MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FASIRO CO LLC |
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Registered Office : |
Al Riffa Plaza, 7th
Floor, Unit 701, Khalid Bin Waleed Road, Bur Dubai, PO Box 113599, 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 : |
09.05. 2005 |
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Com. Reg. No.: |
73822, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Export of Chemicals
for Tanneries as well as the Export of Sheep and Cow Leather |
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 : FASIRO CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th May 2005
Commercial Registration Number : 73822, Dubai
Trade Licence Number : 568897
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities :
Import and export of chemicals for tanneries as well
as the export of sheep and cow leather
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
FASIRO
CO LLC
ADDRESS
Registered & Physical Address
Building : Al Riffa Plaza, 7th
Floor, Unit 701
Street : Khalid Bin Waleed Road
Area : Bur Dubai
PO Box : 113599
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3553251 / 3553252
Facsimile : (971-4) 3553253
Email : info@fasiro.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Mohamed
Hussain Abbas Iranian Managing Director
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Ms
Afraa Ali Yousef Emirati Director
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Mohamed
Hassan - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 9th
May 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 73822, Dubai
Trade Licence No. : 568897
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Ms
Afraa Ali Yousef 51%
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Mohamed
Hussain Abbas 49%
OPERATIONS
Activities: Engaged in the import
and export of chemicals for tanneries as well as the export of sheep and cow
leather.
Import
Countries: Pakistan and
China
Operating Trend: Steady
Subject has a
workforce of 3 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
32,500,000 UAE Dh
40,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Mohamed Hassan, General
Manager.
BANKERS
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Bank Melli
Iran
Deira Branch
PO Box : 1894
Dubai
Tel : (971-4) 2268207
Fax : (971-4) 2269157 / 2267096
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.45.12 |
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UK Pound |
1 |
Rs.79.60 |
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Euro |
1 |
Rs.63.83 |
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%)