MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
FALAKNAZ HABITAT |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
9th August 1981 |
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Com. Reg. No.: |
40820, |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the import
and distribution of household and office furniture. |
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 : FALAKNAZ HABITAT
Country of Origin :
Legal Form : General Partnership
Registration Date : 9th August 1981
Commercial Registration Number :
40820,
Trade Licence Number : 209819
Membership Number : 8249
Partners Capital : UAE Dh 3,000,000
Total Workforce : 10
Line of Business : Distributors of household and office furniture.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FALAKNAZ HABITAT
ADDRESS
Registered & Physical Address
Building : Jumaira Plaza
Street : Al Jumaira Road
PO Box : 9287
Town :
Country : United Arab Emirates
Telephone : (971-4) 3499111
Facsimile : (971-4) 3498330
Email : habitat@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
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Abdul
Rahman Ahmed Mohamed Falaknaz Managing
Partner
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Mohamed
Amin Ahmed Falaknaz Partner
LEGAL FORM &
OWNERS
Date of Establishment : 9th
August 1981
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 40820, Dubai
Trade Licence No. : 209819
(Expires 27th July 2008)
Membership No. : 8249
Partners Capital : UAE Dh 3,000,000
Name of Partner (s)
Percentage
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Abdul
Rahman Ahmed Mohamed Falaknaz 50%
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Mohamed
Amin Ahmed Falaknaz 50%
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
AFFILIATED
COMPANIES
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Ever
Rest Furniture Factory
Plot No. B 535
Sheikh Zayed Road
Al Quoz Industrial Area
PO Box : 9287
Dubai
Tel : (971-4) 3442002 / 3386255
Fax : (971-4) 3449442 / 3390091
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
household and office furniture.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 10 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 6,500,000 UAE Dh 6,790,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Dubai
Tel
: (971-4) 2535000
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 owned and managed by Mr Abdul Rahman Ahmed Mohamed Falaknaz
and Mr Mohamed Amin Ahmed Falaknaz who are both 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
business is considered to be a fair trade risk and the above credit figure is
deemed admissible.
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%)