MIRA INFORM REPORT
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Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
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Name : |
FAROOK INTERNATIONAL STATIONER LLC (FIS) |
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Registered Office : |
Al Majid Travel Building, 2nd
& 3rd Floors,
Al Maktoum Street, Deira, P O Box 2987, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1967 |
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Com. Reg. No.: |
40728, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of stationery |
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No. of Employees
: |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : FAROOK INTERNATIONAL STATIONER LLC (FIS)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Start Date : 1967
Registration Date : 9th April 1980
Commercial Registration Number : 40728, Dubai
Trade Licence Number : 204235
Chamber Membership Number : 6548
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 400
Activities : Manufacturers of stationery
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Said Abdul Hye, Finance Manager
FAROOK INTERNATIONAL STATIONER LLC (FIS)
Registered & Physical
Address
Building : Al
Majid Travel Building, 2nd & 3rd Floors
Street : Al Maktoum Street
Area : Deira
PO Box : 2987
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2279898
Facsimile : (971-4) 2233423 / 3524557
Mobile : (971-55) 3819867
Email : farook@emirates.net.ae / sales@farook.ae
/ joshy@farook.ae
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
·
Al
Fahidi Street Rented
showroom premises
Bur Dubai
PO Box: 6716
Dubai
Tel: (971-4) 3521997
Fax: (971-4) 3510281
·
Ahmad
Mohamed Baghlaf Building Rented
showroom premises
Al Burj Street
Deira
PO
Box: 6716
Dubai
Tel: (971-4) 2236158 / 2236518
Fax: (971-4) 2228520
·
Airport
Road Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2828072
·
Salahuddin
Street Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2712714
Fax: (971-4) 2712648
·
Hamadan
Street Rented
showroom premises
Abu Dhabi
Tel: (971-2) 6210056
Fax: (971-2) 6210074
·
Tourist
Club Area Rented
showroom premises
PO Box: 44306
Abu Dhabi
Tel: (971-2) 6726622
Fax: (971-2) 6791130
·
Al
Wahdah Street Rented
showroom premises
PO Box: 6045
Sharjah
Tel: (971-6) 5331921 / 5339575
Fax: (971-6) 5323261
·
Sheik
Humaid Street Rented
showroom premises
PO Box: 1521
Ajman
Tel: (971-6) 7455675
Fax: (971-6) 7457702
·
King
Faisal Road Rented
showroom premises
Umm al Quwain
Tel: (971-6) 7660917
Fax: (971-6) 7660916
·
Jebel
Ali Free Zone Rented
manufacturing plant
PO Box: 17003 covering
an area of 140,000
Dubai square
feet.
Tel: (971-4) 8815625 / 8872929
Fax: (971-4) 8816709 / 8872928
Name Position
·
Farook
Abu Bakr Rahimtullah Managing
Director
·
Rami
Farook Abu Bakr Rahimtullah Director
·
Ali
Mohamed Abdullah General
Manager
·
Mohamed
T Baqir IT
Manager
·
Said
Abdul Hye Finance
Manager
·
Mohamed
Nizam Commercial
Manager
·
Ayman
Salam Purchasing
Manager
·
Mohamed
Baqir Administration
Manager
·
Mohamed
Furas Production
Manager
·
Mohamed
Shaadi Factory
Manager
Date of Establishment : 1967, however
subject was registered on 9th April 1980
History : Subject was originally established in 1967
as a Sole Proprietorship of Mr Farook
Abu Bakr Rahimtullah.
However, in April 1980 it changed its legal
status to the current style of a
Limited Liability Company.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40728, Dubai
Trade Licence No. : 204235
(Expires 08/04/2012)
Chamber Member No. : 6548
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s)
·
Farook
Abu Bakr Rahimtullah
·
Rami
Farook Abu Bakr Rahimtullah
Activities: Engaged in the manufacture, distribution, wholesale and retail of office and school stationery, greeting
cards, postcards, souvenirs and novelties, box files, manuscript books, fax rolls and business card files, pocket files, name card holders, coloured clipboards, correction fluid, coloured paper clips, paper clips, triangular paper clips, pencils, desk calendars, desk sets, staplers, laminating machines, coloured chalks and writing pads of all sizes.
On 7th May 2001, Farook International Stationer LLC (FIS) was awarded the International Diamond Star World Quality Commitment Award in recognition for maintaining high quality standards at a ceremony held in Paris.
Subject is ISO 9002 certified.
Sole Agents for
: Durable, Senator, Kores,
Leong Soon, Alkon, Joma, Horse, Agipa, Artline, MAS,
Denco Tapes, and Atlas Pens.
Import Countries
: The United Kingdom,
Germany, the United States of America, Singapore, Hong Kong
and Thailand.
International
Suppliers :
·
DRG United
Kingdom
·
Letts
of London United
Kingdom
·
Rexel United
Kingdom
·
Staedtler Germany
·
Pelikan Germany
·
Paramount
Greeting Cards Co United States
of America
·
Grandlux Singapore
·
Glory
Moon Greeting Cards Co Hong Kong
·
Nan Mee
Co Ltd Thailand
Export Countries
: Subject exports to over
80 countries around the globe.
Brand Names : FAROOK, EXECUTIVE, INTERNATIONAL, KENT,
LIGHT, CHAMPION and TOWER
Operating Trend: Steady
Subject has a
workforce of approximately 400 employees.
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
97,207,000 UAE Dh
94,900,000
Local sources
consider subject’s financial condition to be Good.
The above figures were
provided by Mr Said Abdul Hye, Finance Manager
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
·
Commercial
Bank of Dubai
Mankhool Street
PO Box: 2668
Dubai
Tel: (971-4) 3523355
Fax: (971-4) 3527655 / 2524796
No complaints
regarding subject’s payments have been reported.
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.49.94 |
|
UK Pound |
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.39 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.