MIRA
INFORM REPORT
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Report Date : |
15.10.2007 |
IDENTIFICATION DETAILS
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Name : |
FANAR AL KHALEEJ
TRADING EST |
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Registered Office : |
Industrial Area
No. 11, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27th September 1992 |
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Com. Reg. No.: |
22973, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of general foodstuff products and catering equipment. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FANAR AL KHALEEJ TRADING EST
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 27th September 1992
Commercial Registration Number : 22973, Sharjah
Trade Licence Number : 115608
Membership Number : 30179
Invested Capital : UAE Dh 100,000
Total Workforce : 8
Line of Business : Distributors of general foodstuff products and catering equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FANAR AL KHALEEJ
TRADING EST
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 11
PO Box : 20857
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5343870
Facsimile : (971-6) 5341326
Email : fanar@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Ravi Dube Indian
Proprietor & General Manager
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Obaid Ghanim Saeed Matar Al Suwaidi Emirati
Local Sponsor
LEGAL FORM &
OWNERS
Date of Establishment : 27th
September 1992
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 22973,
Sharjah
Trade Licence No. : 115608
Membership No. : 30179
Invested Capital
: UAE Dh 100,000
Mr Ravi Dube is the sole proprietor of the business.
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
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Al Fanar Food Industries LLC
Industrial Area No. 11
PO Box : 20857
Sharjah
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
general foodstuff products and catering equipment.
Import Countries
: Europe and the United
States of America.
International
Suppliers :
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Red
Arrow International LLC United
States of America
Operating Trend
: Steady
Subject has a
workforce of 8 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 Revenue UAE Dh 5,120,000 UAE Dh
5,350,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Middle
East Bank
Acc No. 0021-380318-001
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1992, subject is owned and managed by Mr Ravi Dube,
an Indian national who operates in Sharjah under the local sponsorship of Mr
Obaid Ghanim Saeed Matar Al Suwaidi.
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the business 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$ 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%)