MIRA INFORM REPORT

 

 

Report Date :

18.02.2012

 

IDENTIFICATION DETAILS

 

Name :

FREEDOM BUILDING MATERIAL TRADING CO LLC

 

 

Registered Office :

Alghurair Real Estate Building, Al Daghaya, Deira, PO Box: 30059, Dubai

 

 

Country :

Unite Arab Emirates

 

 

Date of Incorporation :

13.11.1996

 

 

Com. Reg. No.:

47860, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Distributors of hardware, building materials, tools, paint and varnish

 

 

No. of Employees :

12

 

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 :

US$ 150,000

 

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Unite 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                                     : FREEDOM BUILDING MATERIAL TRADING CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 13th November 1996

Commercial Registration Number                        : 47860, Dubai

Trade Licence Number                            : 243920

Chamber Membership Number                : 40716

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 12

Activities                                               : Distributors of hardware, building materials, tools, paint and varnish.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

FREEDOM BUILDING MATERIAL TRADING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Alghurair Real Estate Building

Area                 : Al Daghaya, Deira

 

PO Box             : 30059

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2248444

Facsimile          : (971-4) 2249555

Email                : freedom1@emirates.net.ae

 

Premises

 

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

 

 

KEY PRINCIPALS

 

 

            Name                                                   Nationality                               Position

 

Altaf Taher Ali Adenwala                                     Indian                                        Managing Director

 

Taher Adam Ali Ibrahim                                      Yemeni                                     Director

 

Saleem Mohamed Master                                               Indian                                        Director

 

Fayeza Abdullah Mohamed                                 Emirati                                      Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment    :           13th November 1996

 

Legal Form        :                       Limited Liability Company - LLC

 

Commercial Reg. No.     :           47860, Dubai

 

Trade Licence No.          :           243920 (Expires 12/11/2012)

 

Chamber Member No.    :           40716

 

Issued Capital                :           UAE Dh 300,000

 

Paid up Capital  :                       UAE Dh 300,000

 

Name of Shareholder (s)                                                    Percentage

 

Fayeza Abdullah Mohamed                                                         51%

 

Altaf Taher Ali Adenwala                                                 34%                             

 

Taher Adam Ali Ibrahim                                                              10%

 

Saleem Mohamed Master                                                             5%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of bolts, nuts, screws, nails, hardware, tools, building materials,

paint and varnish.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 12 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 14,760,000                   UAE Dh 15,320,000

 

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 Dubai

Baniyas Street   PO Box: 777 Dubai

Tel: (971-4) 2222241

 

 

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.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

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.