|
Report No. : |
307314 |
|
Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUJAIRAH
INTERNATIONAL TRADING COMPANY LLC (FITCO) |
|
|
|
|
Registered Office : |
FNG Building,
Ground Floor, P O Box 121, Fujairah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 (Estimated) |
|
|
|
|
Date of Incorporation : |
05.01.1983 |
|
|
|
|
Com. Reg. No.: |
10372106 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged
in the provision of commercial and industrial investment as well as
management services [We tried to confirm / obtain the
detailed activity but the same is not available from any sources.] |
|
|
|
|
No of Employees : |
07 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
Company Name : FUJAIRAH INTERNATIONAL TRADING COMPANY LLC (FITCO)
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 5th January 1983
Commercial Registration Number : 10372106
Trade Licence Number : 50005
Chamber Membership Number : 2377
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 7
Activities : Provision of commercial and industrial investment as well as
management services
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
FUJAIRAH INTERNATIONAL TRADING COMPANY LLC
(FITCO)
Registered &
Physical Address
Location : FNG Building, Ground Floor
PO Box : 121
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2010611 / 2010500 / 2010522
Facsimile : (971-9) 2281515
Email : info@fngae.com
Premises
Subject operates
from a small suite of offices that are owned and located in the Central
Business Area of Fujairah.
Name Position
·
Sheikh Sultan Bin Salah El Sharky Chairman
·
Sami
Baghdadi Managing
Director
·
Haian
M. Al Mansour Business
Development Manager
Date of Establishment : 5th
January 1983
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 10372106
Trade Licence No. : 50005
Chamber Member No. : 2377
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Fujairah National Group 90%
·
Fujairah investment Company 10%
·
Fujairah
National Shipping Agency
·
Fujairah
Marine
·
Fujairah
Aviation Academy
·
Fujairah
Marine Services& Trading Co
·
Fairdeal
Marine Services
·
Fujairah
National Construction & Transport
·
Gulf
Petril Supplies
·
Cc
International
·
Aldiar
Siji Hotel
·
Decortech
·
Fujairah
National Electro-Mech. Est
·
Fujairah
Port Clinic
·
Umc
International Plc – Dubai
·
Alsharq
Pharmacy (Etihad)
·
Al
Sharq Medical Center – Faseel
·
Its
Testing Services
·
Fujairah
National Properties
·
Inchcape
·
Fajr
Private Flight
·
Al
Rawasi Aggregate
·
Gulf
Utilities Services
·
Areco
·
Al
Sharq Medical Center – Etihad
·
Alsharq
Health Care
·
Amwal
Borkers
·
Siji R
Mix
·
Siji
Steel
·
Emirates
Education Services
·
Siji
Trading
·
Alsharq
Medical Center – Dibba
·
Alwatan
Security Services
·
Siji
General Services
·
Emirates
Eduction Learning Center
·
Dru -
Develp. Reserch & Urban Plan. Consult
·
Alsafer
Academec Services
·
Emirates
Explosives Co
·
Siji
Ready Mix – Dibba
·
Aldiar
International Private School
·
Siji
Apartments
·
Jorong
·
Gulf
Dutch Foundation Co
·
Alcorcniche
Pharmacy
·
Cosmomed
Center
·
Corniche
Medical Center – Khorfakkan
·
Alsharq
Hospital
·
Alsharq
Pharmacy
Activities: Engaged in the provision of commercial and
industrial investment as well as management services.
Operating Trend: Steady
Subject has a
workforce of 7 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Revenue UAE Dh 71,000,000 UAE Dh 73,500,000
Net Profit UAE Dh
34,000,000 UAE Dh
36,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Union
National Bank (UNB)
PO Box: 268
Fujairah
Tel: (971-9) 2222747
Fax: (971-9) 2224851
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 |
|
UK Pound |
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.