MIRA
INFORM REPORT
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Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAFITEX GENERAL TRADING LLC |
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Registered Office : |
Rashid Humaid Almazrooei Building, Al Ras Street, Al Ras, Deira, PO
Box 20321 & 64741, 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 : |
07.12. 1993 |
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Com. Reg. No.: |
46544, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Importer and
Distribution of General Merchandise |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SAFITEX GENERAL
TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 7th
December 1993
Commercial
Registration Number : 46544,
Dubai
Trade Licence Number : 232717
Chamber Membership
Number : 28927
Issued Capital : UAE Dh
3,000,000
Paid up Capital : UAE Dh
3,000,000
Total Workforce : 15
Activities :
Import and distribution of general merchandise
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 200,000
COMPANY NAME
SAFITEX GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Rashid
Humaid Almazrooei Building
Street : Al Ras
Street
Area : Al Ras,
Deira
PO Box : 20321 & 64741
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2256515
Facsimile : (971-4)
2256809
Email : safigrtc@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Abdul Qudoos
Mohamed Rasool Afghani Managing
Director
· Ghulam
Hadrat Safi Afghani Director
· Abdullah Ahmed
Mohamed Al Hussain Emirati Director
· Mahmoud
Abdullah - Purchasing
Manager
· Tayeb
Ali - Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 7th
December 1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 46544, Dubai
Trade Licence No. : 232717 (Expires 30/11/2008)
Chamber Member No. : 28927
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
· Abdullah Ahmed
Mohamed Al Hussain 51%
· Abdul Qudoos
Mohamed Rasool 49%
AFFILIATED COMPANIES
· Safi Travel LLC
Dubai
United
Arab Emirates
· Safi
Airline
Dubai
United
Arab Emirates
OPERATIONS
Activities: Engaged in the import and distribution of general merchandise,
including general foodstuff products, edible oils,
cooking oil, iron and steel.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 15 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 Sales UAE
Dh 12,300,000 UAE Dh
14,050,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Emirates Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4)
2256256 / 2256900
Fax : (971-4)
2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1993, subject is owned and managed by Mr Abdul Qudoos
Mohamed Rasool, an Afghani national who operates in Dubai under the local
sponsorship of Mr Abdullah Ahmed Mohamed Al Hussain.
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 admissible.
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%)