MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
CENTRAL MOTORS COMPANY |
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Formerly Known as : |
AL JALLAF
TRADING |
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Registered Office : |
Al Quoz Industrial Area, Sheikh Zayed Road,
Shahib Hussain Abdul Rahman Building, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
30284 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importers, Suppliers, Distributors and Wholesalers of Motor Vehicle
and Automotive Workshop Equipment, Machinery and Tools, Motor Vehicle General
Repair Parts, Spare Parts and Components, as well as Tyres and Rims |
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 : |
USD 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT
CENTRAL MOTORS COMPANY
Trading
As
CMC
Formerly
AL JALLAF TRADING
ADDRESS
Location:
Area: Al Quoz Industrial Area
Street: Sheikh Zayed Road
Building: Shahib Hussain Abdul Rahman Building
Town: Dubai
Country: United Arab Emirates
Telephone: (+971) (4) 338 6000
Fax: (+971) (4) 338 6808 / 338 0090
EMail: cmcuae01@emirates.net.ae
Postal Address:
P.O.Box: 26255
Town: Dubai
Country: United Arab Emirates
Branch Address:
CENTRAL MOTORS COMPANY
Town: Sharjah
Country: United Arab Emirates
Telephone: (+971) 6) 533 1999 / 533 9499
Fax: (+971) (6) 533 2269
EMail: cmcuae06@emirates.net.ae
Postal Address:
P.O.Box: 1984
Town: Sharjah
Country: United Arab Emirates
CENTRAL MOTORS COMPANY
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 554 6262
Fax: (+971) (2) 554 6161
EMail: cmcuae06@emirates.net.ae
Postal Address:
P.O.Box: 71343
Town: Abu Dhabi
Country: United Arab Emirates
CENTRAL MOTORS COMPANY
Town: Al Ain
Country: United Arab Emirates
Telephone: (+971) (3) 721 2505
Fax: (+971) (3) 721 6135
EMail: cmcuae06@emirates.net.ae
Postal Address:
P.O.Box: 1359
Town: Al Ain
Country: United Arab Emirates
MANAGEMENT
Mohammed Abdul
Jalil Al Fahim
President
Ibrahim Mohamed Ibrahim Al Rais
Executive
Director
Charles Jasudusan
General Manager
Saif Naser
Accounts Manager
PROFILE
Legal Form: Sole Proprietorship
Requirements for a Sole
Proprietorship
-----------------------------------------------
A sole proprietorship is a
business formed by only one investor who can engage in any type of activity
(trade, industrial, agricultural, real estate or technical). The owner is
liable to the extent of their own personal assets to the business' obligations
and duties. There are no restrictions as to the minimum capital.
Year Started: 1994
Date Registered: 31st January 1994 (Dubai Economic
Development Department)
19th
February 1994 (Dubai Chamber of Commerce and Industry)
Membership No.: 29581 (Dubai Chamber of Commerce and
Industry)
Expiry Date:
30th January 2007
Trade Licence No.: 231342
(Dubai Economic Development Department)
Expiry Date:
30th January 2007
C.Reg.No.: 30284 (Dubai Commercial Register)
All figures are in local currency unless stated.
AED (Arabian Emirates Dirham)
Capital
50,000,000
SHAREHOLDERS
Name Holding
% Value
Al Fahim Group of
Companies 100.00
% 50,000,000
Abu Dhabi
United Arab
Emirates
- Represented by: Mohammed Abdul
Jalil Al Fahim (UAE national)
Ibrahim Mohammed Ibrahim Al Rais (UAE
national)
TOTAL 100.00
% 50,000,000
GROUP(S)
Subject is a member of the local Al Fahim Group of
Companies.
The
Al Fahim Group trade history date back to 1958 in the UAE, currently employs
around 1,700 people with interests in companies engaged in the real estate
development, hotel ownership and operations, industrial services, tourist and
travel operations as well as well known automotive and vehicles spare parts
franchise.
Our
local informants have reported that Al Fahim Group, was the first local family
business in the UAE to offer shares to the public in some of its' companies. In
January 1998, 30 percent of the hotel operations of Al Fahim Group was put up
for sale to the general public through an Initial Public Offering (IPO) which
was expected to take place in June 1998. The shares were reported to be worth
some AED 2,000 million (USD 545 million). The group also stated that its' the
automotive division would later be offered to the public too, however nothing
since has been reported.
In
March 2006, Emirates Motor Company one of the group's member launched new
Mercedes-Benz products and reported having total annual sales of around 2,700
- which is 47% higher than 2004 sales
figures.
The
following financial information applies to the whole group :
Annual
Sales
2004
(estimated) : USD
30,000,000,000
2005
(estimated) : USD 31,000,000,000
The Al
Fahim Group of Companies also includes:
ABDUL JALIL INDUSTRIAL DEVELOPMENT
P.O.Box: 6644
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 665 8300 / 444 9666 (Group
HQ)
Fax: (+971) (2) 665 8332
EMail: ajidmos@emirates.net.ae
ABDUL JALIL TRAVEL AGENCY
P.O.Box: 507
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 622 5225
Fax: (+971) (2) 622 7395
EMail: ajta001@emirates.net.ae
AL JALLAF TRADING COMPANY
P.O.Box: 46193
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 554 6333
Fax: (+971) (2) 554 6552
BICC AL JALLAF WLL
P.O.Box: 46707
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 558 9239 / 558 9100
Fax: (+971) (2) 558 9240
EMail: biccjalaf@emirates.net.ae
CENTRAL MOTORS COMPANY
P.O.Box: 26255
Town: Dubai
Country: United Arab Emirates
Telephone: (+971) (4) 338 6000
Fax: (+971) (4) 338 6808 / 338 0090
EMail: cmcuae01@emirates.net.ae
CROWNE PLAZA
P.O.Box: 23215
Town: Dubai
Country: United Arab Emirates
Telephone: (+971) (4) 331 1111
Fax: (+971) (4) 331 7704
EMail: hicpdxb@emirates.net.ae
CROWNE PLAZAABU
DHABI
P.O.Box: 3541
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 621 0000
Fax: (+971) (2) 621 7444
EMail: cpauh@emirates.net.ae
EASTERN MOTORS
P.O.Box: 1359
Town: Al Ain
Country: United Arab Emirates
Telephone: (+971) (2) 721 1666
Fax: (+971) (2) 721 5544
EMIRATES MOTOR COMPANY
P.O.Box: 46300
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 444 4000
Fax: (+971) (2) 444 8126
EMIRATES PROPERTY INVESTMENT COMPANY
P.O.Box: 101
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 666 2100
Fax: (+971) (2) 666 2344
EMail: epico@emirates.net.ae
GOLDEN TULIP DALMA SUITES
P.O.Box: 46320
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 633 2100
Fax: (+971) (2) 632 9228
EMail: dalmauae@emirates.net.ae
HILTON CORNICHE RESIDENCE
P.O.Box: 6677
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 627 6000
Fax: (+971) (2) 627 0099
EMail: corexflr@emirates.net.ae
HOLIDAY CENTRE SHOPPING MALL
P.O.Box: 11393
Town: Dubai
Country: United Arab Emirates
Telephone: (+971) (4) 331 7755
Fax: (+971) (4) 331 3533
MARJAN OILFIELD SERVICES
P.O.Box: 6688
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 555 3388 / 555 3331
Fax: (+971) (2) 555 3705
EMail: moso98@emirates.net.ae
POWER TRANSMISSION GULF LLC
Town: Abu Dhabi
Country: United Arab Emirates
SANDS HOTEL
P.O.Box: 32430
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 633 5335
Fax: (+971) (2) 6335766
EMail: sandshot@emirates.net.ae
WESTERN MOTORS
P.O.Box: 46193
Town: Abu Dhabi
Country: United Arab Emirates
Telephone: (+971) (2) 554 6333
Fax: (+971)
(2) 558 2666
OPERATION
Activities
Importers,
suppliers, distributors and wholesalers of motor vehicle and automotive
workshop equipment, machinery and tools, motor vehicle general repair parts,
spare parts and components, as well as tyres and rims.
Subject is the sole agent for Chrysler Mopar
and Daimler-Chrysler's Jeep in Abu Dhabi.
Operates four showrooms
UKSIC Code: 50.10/1
UKSIC Name: Motor vehicle (new)
importer
Imports
From
Mainly Europe
Agents
For
Sole Agents in Abu
Dhabi For:
Chrysler Mopar
Daimler-Chrysler's Jeep
Brands
Sold
BLAUPUNKT, Car
Radio
BORGWARNER, Turbo
BOSCH, Garage & Test Equipment
BOSCH, Power Tools
GARNETT, Turbo
KNORR, Airbrakes
MICO, Spark Plugs
MONROE, Shock Absorbers
NOKIAN, Tyres
OSRAM, Lights for Vehicles
ZEXEL, Diesel Paints
No. of
Employees
2006 : 80
(subject) / 1,700 (group)
Certification: ISO
9002
All
figures are in local currency unless stated. AED (Arabian Emirates Dirham)
Annual
Sales
2004: 16,000,000
2005:
17,000,000
Annual
Profit
Not
Provided
NOTE: Subject's fiscal year ends
31 of December.
Subject
is a company operating in a country where annual accounts and financial results
are not required to be filed or to be made available to the public.
PREMISES
Subject occupies administration office and a
showroom in Dubai as well as showrooms in Al Ain, Abu Dhabi and Sharjah.
REFERENCES
Bank(s)
Barclays
Bank
ENOC
House
Zabeel
Road
P.O.
Box 1891
Dubai
United
Arab Emirates
Tel :
(+971) (4) 335 1555
Fax :
(+971) (4) 336 6700
Citibank
Al
Maktoum
P.O.
Box 749
Dubai
United
Arab Emirates
HSBC
(Formerly
British Bank)
Main
Branch
Bur
Dubai
312/78Al
Souk Road
The
British Bank of the Middle East Building
P.O.
Box 66
Dubai
United
Arab Emirates
Tel : (+971) (4) 353 5000
Fax : (+971) (4) 353 1005
Email : joefigueredo@hsbc.com
Trade Suppliers
Bosch
Rexroth AG Mobile Hydraulics Brueninghaus Hydromatik GmbH
An
den Kelterwiesen 14
72160
Horb
Germany
Tel :
(+49) 7451 920
Fax :
(+49) 7451 82-21
DaimlerChrysler
AG
Werk
Untertürkheim
DaimlerChrysler
AG
Werk
Untertürkheim
Mercedesstra?e
137
70546
Stuttgart
Germany
Tel :
(+49) 711 170
Fax :
(+49) 711 1794022
COMMENT
Subject is a MEDIUM -sized business, started
in 1994 by a local group of companies represented by a wealthy and reputable
businessman trading in automotive workshop equipment and are the sole agents in
Abu Dhabi for Chrysler automotive parts.
Subject is a
member of the local Al Fahim Group of Companies started in 1958 in the UAE,
currently employs around 1,700 people with interests in companies engaged in
the real estate development, hotel ownership and operations, industrial
services, tourist and travel operations as well as well known automotive and
vehicles spare parts franchise. The
group's annual turnover is estimated around USD 31billion.
Company
Size: MEDIUM
Business
Trend: STEADY
Payments: NO COMPLAINTS
Maximum
Credit: USD 175,000
United
Arab Emirates (UAE) - Country Risk
The United Arab Emirates (UAE)
is a Gulf Cooperating Council (GCC) country and is composed of 7 federations
called "emirates". With a population of 4.49 million (UN, 2004
revised), the UAE is one of the Gulf's most open and tolerant countries for
religion and culture with a GDP of USD 70.96 billion in 2003 ranking it 48th
worldwide.
The oil sector in the UAE make
up only 30% of the country's GDP. For several years now, the country has been
making extensive efforts and multi-billion Dollar investments projects in
non-oil industries to lessen the dependency on the oil sector. Such industries
include financial services, aluminium production, telecommunications, tourism,
re-exports and media. The country holds 10% of the world's proven reserves and
the fifth largest reserves of natural gas, with the biggest concentration
located in the "Emirate of Abu Dhabi". The UAE produces an average of
2.4 million barrels a day of crude oil which has been steady for the past 2
years. However, due to the sharp increase in world oil prices in 2004 and 2005,
the government was able to reduce its budgetary deficit by 55% from USD 8
billion in 2002 to USD 3.66 billion in 2003.
The country's major trading
partner is India who accounts for 1.8% of imports, 26.4% of non-oil exports,
and 18.2% of re-exports. The largest trading block is South East Asia (44.9% of
imports and 45.2% of non-oil exports). The largest re-export destination is
Iran with 20.0 % of total re-export values.
As of 3rd quarter
2004, the domestic credit and investments increased by 7.2% to reach USD 66.98
billion. Deposits including government deposits also increased and reached USD
16.59 billion. Thereby the Loan to Deposits ratio is 24.76%.
In 2004, Real GDP growth reached
7.3% ranking it 3rd in the MENA area with its average of 5.2%.
However, Real GDP declined 3.7% in 2004 compared with 2003.
The strong economic performance
was met by important developments. In May 2005, the World Bank ranked UAE first
with the lowest level of corruption in the MENA area and 27th
worldwide. The UAE has become a computer and internet extensive country with
1.1 million internet users in 2004, and has a very high ratio of foreign
workers. UAE is a member of several international agreements and organizations,
most importantly the WTO (World Trade Organization) and OPEC. The UAE is also
engaged in a number of regional projects, most importantly the Dolphin project
which links the natural gas infrastructures between Oman, the UAE and Qatar.
Local banks in the UAE have posted
record profits for the past few years. However, according to analysts these
profits could be put under a question mark when the required changes to comply
with the Basel II accord come into effect in 2007.
There was a smooth problem-free
transition of power following the death of UAE's founder Sheikh Zayed bin
Sultan Al Nuhayyan in November 2004. His successor is his son Sheikh Khalifa
bin Zayid Al Nuhayyan.
The UAE and Iran have a long
withstanding dispute over three islands in the Strait of Hormuz called
"Abu Musa", "Greater Tunb" and "Lesser Tunb". The
issue is still unresolved.
Regardless of current and past economic, political, and security
situations in the Middle East and North African countries (MENA); there is an
overall rise in the country risk for each of these countries. This rise is
caused by factors outside the control of their respective countries. The
ongoing war on terror, the aftermath of the war on Iraq, the disputes with Iran
and Syria, and other factors are increasing the likelihood of political and
security instability, and the likelihood of military actions or economic
sanctions. In view of these events, and in our opinion, exporters to the MENA
region should exercise an appropriate degree of caution.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)