MIRA
INFORM REPORT
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Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
FAZA SANITARYWARE TRADING LLC |
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Registered Office : |
Al Guwair Market, Rolla Area, P O Box – 417, Sharjah, |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
21.01.1981 |
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Com. Reg. No.: |
5964, Sharjah |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Import and Distribution of Sanitary Ware Products, Plumbing Equipment,
Tiles and Building Materials |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
FAZA SANITARYWARE TRADING LLC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
21st January 1981
Commercial Registration Number :
5964, Sharjah
Trade Licence Number :
15215
Membership Number :
7537
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
12
Line of Business :
Distributors of sanitary ware products, plumbing equipment, tiles and
building materials.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
FAZA SANITARYWARE TRADING LLC
ADDRESS
Registered & Physical Address
Location : Al Guwair
Market
Area : Rolla Area
PO Box : 417
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5624053
/ 5624531
Facsimile : (971-6)
5618609 / 5422187
Mobile : (971-50)
6966798
Email : fazauae@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Sharjah.
Branch Offices
Location Description
Industrial Area Rented
warehouse premises
Sharjah
Tel : (971-6) 5420946
Fax : (971-6) 5420787
Sanaiya Rented
showroom premises
Sharjah
Tel : (971-6) 5422187
Fax : (971-6) 5422100
Dibbas Street Rented
showroom premises
Industrial Area
Sharjah
Tel : (971-6) 5421782
Fax : (971-6) 5420647
KEY PRINCIPALS
Name Nationality Position
Obaid Yousef Obaid Armol Emirati Managing
Director
Mostafa Moosa Bali
Indian Director
Bali Purath Assan Kuni Indian Director
LEGAL FORM &
OWNERS
Date of Establishment : 21st
January 1981
Legal Form :
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 5964,
Sharjah
Trade Licence No. : 15215
(Expires 18th January 2008)
Membership No. : 7537
Issued Capital : UAE
Dh 300,000
Paid up Capital : UAE
Dh 300,000
Name of Shareholder
(s)
Obaid Yousef Obaid Armol
Mostafa Moosa Bali
Bali Purath Assan Kuni
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.
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of sanitary ware products, plumbing
equipment,
tiles and building materials.
Import Countries :
Europe and the Far East.
Operating Trend :
Steady
Subject has a workforce of 12 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Sales
UAE Dh 11,800,000 UAE
Dh 13,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Middle East Bank Ltd
PO Box : 5169
Sharjah
Tel : (971-6) 5356166
Fax : (971-6) 5356498
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1981, subject is involved in the import and distribution
of sanitary ware products, plumbing equipment, tiles and building materials.
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 and
the above credit figure is deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 150,000
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)