MIRA
INFORM REPORT
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Report Date : |
23rd
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL SAFEER GROUP OF COMPANIES LLC |
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Registered Office : |
Industrial
Area No. 91 22320,
Sharjah United
Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
1st August 2002 |
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Com. Reg. No.: |
515912, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesalers and retailers of ready made
garments, footwear, household appliances, furniture, foodstuffs and gift
items |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$
250,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL SAFEER GROUP OF COMPANIES LLC |
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Country of Origin |
Sharjah, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
1st August 2002 |
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Commercial Registration Number |
515912, Sharjah |
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Trade Licence Number |
515912 |
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Membership Number |
56224 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
65 |
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Line of Business |
Wholesalers and retailers of ready made garments, footwear, household appliances, furniture, foodstuffs and gift items |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
AL
SAFEER GROUP OF COMPANIES LLC
ADDRESS
Registered
& Physical Address
Location : Industrial Area No. 91
PO Box : 22320
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5325656 / 5325244 / 5325353
Facsimile : (971-6) 5332346 / 5326622
Email : safeer@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices and a warehouse that are owned
and located in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
Jamno P
Kalwani Indian Chairman
Maish
Jamno P Kalwani Indian Director
Rashmi
Jamno P Kalwani Indian Director
Salem
Ali Salem Ahmed Al Muhairi Emirati Director
Harish
Kathuria - Finance
Manager
LEGAL FORM & OWNERS
Date
of Establishment : 1st August 2002
Legal
Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial
Reg. No. : 515912, Sharjah
Trade
Licence No. : 515912 (Expires 1st
August 2007)
Membership
No. : 56224
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of
Shareholder (s)
Salem
Ali Salem Ahmed Al Muhairi
Jamno P
Kalwani
Maish
Jamno P Kalwani
Rashmi
Jamno P Kalwani
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with
not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less
than UAE Dh 150,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the
Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
Subject
belongs to the Al Safeer group of companies that comprises of the following
concerns:
Al
Safeer Hypermarket LLC
Al
Safeer Mall LLC
Al
Safeer Real Estate Co
Show
Rack Factory LLC
Show
Rack Trading
LINE OF BUSINESS
Operations
: Engaged in the
wholesale and retail of ready made garments, footwear, household appliances, furniture, foodstuffs and
gift items.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of 65 employees. The entire group employs approximately 4,000
personnel.
FINANCIAL HIGHLIGHTS
Companies
registered in the United Arab Emirates are not legally required to make their
accounts public and no financial information was released by the company or submitted
by outside sources.
BANKERS
Standard
Chartered Bank
Al Boorj
Avenue
PO Box :
5
Sharjah
Tel :
(971-6) 5357788
Fax :
(971-6) 5543604
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 2002, subject is involved in the wholesale and retail of ready made
garments, footwear, household appliances, furniture, foodstuffs and gift items.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum
suggested credit figure: US$ 250,000
RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |