MIRA
INFORM REPORT
|
Report Date : |
04.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SWITCH FOODSTUFF TRADING CO LLC |
|
|
|
|
Registered Office : |
Al Wahda Street,
Industrial Area No. 1, PO Box 25743
& 6215, Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
21.04.1996 |
|
|
|
|
Com. Reg. No.: |
120453, Sharjah |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Import and Distribution of
General Foodstuff, including Poultry, Meat, and Vegetables |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : SWITCH FOODSTUFF TRADING CO LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st April 1996
Commercial Registration Number : 120453, Sharjah
Trade Licence Number : 120453
Chamber Membership Number : 37744
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 50
Activities :
Import and distribution of general foodstuff,
including poultry, meat, and
vegetables
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
SWITCH FOODSTUFF
TRADING CO LLC
ADDRESS
Registered & Physical Address
Street : Al Wahda Street
Area : Industrial Area No. 1
PO Box : 25743 & 6215
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5331894 / 5328680 / 5331485
Facsimile : (971-6) 5331843
Email : switchco@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Mohamed
Haji Mohamed Askar Emirati Managing
Director
·
Hoda
Saleh El Fatha Lebanese Director
·
Mohamed
Yassir - General
Manager
·
Saeed
Sino - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 21st
April 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 120453, Sharjah
Trade Licence No. : 120453 (Expires 17/04/2009)
Chamber Member No. : 37744
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
·
Mohamed
Haji Mohamed Askar
·
Hoda
Saleh El Fatha
OPERATIONS
Activities: Engaged in the import
and distribution of general foodstuff, including poultry, meat, and vegetables.
Import
Countries: Europe and the
United States of America
Operating Trend: Steady
Subject has a
workforce of 50 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
13,700,000 UAE Dh
15,250,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Emirates Bank
International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 733300
Fax : (971-6) 730077
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
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%)