|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
AL FAJER EST |
|
|
|
|
Registered Office : |
Warehouse No.16,
Ras Al Khor Area, P O Box 1600, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.05.1973 |
|
|
|
|
Com. Reg. No.: |
3129, Dubai |
|
|
|
|
Legal Form : |
Sole Proprietorship Concern |
|
|
|
|
Line of Business : |
Subject’s operations
are performed through the following divisions: · Building Materials Division Engaged in the import and distribution of
drainage systems, roofing materials, flooring materials, bricks and sun
breakers, and landscaping products. · Door Division Engaged in the manufacture, supply and
installation of doors and gates. · Painting Division Engaged as general painting and decorating
contractors. · Consumer Products Division This division specialises in the import
and distribution of cosmetics and hygiene products, foodstuff, cleaning and
rubber products, hardware, tools and safety equipment. · Printing Division Engaged in the import and distribution of
printing inks, mounting sheets, and flexographic and grevure inks. · Scientific Division This division in engaged in the import and
distribution of survey instruments, material testing and laboratory
equipment, measuring tapes, and metal thermometers. · Home Tech Division This division is
engaged as traders of intelligent domestic security and safety systems,
including CCTV and intercom systems. |
|
|
|
|
No. of Employees |
325 (approximately) |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
United Arab Emirates ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable
annual trade surplus. Successful efforts at economic diversification have
reduced the portion of GDP based on oil and gas output to 25%. Since the
discovery of oil in the UAE more than 30 years ago, the country has undergone a
profound transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. The government
has increased spending on job creation and infrastructure expansion and is
opening up utilities to greater private sector involvement. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with Washington and in
November 2004 agreed to undertake negotiations toward a Free Trade Agreement
with the US; however, those talks have not moved forward. The country's Free
Trade Zones - offering 100% foreign ownership and zero taxes - are helping to
attract foreign investors. The global financial crisis, tight international
credit, and deflated asset prices constricted the economy in 2009. UAE
authorities tried to blunt the crisis by increasing spending and boosting
liquidity in the banking sector. The crisis hit Dubai hardest, as it was
heavily exposed to depressed real estate prices. Dubai lacked sufficient cash
to meet its debt obligations, prompting global concern about its solvency. The
UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing
inflation pressures are significant long-term challenges. The UAE's strategic
plan for the next few years focuses on diversification and creating more
opportunities for nationals through improved education and increased private
sector employment.
|
Source : CIA |
Concern Name : AL FAJER EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 26th May 1973
Commercial Registration Number : 3129, Dubai
Trade Licence Number : 205092
Chamber Membership Number : 1079
Invested Capital : UAE Dh 3,000,000
Total Workforce : 325
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL FAJER EST
Registered &
Physical Address
Building : Warehouse No.16
Area : Ras Al Khor Area
PO Box : 1600
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3331095 / 3332985
Facsimile : (971-4) 3331548 / 3303015
Mobile : (971-50) 7646526
Email : info@fajerest.ae / fajerest@emirates.net.ae
Please note that
subject’s previous address was, Sheikh Hasher Maktoum Juma Al Maktoum Building,
Airport Road, Al Garhoud, Dubai.
Premises
Subject operates
from a large suite of offices and a warehouse that are owned and located in the
Central Business Area of Dubai.
Branch Office (s)
Location Description
·
Mussafah
Industrial Area Sales
office & warehouse
PO Box: 2752
Abu Dhabi
Tel: (971-2) 5520007
Fax: (971-2) 5513544
Name Nationality Position
·
Sheikh Hasher
Bin Maktoum Bin Juma Al Maktoum Emirati Proprietor
·
Akram Koultakgi - General
Manager
·
Ashok Srinivathan - Finance
Manager
·
Amjad Abou Farah - Commercial
Manager
·
Venod Kumar - Purchasing
Manager
·
Nazeer
Ahmed - Sales
Manager (Consumer)
·
Shanker
M - Sales
Manager (Building Materials)
Date of Establishment : 26th
May 1973
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 3129, Dubai
Trade Licence No. : 205092
(Expires 24/02/2015)
Chamber Member No. : 1079
Invested Capital
: UAE Dh 3,000,000
Sheikh Hasher Bin
Maktoum Bin Juma Al Maktoum is the sole proprietor of the business.
·
Al Ahmadiah Contracting & Trading
·
Al Fajer Information Services
·
Al Fajer Travel
·
Al Fajer Marine LLC
·
Al Fajer SM Services LLC
·
Al
Fajer Bunkering Services
·
Al
Fajer Department Store
·
Al
Fajer Display & Shop Fittings
·
Al
Fajer Emergency Medical Services
·
Al
Fajer Investment & Development
·
Al Fajer
Medical Supplies
·
Al
Fajer Properties
·
Al
Fajer Real Estate
·
Al
Fajer Security & Maintenance Services
·
Al
Fajer Travel, Tourism & Cargo
·
Engineering
Works Foundation Infrastructure (EWFI)
·
Lunar
Electro
Activities: Subject’s operations are performed through
the following divisions:
· Building Materials Division
Engaged in the import and distribution of
drainage systems, roofing materials, flooring materials, bricks and sun
breakers, and landscaping products.
· Door Division
Engaged in the manufacture, supply and
installation of doors and gates.
· Painting Division
Engaged as general painting and decorating
contractors.
· Consumer Products Division
This division specialises in the import and
distribution of cosmetics and hygiene products, foodstuff, cleaning and rubber
products, hardware, tools and safety equipment.
· Printing Division
Engaged in the import and distribution of
printing inks, mounting sheets, and flexographic and grevure inks.
· Scientific Division
This division in engaged in the import and
distribution of survey instruments, material testing and laboratory equipment,
measuring tapes, and metal thermometers.
· Home Tech Division
This division is
engaged as traders of intelligent domestic security and safety systems,
including CCTV and intercom systems.
Import
Countries: Japan, Sweden,
Italy, Germany, United Kingdom, Sri Lanka, India, Singapore, Thailand and South
Korea.
International
Suppliers:
·
Ceipo
Ceramiche Italy
·
CIAM Italy
Brand Names: TOPCON, GEODIMETER, RBA, LANSTAR, PICA,
JONITE, MARIPOSA, AQUART and SANDESH
Operating Trend: Steady
Subject has a
workforce of approximately 325 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Revenue UAE Dh 85,175,000 UAE Dh 88,000,000
Local sources
consider subject’s financial condition to be Fair.
·
United
Arab Bank
Deira Branch
Dubai
Tel:
(971-4) 2220181
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros US
Dollars
Established in 1973,
subject is owned and managed by Sheikh Hasher Bin Maktoum Bin Juma Al Maktoum
who is very well known and respected in the Emirate of Dubai.
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.64 |
|
UK Pound |
1 |
Rs.99.21 |
|
Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.