MIRA
INFORM REPORT
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Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL FAJER EST |
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Registered Office : |
Sheikh Hasher
Maktoum Juma Al Maktoum Building, Airport Road, Al Garhoud, PO Box 1600, 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 : |
26.05. 1973 |
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Com. Reg. No.: |
3129, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject’s operations are performed through the following divisions: Building Materials Division, Door Division, Painting Division, Consumer Products Division, Printing Division, Scientific Division |
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$ 700,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL FAJER EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 26th May 1973
Commercial Registration Number : 3129, Dubai
Trade Licence Number : 205092
Chamber Membership Number : 1079
Invested Capital : UAE Dh 3,000,000
Total Workforce : 350
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 700,000
COMPANY NAME
AL FAJER EST
ADDRESS
Registered & Physical Address
Building : Sheikh Hasher Maktoum Juma Al
Maktoum Building
Street : Airport Road
Area : Al Garhoud
PO Box : 1600
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2823145
Facsimile : (971-4) 2823015
Email : fajerest@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are owned and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
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Al Awir
Industrial Area Rented
warehouse
Dubai
Tel: (971-4) 3331095
Fax: (971-4) 3331548
·
Al Salam
Street Sales
Office & warehouse
PO Box : 2752
Abu Dhabi
Tel : (971-2) 6454165
Fax : (971-2) 6454162
KEY PRINCIPALS
Name Nationality Position
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Sheikh Hasher
Bin Maktoum Bin Juma Al Maktoum Emirati Proprietor
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Akram
Koultakgi - General
Manager
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Krishna
Raj - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 26th
May 1973
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 3129, Dubai
Trade Licence No. : 205092
Chamber Member No. : 1079
Invested Capital
: UAE Dh 3,000,000
Sheikh Hasher Bin
Maktoum Bin Juma Al Maktoum is the sole proprietor of the business.
AFFILIATED COMPANIES
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Al
Ahmadiah Contracting & Trading
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Al
Fajer Information Services
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Al
Fajer Travel
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Building Materials Division
Engaged in the import and distribution of
drainage systems, roofing materials, flooring materials, bricks and sun
breakers, and landscaping products.
· Door Division
Engaged in the manufacture, supply and
installation of doors and gates.
· Painting Division
Engaged as general painting and decorating
contractors.
· Consumer Products Division
This division specialises in the import and
distribution of cosmetics and hygiene products, foodstuff, cleaning and rubber
products, hardware, tools and safety equipment.
· Printing Division
Engaged in the import and distribution of
printing inks, mounting sheets, and flexographic and grevure inks.
· Scientific Division
This division in engaged in the import and
distribution of survey instruments, material testing and laboratory equipment,
measuring tapes, and metal thermometers.
Import
Countries: Japan, Sweden,
Italy, Germany, United Kingdom, Sri Lanka, India, Singapore, Thailand and South
Korea.
International
Suppliers:
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Ceipo
Ceramiche Italy
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CIAM Italy
Brand Names: TOPCON, GEODIMETER, RBA, LANSTAR, PICA,
JONITE, MARIPOSA, AQUART, and SANDESH.
Operating Trend: Steady
Subject has a
workforce of approximately 350 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:
Sales UAE Dh
67,300,000 UAE Dh
70,000,000
Local sources
consider subject’s financial condition to be Fair.
The financial
information has been confirmed by Mr Krishna Raj –
Finance Manager.
BANKERS
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United Arab
Bank
Deira Branch
Dubai
Tel
: (971-4) 2220181
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction May
2002
Credit amount 120,000
Amount overdue 0
Payment terms 60 days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
Established in
1973, subject is owned and managed by Sheikh Hasher Bin Maktoum Bin Juma Al
Maktoum who is very well known and respected in the Emirate of Dubai.
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 to be 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%)