MIRA INFORM REPORT

 

 

Report Date :           

05.08.2011

 

IDENTIFICATION DETAILS

 

Name :

DUBAI FURNITURE MANUFACTURING CO LLC (DFMC)

 

 

Registered Office :

Dubai Investment Park Warehouse, Emirates Street, Jebel Ali Free Zone, P O Box 24129, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

08.04.1993

 

 

Com. Reg. No.:

40806, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture and retail of mattresses

 

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 :

EUR 350,000

 

 

Status :

Satisfactory

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

SUMMARY

 

Company Name                                     : DUBAI FURNITURE MANUFACTURING CO LLC (DFMC)

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 8th April 1993

Commercial Registration Number            : 40806, Dubai

Trade Licence Number                            : 300720

Chamber Membership Number                : 26863

Issued Capital                                        : UAE Dh 1,400,000

Paid up Capital                                      : UAE Dh 1,400,000

Total Workforce                                     : 220

Activities                                               : Manufacture and retail of mattresses.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : EUR 350,000

 

COMPANY NAME

 

DUBAI FURNITURE MANUFACTURING CO LLC (DFMC)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Dubai Investment Park Warehouse

Street               : Emirates Street

Area                 : Jebel Ali Free Zone

PO Box             : 24129

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8853929

Facsimile          : (971-4) 8853784

Email                : dfmc@emirates.net.ae

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Jebel Ali Free Zone Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Sheikh Zayed Road                                                                           Rented workshop

Al Quoz Industrial Area

       Dubai

Tel: (971-4) 3472324

Fax: (971-4) 3474235

 

·       Al Ghaith Real Estate Building                                                           Rented showroom premises

Sheikh Zayed Road

Dubai

Tel: (971-4) 3395737

 

·       Sultan Alowais Building                                                                     Rented showroom premises

Al Satwa Road

Dubai

Tel: (971-4) 3980566

Fax: (971-4) 3980566

 

·       Umm Hureir Road                                                                              Rented showroom premises

Dubai

Tel: (971-4) 3340129

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Mohamed Habib Hassan Al Yousuf                   Emirati                        Managing Director

 

·       Abdullah Majid Khalfan Bin Thaneya                 Emirati                        Director

 

·       Abdullah Ahmed Al Moosa                               Emirati                        Director

 

·       Sundara Rajan                                                     -                            General Manager

 

·       S Ishardan                                                           -                            Commercial Manager

 

·       Chandra Chaker                                                   -                            Finance Manager

 

·       Revon Fernandes                                                 -                            Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 8th April 1993

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 40806, Dubai

 

Trade Licence No.       : 300720 (Expires 07/04/2012)

 

Chamber Member No. : 26863

 

Issued Capital              : UAE Dh 1,400,000

 

Paid up Capital            : UAE Dh 1,400,000

 

Name of Shareholder (s)                                               Percentage

 

·       Abdullah Ahmed Al Moosa                                              50%

 

·       Mohamed Habib Hassan Al Yousuf                                  25%

 

·       Abdullah Majid Khalfan Bin Thaneya                                25%

 

 

AFFILIATED COMPANIES

 

·       Abdullah Ahmed Al Moosa Enterprises LLC

PO Box: 2622

Dubai

Tel: (971-4) 4401110 / 4401127

Fax: (971-4) 4328910

 

·       King Koil Sleep Systems Pvt Ltd

India

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and retail of mattresses.

 

Production Capacity: 1,000 mattresses per day

 

Import Countries: Europe, the Far East and the United States of America.

 

Brand Names: SERTA & KING KOIL

 

Operating Trend: Steady

 

Subject has a workforce of approximately 220 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 29,880,000                   UAE Dh 30,425,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Emirates Bank International Ltd

Baniyas Road

Deira

PO Box: 2923

Dubai

Tel: (971-4) 2256256 / 2256900

Fax: (971-4) 2268005 / 2267718

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              January 2007                           May 2007

Credit amount                                        67,000                                      177,120

Amount overdue                         0                                              0

Payment terms                                      180 days                                   90 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               Pounds Sterling                         Canadian Dollars

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.42

UK Pound

1

Rs.72.70

Euro

1

Rs.63.55

 

 

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

----

NB

New Business

----

 

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.