MIRA INFORM REPORT

 

 

Report Date :

14.08.2012

 

IDENTIFICATION DETAILS

 

Name :

SAFCO INTERNATIONAL GENERAL TRADING CO LLC

 

 

Registered Office :

Dubai Investment Park, Phase 2 112690 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.03.2005

 

 

Com. Reg. No.:

72649, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Distributors of general foodstuff products and canned items, disposable

products for the food industry, and hotel supplies, as well as construction and building materials.

 

 

No. of Employees :

15

 

 

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

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : SAFCO INTERNATIONAL GENERAL TRADING CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 12th March 2005

Commercial Registration Number            : 72649, Dubai

Trade Licence Number                            : 566523

Chamber Membership Number                : 95391

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 15

Activities                                               : Distributors of general foodstuff products and canned items, disposable

products for the food industry, and hotel supplies, as well as construction and building materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

COMPANY NAME

 

SAFCO INTERNATIONAL GENERAL TRADING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Dubai Investment Park, Phase 2

 

PO Box             : 112690

 

Town                 : Dubai

Country             : United Arab Emirates

 

Tel                    : (971-4) 8702000

Fax                   : (971-4) 8849013 / 8849014

Mob                  : (971-50) 5513877

Email                : gd@safcointl.com / reception@safcointl.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

Branch Offices

 

     Location                                                                                           Description

 

·       Al Hashmi Building, Shop No. 7                                                          Rented showroom premises

Al Ras

Dubai

Tel: (971-4) 2269915

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Harvinder Singh Sawhny                                Indian                            Managing Director

 

·       Dilmeet Singh Sawhny                                   Indian                            Director

 

·       Ajit Singh Sawhny                                         Indian                            Director

 

·       Humaid Ali Obaid Bin Buti Al Mehairi              Emirati                          Director

 

·       Jassim Mohamed                                                -                             Sales Manager

 

·       Shafi Mohamed                                                   -                             Financial Controller

 

·       Thomas Varghese                                               -                             Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th March 2005

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 72649, Dubai

 

Trade Licence No.       : 566523 (Expires 11/03/2013)

 

Chamber Member No. : 95391

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                               Percentage

 

·       Humaid Ali Obaid Bin Buti Al Mehairi                          51%

 

·       Harvinder Singh Sawhny                                            17%

 

·       Dilmeet Singh Sawhny                                               17%

 

·       Ajit Singh Sawhny                                                     15%

 

 

AFFILIATED COMPANIES

 

·       Sawhney Foodstuff Trading Co LLC

PO Box: 22510

Sharjah

Tel: (971-6) 5339719

Fax: (971-6) 5338301

 

·       Transmed Pts Ltd

Singapore

 

·       Euro Food Pvt Ltd

Mumbai

India

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products and canned items, disposable

     products for the food industry, and hotel supplies, as well as construction and building materials.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 8,900,000                     UAE Dh 9,350,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Ras Al Khaimah

     PO Box: 1531

     Dubai

     Tel: (971-4) 2226291

     Fax: (971-4) 2281312

 

 

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.55.41

UK Pound

1

Rs.86.77

Euro

1

Rs.55.41

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.