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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
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Name : |
FAISAL JASSIM
TRADING CO LLC |
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Registered Office : |
Dubai Investment
Park No. 1, P O Box: 1871, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
14.03.1995 |
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Com. Reg. No.: |
44493, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of air
conditioning, electrical fittings, measuring & control systems, pumps,
engines, valves & spare parts, solar energy systems & components,
ventilators, fans, water cooling & heating equipment and water heaters |
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|
|
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No. of Employees : |
800 |
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 |
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Status : |
Satisfactory |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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 |
Company Name : FAISAL JASSIM
TRADING CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Start Date :
1988
Registration Date : 14th
March 1995
Commercial
Registration Number : 44493,
Dubai
Trade Licence
Number : 237198
Chamber Membership
Number : 33568
Issued Capital : UAE Dh
450,000
Paid up Capital : UAE Dh
450,000
Total Workforce : 800
Activities :
Distributors of air conditioning, electrical fittings, measuring & control
systems, pumps, engines, valves & spare parts, solar energy
systems & components, ventilators,
fans, water cooling & heating equipment and water heaters
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jacob Thomas, Finance Manager
FAISAL JASSIM
TRADING CO LLC
Location : Dubai Investment Park No. 1
PO Box : 1871
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8105100 / 8105105
Facsimile : (971-4) 8105106
Email : fjtrdg@emirates.net.ae / Jacob@fjtco.com / bala@fjtco.com / jayant@fjtco.com
Subject operates
from a suite of offices and a warehouse, covering 22,000 square metres that are
rented and located in the Industrial Area of Dubai.
Branch Office
(s)
Location Description
·
Al
Qusais Showroom
premises
PO Box: 1871
Dubai
Tel: (971-4) 2582640
Fax: (971-4) 2582641
·
PO Box:
10638 Warehouse
premises
Abu Dhabi
Tel: (971-2) 6219772
Fax: (971-2) 6219773
Name Nationality Position
·
Rafi
Saeed Abul Hassan Canadian Managing
Director
·
Faisal
Jassim Mohamed Al Dousari Emirati Director
·
Raphael
Raphael Khalat Lebanese Director
·
Jacob Thomas - Finance
Manager
·
Jayant Rajan Parkan - Logistics
Manager
·
Biju David - Senior
Accountant
·
Bala Gopal - Marketing
Manager
Date of Establishment : 1988, however
subject was registered on 14th March 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 44493, Dubai
Trade Licence No. : 237198
(Expires 12/03/2015)
Chamber Member No. : 33568
Issued Capital : UAE Dh 450,000
Paid up Capital : UAE Dh 450,000
·
Faisal
Jassim Mohamed Al Dousari 51%
·
Raphael
Raphael Khalat 49%
·
FJ
Trading & Engineering Co
PO Box: 31859
Doha
Qatar
Tel: (974) 44015777
Fax: (974) 44015775
·
Tawreed
PO Box: 11423
Riyadh
Saudi Arabia
Tel: (966-1) 4633338
Fax: (966-1) 2939496
·
FJ
Engineering & Trading Co Ltd
Erbil
Iraq
Tel: (964-66) 2252916
Fax: (964-66) 2252917
Activities: Engaged in the import and distribution of
air conditioning, electrical fittings, measuring & control systems, pumps,
engines, valves & spare parts, solar energy systems & components,
ventilators, fans, water cooling & heating equipment, water heaters,
electrical switchgear and air distribution terminals.
Import
Countries: Europe and the
Far East
International Suppliers:
·
Jindal Aluminium India
·
ITT Bell & Gossette United States of America
·
ABB Dubai
·
ABB Sweden
Operating Trend: Steady
Subject has a
workforce of approximately 800 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 Sales UAE Dh 392,000,000 UAE Dh 400,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Jacob Thomas,
Finance Manager
·
PO Box: 1080
Tel: (971-4) 2953000
Fax: (971-4) 2954111
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.62.14 |
|
|
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
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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 |
|
|
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 |
|
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<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.