MIRA
INFORM REPORT
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Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
FOOD SPECIALITIES LIMITED |
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Registered Office : |
Plot No. MOD 5-11, Sheikh Zayed Road (Road 732), Jebel Ali Free Zone,
17135, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2007 |
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Date of Incorporation : |
17/08/1987 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and distribution of foodstuff and general consumer products and food sample analysis services. |
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$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : FOOD SPECIALITIES LIMITED
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 17th August 1987
Trade Licence Number : 377
Chamber Membership Number : 12436
Issued Capital : UAE Dh 3,670
Paid up Capital : UAE Dh 3,670
Total Workforce : 55
Activities : Import and distribution of foodstuff and general consumer products and food sample analysis services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 400,000
COMPANY NAME
FOOD SPECIALITIES LIMITED
ADDRESS
Registered & Physical Address
Building : Plot No. MOD
5-11
Street : Sheikh Zayed
Road (Road 732)
Area : Jebel Ali
Free Zone
PO Box : 17135
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8069600
/ 8069670
Facsimile : (971-4)
8812519 / 8069600
Email : fsl@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Deepak Dhawan Indian Managing Director
LEGAL FORM & OWNERS
Date of
Establishment : 17th
August 1987
Legal Form : Subject is the
United Arab Emirates registered branch of Food Specialities Limited, a
Limited Liability
Company incorporated in the British Virgin Islands.
Food Specialities Limited in the United Arab
Emirates, operates as a Branch of a
Foreign Registered Corporation.
A Branch of a Foreign Registered
Corporation is not a legal entity in its own right. Responsibility for payments lays in the
hands of the company where it is originally registered.
Under these circumstances, we strongly
advise that any international trade credit should only be written under the name of the main company where the
subject holds its registered office, in this case the British Virgin Islands.
Trade Licence No. : 377 (Expires 30/04/2008)
Chamber Member No. : 12436
Issued Capital : UAE Dh 3,670
Paid up Capital : UAE Dh 3,670
OPERATIONS
Activities: Engaged in the import and distribution of foodstuff and general consumer
products.
Subject also provides food sample analysis services.
Import Countries
Europe and Asia
Operating Trend
Steady
Subject has a workforce of 55 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sale UAE
Dh 17,200,000 UAE Dh
17,680,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
HSBC Bank Middle East
Deira Souk Branch
PO Box :
66
Dubai
Tel :
(971-4) 2535000
·
Dubai Islamic Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 within subject’s financial means.
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%)