MIRA INFORM REPORT

 

Report Date :

23rd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

STARFOOD INDUSTRY

 

 

Registered Office :

Sheikh Zayed Road, Al Quoz Industrial Area, PO Box: 52826, Dubai, United Arab Emirates.

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

15.12.1992

 

 

Legal Form :

Mouassasa Khassa (Sole Proprietorship)

 

 

Line of Business :

Engaged in the production of potato chips and cheese balls.

 

 

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$ 500,000

 

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

 

SUMMARY

 

 

Company Name

STARFOOD INDUSTRY

Country of Origin

Dubai, United Arab Emirates

Legal Form

Sole Proprietorship

Registration Date

15th December 1992

Trade Licence Number

300662

Membership Number

25901

Invested Capital

UAE Dh 300,000

Total Workforce

120

Line of Business

Manufacturers of potato chips and cheese balls.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

COMPANY NAME

 

STARFOOD INDUSTRY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road

Area                 : Al Quoz Industrial Area

PO Box             : 52826

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3487366 / 3472366

Facsimile          : (971-4) 3391185 / 3472587

Email                : starfood@hotmail.com

 

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

·         Hussain Jassim Nasser Mohamed Al Nowais             Proprietor

 

·         Walid Chatila                                                                       General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th December 1992

 

Legal Form                  : Mouassasa Khassa (Sole Proprietorship)

 

Trade Licence No.       : 300662 (Expires 25th July 2002)

 

Membership No.          : 25901

 

Invested Capital           : UAE Dh 300,000

 

Mr Hussain Jassim Nasser Mohamed Al Nowais is the sole proprietor of the business. Mr Hussain Jassim Nasser Mohamed Al Nowais is a Board Member for the Abu Dhabi Chamber of Commerce & Industry.

 

Note to the Legal Form  

Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is

 

liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.

 

AFFILIATED COMPANIES

 

·       Emirates Holdings

PO Box : 984

Abu Dhabi

Tel : (971-2) 6447373

Fax : (971-2) 6444066

Email : emhold@emirates.net.ae

 

·       Middle East Energy & Industrial Services Co

     PO Box 519

     Abu Dhabi

     Tel               : (971-2) 6442600 / 6442387

     Fax              : (971-2) 6444066

     Email           : mideast@emirates.net.ae

 

·       Danway

     PO Box : 50048

     Dubai

     Tel               : (971-4) 3473700

     Fax              : (971-4) 3473232

     Email           : info@danwayllc.com

 

·       Descon Engineering

     PO Box : 4682

     Abu Dhabi

     Tel               : (971-2) 6440903

     Fax              : (971-2) 6446786

 

·       Gulf Solar Power Company

     PO Box : 984

     Abu Dhabi

     Tel               : (971-2) 6451472

     Fax              : (971-2) 6445150

 

·       Laing Abu Dhabi

     PO Box : 27658

     Abu Dhabi

     Tel               : (971-2)  6335447

     Fax              : (971-2) 6333687

 

·       Middle East Scaffolding

     PO Box : 43537

     Abu Dhabi

     Tel               : (971-2) 6779559

     Fax              : (971-2) 6779558

 

·       Overseas Trading & Contracting (OTC)

     PO Box : 43814

     Abu Dhabi

    

     Tel               : (971-2) 6447373

     Fax              : (971-2) 6454461

 

·       Solus Emirates

     PO Box : 47044

     Abu Dhabi

     Tel               : (971-2) 6444118

     Fax              : (971-2) 6448261

 

·       Emircom

     PO Box : 984

     Abu Dhabi

     Tel               : (971-2) 6449088

     Fax              : (971-2) 6455288

 

·       Pharmatrade

     PO Box : 11397

     Dubai

     Tel               : (971-4) 2666159

     Fax              : (971-4) 2690942

 

·       Hospitech FZE

Jebel Ali Free Zone

     PO Box : 173549

     Dubai

     Tel               : (971-4) 8839458

     Fax              : (971-4) 8839459

 

·       Federal Foods

     PO Box : 54066

     Dubai

     Tel               : (971-4) 3390005

     Fax              : (971-4) 3390032

 

·       La Ronda

     PO Box : 40726

     Sharjah

     Tel               : (971-6) 5333225

     Fax              : (971-6) 5333226

 

·       Arab Development Est

     PO Box : 2761

     Dubai

     Tel               : (971-4) 6447373

     Fax              : (971-4) 6444066

 

·       Ras Al Khaimah Insurance Co

     Ras Al Khaimah

 

 

LINE OF BUSINESS

 

Operations : Engaged in the production of potato chips and cheese balls.

 

 

Import Countries : France, Germany, the Netherlands and the Far East.

 

Operating Trend : Steady

 

Subject has a workforce of approximately 120 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                    Year Ending 31/12/04:                            Year Ending 31/12/05:

 

Total Revenue                UAE Dh 26,375,000                               UAE Dh 28,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Banque Paribas

PO Box : 7233

Dubai

     Tel   : (971-4) 2525929

 

·       The Standard Chartered Bank

Khalid Bin Waleed Street

Mankhool Branch

PO Box : 999

Dubai

Tel   : (971-4) 2520455

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  March 2002                              April 2006

Credit amount                            26,000                                      56,000

Amount overdue             0                                              0

Payment terms                          60 days                                     60 days

Payment Method                       Letters of Credit                         Letters of Credit

Paying record                            No Complaints                           No Complaints

Currency                                   US Dollars                                 US Dollars

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Established in 1992, subject is owned and managed by Mr Hussain Jassim Nasser Mohamed Al Nowais who is well respected in the local business community.

 

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$ 500,000

 

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

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