANCIAL
SUMMARY
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TURNOVER |
31/12/2017 |
31/12/2018
(Projected) |
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AED 150,000,000 |
AED 160,000,000 |
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NET PROFIT /
(LOSS) |
Not given but stated to be 2-5% of the sales |
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STOCK/INVENTORIES |
AED 30,000,000 as of June 2018 |
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FISCAL
YEAR-END |
31 December. |
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LEGAL
STATUS
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INCORPORATION |
20/11/1993 |
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REGISTRATION
NO. |
C.R. NUMBER |
ISSUED BY |
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Trade License
No.: 232594 (expiry date: 19/11/2018) |
Dubai Department
of Economic Development |
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OTHER
REGISTRATION NO. |
Registration No.: 41279 / DCCI Membership No.: 28814
(issued on: 21/11/1993) |
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AUTHORISED
CAPITAL |
AMOUNT |
CURRENCY |
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10,000,000 |
AED |
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PAID-UP
CAPITAL |
AMOUNT |
CURRENCY |
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10,000,000 |
AED |
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BUSINESS HISTORY |
The Company was incorporated in Dubai on 20 November 1993. |
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LEGAL FORM |
Limited Liability Company |
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STATUS |
Active |
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SHAREHOLDERS |
NAME |
PERCENTAGE |
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1. Mukrim Syed Habeeb Nationality: Indian 2. MAG INVESTEMENTS L.L.C * Al Ghurair Group Bldg Deira Dubai Telephone: (+971 4) 262 3377 Fax : (+971
4) 262 7700 Chairman: Majid Saif Ahmed Al
Ghurair Personal Profile on Majid Saif Ahmed Al Ghurair : Majid Saif Al Ghurair is CEO of the Al Ghurair Group of Companies, one of the main business groups of the United Arab Emirates, with businesses spanning trade, industry, manufacturing and Real Estate.
With his deep knowledge and insight, he continued to foster development of the Group's key business lines, and he became: - President of BurJuman Centre and Reef Mall (Real Estate sector) - Managing Director of Gulf Extrusions (Manufacturing sector, Aluminum) - Managing Director of Arabian Can Industry (Manufacturing sector / Cans) He was involved in the formation of the Middle East Council of Shopping Centers, and currently he is the President of the same. He was voted "Business Leader Personality of the Year 2004"
in the United Arab Emirates. Majid Saif Al Ghurair holds a BA in Accounting
from Al Ain University. * The local sponsor, according to UAE laws
must hold a minimum of 51% of the capital, however, in practice and
unofficially the sponsor gets a fixed annual percentage of the profit and a
sponsorship fee without any investment in the company. |
49.00% 51.00% |
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OPERATION
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BANKERS |
1. Emirates NBD
Bank (Fmly Emirates Bank International) Baniyas Square PO Box: 2923 Dubai Telephone: (+971 4) 228 3101 Fax
: (+971 4) 222 6773 2. National Bank
of Fujairah PO Box 2979 Dubai Telephone: (+971 4) 397 1700 Fax
: (+971 4) 397 3922 3. Dubai Islamic
Bank Al Maktoum Road Port Saeed Area PO Box: 1080 Dubai UAE Telephone: (+971 4) 295 3000 Fax
: (+971 4) 295 4111 |
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ACTIVITY CODE
(NACE) |
4675 - Wholesale
of chemical products; 4613 - Agents involved in the sale of timber and
building materials; 4648 - Wholesale of watches and jewellery; 4690 -
Non-specialised wholesale trade; |
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LINE OF
BUSINESS |
Trading as importers and
wholesalers of chemical products, watches, agricultural commodities, building
materials, timber and electrical appliances. |
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IMPORT FROM |
Worldwide. |
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EXPORT TO |
Africa, GCC, South and Far East Asian countries, including India, Malaysia,
Indonesia, Vietnam, Saudi Arabia and Hong Kong. |
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FACILITIES |
Premises comprising administrative offices located at the heading
address as well as 4 registered branch offices located elsewhere in Dubai
(see “Branch Offices” below). |
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BRANCH OFFICES |
1. Mashreq International (L.L.C.) BR
Dubai Telephone: (+971 4) 226 2034 Est.: 28/03/1994 Trade License No.: 233749 2. Mashreq International (L.L.C.) BR
Dubai Telephone: (+971 4) 229 0115 Est.: 25/08/1994 Trade License No.: 235534 3. Mashreq International (L.L.C.) BR
Dubai Telephone: (+971 4) 229 0115 Est.: 26/08/1996 Trade License No.: 243138 4. Mashreq International (L.L.C.) BR
Dubai Telephone: (+971 4) 266 1900 Est.: 29/07/2007 Trade License No.: 598725 |
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RELATED
COMPANIES |
Associates 1. Mashreq International LLC Suite C4, 11/FL, 1-C, Middle Road, TST, Kowloon Hong Kong Tel: (+852) 2367 9553 Email:
hongkong@mashreqworld.com 2. Al Mashreq International W.L.L. Warehouse No. KB08, Buliding
No: 2547, Block No: 115, Road No: 1535 PO Box No: 50729 Bahrain Tel: (+973) 7734 9000 Email:
bahrain@mashreqworld.com 3. Jazirah Al Mashreq Int'l
Trading Co Flat No:601, 6th Floor, Gloria Inn Hotel Building, Batha Main Road, Marqab, PO Box: 3278 Riyadh 11471 Saudi Arabia Tel: (+966 11) 287 2777 Email:
jazirah@mashreqworld.com 4. Mohamed Elwild & Co. Alrasheed street 120, Omar almokhtar street 69, Moon flower / aldhmani street
38, Tripoli Libya 5. Mashreq International W.L.L PO Box 201160 Doha Qatar Tel: (+974) 4442 6085 Email:
qatar@mashreqworld.com 6. Mashreq International LLC C2903, Huang du Plaza, Yitian
Road, Futian China Tel: (+86 755) 8282 4772 Email: china@mashreqworld.com 7. Eastern Trading Company (Pvt) LTD. No.74, Eskay Buildings 2nd
Floor, Greams Road, Thousand Light, Chennai-600006, Tamil Nadu India Tel: (+91 44) 4503 8468 Email:
chennai@mashreqworld.com 8. CRESCENT STAR(S) PTE Ltd., 2, Serangoon Road, 02-18 The
Verge Mall, Singapore 218227 9. Mashreq Int'l Gulf LLC PO Box: 430, PC - 131, Al Hamriya Oman Tel: (+968) 2481 1931 Email: oman@mashreqworld.com |
PAYMENT
RECORDS
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CREDIT
OPINION |
We consider it is acceptable to deal with subject
for LARGE amounts. |
SPECIAL
REMARKS
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INTERVIEWED |
Rajan K. (Chief
Accountant). |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.77 |
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1 |
INR 89.95 |
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Euro |
1 |
INR 78.85 |
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UAE Dh |
1 |
INR 18.48 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
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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
·
Payment
record
·
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.