MIRA
INFORM REPORT
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Report Date : |
15.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL FADHEELA FOODSTUFF TRADING LLC |
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Registered Office : |
Pearl Building, 7th
Floor, Al Nasser Square, Deira, PO Box
1460, 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 : |
13.05.1986 |
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Com. Reg. No.: |
46586 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Foodstuff Products and the Provision of Catering Services |
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 : AL FADHEELA FOODSTUFF TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 13th May 1986
Commercial Registration Number : 46586
Trade Licence Number : 200385
Chamber Membership Number : 10510
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 30
Activities : Import and distribution of foodstuff products and the provision of catering services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
AL FADHEELA
FOODSTUFF TRADING LLC
ADDRESS
Registered & Physical Address
Building : Pearl Building, 7th
Floor
Street : Al Nasser Square
Area : Deira
PO Box : 1460
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2210400
Facsimile : (971-4) 2277264
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office
(s)
Location Description
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Ahmad Almur
Mejrin Building Office
& warehouse premises
Al Awir
PO Box 56154
Dubai
Tel: (971-4) 3337960
Fax: (971-4) 3336716
KEY PRINCIPALS
Name Nationality Position
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Mohamed
Badusha Mohamed Indian Managing Director
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Juma Mohamed
Ismail Abdullah Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 13th
May 1986
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 46586
Trade Licence No. : 200385
(Expires 20/04/2009)
Chamber Member No. : 10510
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Juma Mohamed
Ismail Abdullah 51%
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Mohamed
Badusha Mohamed 49%
OPERATIONS
Activities: Engaged in the import and distribution of
foodstuff products and the provision of catering services.
Import
Countries: India, Vietnam,
China and Europe
Operating Trend: Steady
Subject has a
workforce of 30 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
19,500,000 UAE Dh
22,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
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 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.45.94 |
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UK Pound |
1 |
Rs.82.84 |
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Euro |
1 |
Rs.65.95 |
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%)