MIRA
INFORM REPORT
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Report Date : |
07.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
FAKHREE CENTRE LLC |
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Registered Office : |
Sons of Mohamed Ali Building, Al Bateen Street, Al Bateen, PO Box
6553, 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 : |
18.02.1988 |
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Com. Reg. No.: |
46811, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import, Distribution and Retail of Ready Made Garments, Footwear, Luggage, Perfumes and Cosmetics and Jewellery Items. |
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 : FAKHREE CENTRE LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th February 1988
Commercial Registration Number : 46811, Dubai
Trade Licence Number : 216086
Membership Number : 13135
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 24
Line of Business : Import, distribution and retail of ready made garments,
footwear, luggage, perfumes and cosmetics and jewellery items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FAKHREE CENTRE LLC
ADDRESS
Registered & Physical Address
Building : Sons of
Mohamed Ali Building
Street : Al Bateen
Street
Area : Al Bateen
PO Box : 6553
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2266390
/ 2265104
Facsimile : (971-4)
2264124 / 2266160
Mobile : (971-50)
6454083
Email : fgcemail@emirates.net.ae
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
· Husaini Sadriwalla Indian Managing Director
· Abbas Ali
Sadriwalla Indian Director
· Huzaifa Fakhruddin
Sadriwalla Indian Director
· Fakhruddin Mohamed
Hussain Indian Director
· Khadija Fakhruddin
Sadriwalla Indian Director
· Rashida Fakhruddin
Sadriwalla Indian Director
· Salem Mohamed
Hathboor Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 18th
February 1988
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 46811, Dubai
Trade Licence No. : 216086 (Expires 7th February
2009)
Membership No. : 13135
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
· Salem Mohamed Hathboor 51%
· Fakhruddin Mohamed
Hussain 12%
· Rashida Fakhruddin
Sadriwalla 10%
· Husaini Sadriwalla
8%
· Abbas Ali
Sadriwalla 8%
· Huzaifa Fakhruddin
Sadriwalla
8%
· Khadija Fakhruddin
Sadriwalla
3%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a
company incorporated with not less than two and not more than fifty
shareholders, each responsible only for the liabilities of the company to the
extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company
(LLC) should not be less than UAE Dh 300,000, which should be divided into
equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with
the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United
Arab Emirates is governed by the Foreign Business Investment Law, which sets
capital requirements and requires 51 percent Emirati participation in capital
and profits.
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
AFFILIATED COMPANIES
· Fakhree Trading
LLC
Heirs of Zabya Measam Juma Building
Al Suq Al Kabir Street
Al Bateen
PO Box : 6553
Dubai
Tel : (971-4) 2266200 / 2265104
Fax : (971-4) 2264214 / 2266160
LINE OF BUSINESS
Operations : Engaged in the import, distribution and retail of
ready made garments, footwear, luggage,
perfumes and cosmetics and jewellery items.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 24 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue UAE
Dh 7,500,000 UAE
Dh 8,285,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
United Bank Ltd
Murshid Bazaar Branch
PO Box : 1000
Dubai
Tel : (971-4)
2282025 / 2223191
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction March
2007
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 1988, subject is involved in the import, distribution and
retail of ready made garments, footwear, luggage, perfumes and cosmetics and
jewellery items.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
Maximum suggested credit figure: US$ 200,000
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%)