MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FINE FAIR LLC |
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Registered Office : |
Spinneys Building, Al Mankhool Road, P O Box - 677 &
31587, 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 : |
14.09.2004 |
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Com. Reg. No.: |
561325 (Expires 12/09/2008) |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General Foodstuff Products, and Frozen
Foods |
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$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FINE FAIR LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
14th September 2004
Trade Licence Number :
561325
Chamber Membership Number :
90866
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
60
Activities :
Import and distribution of general foodstuff products, and frozen foods
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 500,000
COMPANY NAME
FINE FAIR LLC
ADDRESS
Registered & Physical Address
Building : Spinneys
Building
Street : Al Mankhool
Road
PO Box : 677 &
31587
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3555250
Facsimile : (971-4)
3555282
Mobile : (971-50)
Email : shadad.azmi@alseer.com
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
Name Nationality Position
Ali Saeed Juma Al Bawardy Emirati Managing Director
Joseph Abraham - General
Manager
Shadad Azmi - Sales
Manager
Mr Mursi - Finance
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 14th
September 2004
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 561325 (Expires
12/09/2008)
Chamber Member No. : 90866
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
Ali Saeed Juma Al Bawardy 51%
Spinneys Dubai LLC 49%
PO Box : 677
Dubai
Tel : (971-4) 3555250
Fax : (971-4) 3555261
AFFILIATED COMPANIES
Al Seer Food Co
Dubai
Arabian Oasis Food
United Arab Emirates
Al Seer Trading Agencies
Ali Saeed Al Bawardi Building
Khalid Ibn Al Waleed Street
Al Mankhool
PO Box 31587
Dubai
Tel: (971-4) 3556420 / 3555250
Fax: (971-4) 3555282
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuff products,
and frozen foods.
Import Countries: Europe and the Far East
Brand Names: HELLEMA, DABUR, SHAMA,
LIBBYS, HEINZ, & ALWATANIA
Operating Trend: Steady
Subject has a workforce of 60 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 18,900,000 UAE Dh
22,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Commercial Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction July
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in 2004, subject is involved in the import and distribution
of general foodstuff products.
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 admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)