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MIRA INFORM REPORT

 

 

Report Date :            

19.04.2011

 

IDENTIFICATION DETAILS

 

Name :

FORUM GENERAL TRADING LLC 

 

 

Formerly Known As :

Forum Auto Parts

 

 

Registered Office :

Seif Abdurrahman Saleh Building, Shop No. 17, Al Maktoum Hospital Road, Deira, West of Al Reqa, P.O.Box No.42634, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

08.05.1999

 

 

Com. Reg. No.:

58745

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, Wholesalers and Distributors of Japanese auto spare parts

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Dh 1,300,000

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company nAME

 

Forum General Trading LLC

 

 

Company ADDRESS

 

Building            : Seif Abdurrahman Saleh Building, Shop No. 17

Street               : Al Maktoum Hospital Road

Area                 : Deira, West of Al Reqa

P.O.Box No.     : 42634

Town                : Dubai

Country             : United Arab Emirates

Telephone         : (971 4) 222 1182

Fax                   : (971 4) 222 3616

E-Mail               : forumato@eim.ae

 

Formerly known as : Forum Auto Parts

 

 

SENIOR COMPANY PERSONNEL

 

Name                                         Position

 

Totti Falabil Sadiq                     Managing Director

 

Total Employees : 13

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : Dh 1,300,000

 

Trade risk assessment: Normal

 

PRINCIPAL BANKERS

 

NAME               : COMMERCIAL BANK OF DUBAI (CBD)

Branch              : Mankhool Street

PO Box            : 2668

Town                : Dubai

Telephone         : (971 4) 352 3355

Fax                   : (971 4) 352 7655

 

The company also has an account with :

 

Standard Chartered Bank

Al Mankhool Street

PO Box 999

Dubai

Telephone: (971 4) 352 0455

Fax      : (971 4) 352 6679

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales turnover               : Dh 60,000,000 - 2009 - exact

                          : Dh 65,000,000 - 2010 - exact

                          : Dh 70,000,000 – 2011 – projected

                         

Net profit             : Dh  3,500,000 - 2009 - exact

                          : Dh  4,000,000 - 2010 - exact

                          : Dh  4,500,000 – 2011 – projected

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 8 May 1999

 

History : The subject company was established in Dubai on 8 May 1999 as a Limited Liability Company under the name Forum Auto Parts. In 2008 subject changed its name to the present style.

 

C.R. No. : 58745

 

Trade License No.: 511751 (expiry date: 07/05/2011)

 

Authorised Capital : Dh 300,000

 

Paid-Up Capital : Dh 300,000

 

Limited Liability Company with the following shareholders :

 

                                                                          Percentage

 

1. Totti Falabil Sadiq                                                        49%

   (Indian national)  

 

2. Ahmad Abdullah Ahmad Basaeed Al Jesmi *     51%

   (UAE national)

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.                              

 

Affiliated companies of the subject company :

 

Associates

 

South Land Auto Spare Parts Trading LLC

PO Box 42634

Dubai

Telephone: (971 4) 221 5545

Fax      : (971 4) 21 4612

C.R. No. : 69814

Trade License No.: 528624 (expiry date: 19/08/2011)

Est. Date: 20/08/2001

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and distributors of Japanese auto spare parts.

 

NACE Code : 4532

 

Imports from Asia, mainly from China, Taiwan and Japan.

 

Exports to Africa, mainly to South Africa, Kenya, Congo, Zambia, Zimbabwe and Cameroun.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented administrative offices at the heading address and storage facilities located in Sharjah.

 

SPECIAL NOTE

 

Interviewed: Totti Falabil Sadiq (Managing Director).


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.27

UK Pound

1

Rs.7208

Euro

1

Rs.63.66

 

 

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

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.