MIRA INFORM REPORT

 

 

Report Date :

16th May 2006

 

IDENTIFICATION DETAILS

 

Name :

AL FUTTAIM TRADING (PVT) LTD CO

 

 

Registered Office :

Al Futtaim Building, Al Rigga Street

Al Muraqqabat, 152

Dubai, United Arab Emirates

 

 

Date of Incorporation :

2nd April 1981

 

 

Com. Reg. No.:

6578, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is a commercial holding company, which manages and directs the corporate functions of the Al Futtaim Trading Group of Companies.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

SUMMARY

 

Company Name

AL FUTTAIM TRADING (PVT) LTD CO

Country of Origin

Dubai, United Arab Emirates

Legal Form

Limited Liability Company

Registration Date

2nd April 1981

Commercial Registration Number

6578, Dubai

Trade Licence Number

205241

Membership Number

509

Issued Capital

UAE Dh 50,000,000

Paid up Capital

UAE Dh 50,000,000

Total Workforce

120

Line of Business

Commercial holding company.

Financial Condition

Undetermined

Payments

Nothing detrimental uncovered

 

 

 

 

 

COMPANY NAME

 

AL FUTTAIM TRADING (PVT) LTD CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building      : Al Futtaim Building

Street                   : Al Rigga Street

Area            : Al Muraqqabat

PO Box        : 152

Town           : Dubai

Country      : United Arab Emirates

Telephone   : (971-4) 2224101 / 2284101

Facsimile    : (971-4) 2212933

Email          : aftrading@alfuttaim.co.ae

 

Premises

 

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

Location                                                                         Description

 

Jebel Ali Free Zone                                                        Rented warehouse premises

PO Box 61450

Dubai

 

 

KEY PRINCIPALS

 

Abdullah Hamad Al Futtaim                                          Managing Director

 

Hamad Majid Al Futtaim                                                Director

 

Tony Cruikshank                                                           General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd April 1981

 

Legal Form                    : Limited Liability Company

 

Commercial Reg. No.    : 6578, Dubai

 

Trade Licence No.         : 205241 (Expires 3rd March 2007)

 

Membership No.           : 509

 

Issued Capital               : UAE Dh 50,000,000

 

Paid up Capital             : UAE Dh 50,000,000

 

Name of Shareholder (s)                              Percentage

 

Abdullah Hamad Al Futtaim                                 50%

 

Hamad Majid Al Futtaim                                      50%

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Al Futtaim Trading Group, which was established in the 1930's, operating essentially as a trading enterprise. Pearls, textiles, foodstuffs and timber formed the foundation of Al Futtaim's initial trading enterprise. The forties and fifties saw the Trading Group extend its capacity and scope of operations to establish itself as a leading organisation in the region. The most obvious example of this expansion was the introduction of Japanese automobiles into the United Arab Emirates in 1955.

 

Today, the Al Futtaim Trading Group of Companies is one of the largest and most successful privately owned business houses in the lower Gulf region. A workforce numbering upwards of 8,000 and forever on the increase, is drawn from over twenty nations and encompasses a number of areas which include automobiles, electronic, insurance, civil engineering, computers, furnishings, hardware, advertising, construction, real estate, property development, light and heavy engineering, ship repair and steel fabrication.

 

The Al Futtaim Trading Group of Companies consists of the following concerns :

MAF Telecommunications & Receiving Systems Trading

PO Box : 60811

Dubai

Tel : (971-4) 3366990

Fax : (971-4) 3366991

 

MAF Leisure & Entertainment Co LLC

PO Box : 60811

Dubai

Tel : (971-4) 2894333

Fax : (971-4) 2894334

 

Ace Hardware & Home Center

PO Box : 7880

Dubai

Tel : (971-4) 3381416

Fax : (971-4) 3386151

 

Aftron

PO Box : 159

Dubai

Tel : (971-4) 2824080

Fax : (971-4) 2825383

 

Al Futtaim Motors

PO Box : 11052

Dubai

Tel : (971-4) 2282261

Fax : (971-4) 2286885

 

Al Futtaim Auto and Machinery Company (FAMCO)

PO Box : 5502

Dubai

Tel : (971-4) 2858861/ 2858697

Fax : (971-4) 2858446

 

Al Futtaim Engineering

PO Box : 159

Dubai

Tel : (971-4) 2823215 / 2823235 / 2823261

Fax : (971-4) 2823429 / 2823847

 

Al Futtaim Tower Scaffolding (Private) Limited

PO Box : 5502

Dubai

Tel : (971-4) 2858776 / 2858861

Fax : (971-4) 2858592

 

Al Futtaim Electronics (Sanyo)

PO Box : 5559

Dubai

Tel : (971-4) 2823215 / 2824080

Fax : (971-4) 2825383

 

Al Futtaim Electronics (Toshiba)

PO Box : 5866

Dubai

Tel : (971-4) 2213600

Fax : (971-4) 2222140

 

Al Futtaim Computer Software Products Company (Afcomp)

PO Box : 152

Dubai

Tel : (971-4) 3933878

Fax : (971-4) 3933832

 

Al Futtaim Watches & Jewellery

PO Box : 7916

Dubai

Tel : (971-4) 2224142

Fax : (971-4) 2224599

 

Al Futtaim Logistics

Jebel Ali

PO Box : 61450

Dubai

Tel : (971-4) 8818288

Fax : (971-4) 8819157

 

Al Futtaim Travel

PO Box : 7880

Dubai

Tel : (971-4) 2213030

Fax : (971-4) 2230534

 

Al Futtaim Market Research

PO Box : 152

Dubai

Tel : (971-4) 2270503

Fax : (971-4) 2242563

 

Al Futtaim Willis Faber (Pvt) Limited

PO Box : 152

Dubai

Tel : (971-4) 2952277

Fax : (971-4) 2950103

 

Al Futtaim Tarmac

PO Box : 1811

Dubai

Tel : (971-4) 3331200 / 3331670

Fax : (971-4) 3331018

 

Arab Orient Insurance Company

PO Box : 152

Dubai

Tel : (971-4) 2953425

Fax : (971-4) 2955701

 

Gulf Marketing and Servicing Company (Gmasco)

PO Box : 5830

Dubai

Tel : (971-4) 2282101

Fax : (971-4) 2279801

 

IKEA

PO Box : 50618

Dubai

Tel : (971-4) 2950434

Fax : (971-4) 2950162

 

Oman National Electronics (O.N.E)

PO Box : 531

Dubai

Tel : (971-4) 2719000

Fax : (971-4) 2710284

 

Panatech Engineering

PO Box : 531

Dubai

Tel : (971-4) 2719000 / 2826700

Fax : (971-4) 2719517

 

Paragon International Co

PO Box : 5502

Dubai

Tel : (971-4) 2714949

Fax : (971-4) 2714934

 

Trading Enterprises

PO Box : 5628

Dubai

Tel : (971-4) 2954246

Fax : (971-4) 2954381

 

Maf Hypermarket LLC

Lexus Tower

Deira City Centre

PO Box : 60811

Dubai

Tel : (971-4) 2949999 / 2093281

Fax : (971-4) 2955295 / 2955009

Email : mafcogroup@emirates.ae

 

 

LINE OF BUSINESS

 

Operations : Al Futtaim Trading (Pvt) Ltd Co is a commercial holding company, which manages and directs the corporate functions of the Al Futtaim Trading Group of Companies.

 

Subject has a workforce of approximately 120 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Dubai, 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

 

 

Mashreq Bank Plc

Deira Branch

PO Box : 1250

Dubai

Tel : (971-4) 2229131 / 2221134

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Al Futtaim Trading (Pvt) Ltd Co was established in 1981 and operates as a commercial holding company, responsible for managing and directing the corporate functions of the Al Futtaim Trading Group of Companies.

 

Subject is a member of the Al Futtaim Trading Group of Companies, which is one of the largest and most successful privately owned business houses in the lower Gulf region, employing some 8,000 people with diversified interests in many sectors of the economy.

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. Local sources are of the opinion subject would not enter into financial transactions it could not see its way clear to fulfil. As such the above credit figure is admissible.

 

Maximum suggested credit figure: US$ 2,000,000

 

 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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions