MIRA
INFORM REPORT
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Report Date : |
30.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FARIS INTERNATIONAL |
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Registered Office : |
Ahmed Khalaf Al
Mazroui Building, Najda Street (off Baniyas Street),
PO Box 43135, Abu Dhabi |
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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 : |
10.01.1983 |
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Com. Reg. No.: |
1036673 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Gas and Oilfield Equipment and
Supplies |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : FARIS INTERNATIONAL
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 10th January 1983
Trade Licence Number : 1036673
Chamber Membership Number : 7616
Invested Capital : UAE Dh 1,000,000
Total Workforce : 7
Activities : Import and distribution of gas and oilfield equipment and supplies
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
FARIS INTERNATIONAL
ADDRESS
Registered & Physical Address
Building : Ahmed Khalaf Al Mazroui Building
Street : Najda
Street (off Baniyas Street)
PO Box : 43135
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6723788 / 6777100
Facsimile : (971-2) 6723801
Email : mail@farisinternational.ae
Premises
Subject operates
from a small suite of offices that are owned and located in the Central Business
Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
Ahmed
Khalaf Al Mazroui Emirati Proprietor
& General Manager
·
K.
V. Sugathan - Assistant
General Manager
·
Ram
Mohan - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 10th
January 1983
Legal Form :
Sole Proprietorship
Trade Licence No. : 1036673
(Expires 18/05/2009)
Chamber Member No. : 7916
Invested Capital
: UAE Dh 1,000,000
Mr Ahmed Khalaf Al Mazroui is the sole proprietor of
the business.
OPERATIONS
Activities: Engaged in the import and distribution of
gas and oilfield equipment and supplies.
Clients include ADMA, ADCO, ADNOC and National
Drilling Co (NDC).
Import
Countries: United States of America, India, United Kingdom, Switzerland
and South Korea
International
Suppliers:
· World Petroleum Supply, Inc United States of
America
· Aurand Pneumatic Tools United States of
America
· Billy Pugh Co United
States of America
· Alexander/Ryan Marine &
Safety Company United States of
America
· William E. Williams Valve
Corporation United States of America
· Autobahn Industries India
· Parveen Industries India
· Bell Flow Systems United
Kingdom
· Ocean Safety United
Kingdom
· American Metal Products Company
(Ampco) Switzerland
· Sea Tech South Korea
Operating Trend: Steady
Subject has a
workforce of 7 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 9,400,000 UAE Dh 10,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Ahmed Khalaf Al
Mazroui, Proprietor.
BANKERS
·
Abu
Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Faris International
has been in business for over 25 years and is owned by respected Emirati
businessman, Ahmed Khalaf Al Mazroui. The
business specialises in the import and distribution of gas and oilfield
equipment and supplies, and deals with a host of reputable international
suppliers.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is within subject’s
financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.94 |
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UK Pound |
1 |
Rs.85.57 |
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Euro |
1 |
Rs.67.79 |
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%)