MIRA INFORM REPORT

 

 

Report No. :

320457

Report Date :

02.05.2015

 

IDENTIFICATION DETAILS

 

Name :

FATIMA SUPERMARKET LLC

 

 

Registered Office :

Mussafah Industrial Area, PO Box 4710, Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

28.08.1978

 

 

Com. Reg. No.:

17510

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the wholesale and retail of consumer goods.

 

 

No. of Employees :

500

 

 

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 :

Good

Payment Behaviour :

Regular

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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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

SUMMARY

 

Company Name                                    : FATIMA SUPERMARKET LLC

Country of Origin                                   : Abu Dhabi, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 28th August 1978

Commercial Registration Number           : 17510, Abu Dhabi

Trade Licence Number                           : 1027010

Chamber Membership Number               : 3287

Issued Capital                                       : UAE Dh 2,000,000

Paid up Capital                                     : UAE Dh 2,000,000

Total Workforce                                     : 500

Activities                                               : Wholesale and retail of consumer goods.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Kalesh R Kumar, Financial Controller

 

 

 

COMPANY NAME

 

FATIMA SUPERMARKET LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Mussafah Industrial Area

PO Box            : 4710

Town                : Abu Dhabi

Country             : United Arab Emirates

Telephone         : (971-2) 4433490 / 4456226 / 6434549

Facsimile          : (971-2) 4453839 / 6508489

Email                : fatimaho@emirates.net.ae / info@fatimagroup.ae / kalesh@fatimagroup.ae

 

Premises

 

Subject operates from a large suite of offices and a supermarket that are owned and located in the Central Business Area of Abu Dhabi.

 

Branch Offices

 

Location                                                                                   Description

 

The Old Market                                                                          Supermarket premises

PO Box: 419

Abu Dhabi

Tel: (971-2) 6311283

 

Al Falah Street                                                                          Supermarket premises

Abu Dhabi

Tel: (971-2) 6414006

 

Baniyas City                                                                              Supermarket premises

Abu Dhabi

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                    Position

 

Elayadath Puthanveettil Sulaiman                         Indian                         Managing Director

 

Hassan Ali Matar Al Rayami                                 Emirati                        Director

 

Sudhakaran Menon                                                   -                            Finance Manager

 

Rani Nasli                                                                -                            Human Resources Manager

 

Satya Jit                                                                  -                            Business Development Manager

 

E P Shamusddine                                                    -                            Purchasing Manager                             

 

V Sumaish                                                               -                            Accountant

 

Kalesh R Kumar                                                       -                            Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th August 1978

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 17510, Abu Dhabi

 

Trade Licence No.        : 1027010

 

Chamber Member No.  : 3287

 

Issued Capital              : UAE Dh 2,000,000

 

Paid up Capital            : UAE Dh 2,000,000

 

Name of Shareholder (s)                                          Percentage

 

Hassan Ali Matar Al Rayami                                           51%

 

Elayadath Puthanveettil Sulaiman                                   49%

 

 

AFFILIATED COMPANIES

 

Fatima Trading & Catering

Airport Road

PO Box: 4710

Abu Dhabi

Tel: (971-2) 4433490

Fax: (971-2) 4451781

 

Fatima Trading & Supermarket Co LLC

Juma Salem Al Mohairabi Building

Rashid Bin Saeed Road

PO Box: 4710

Abu Dhabi

Tel: (971-2) 4453838

Fax: (971-2) 4451781

 

Fatima Shopping Centre LLC

Ruwi 112

Muscat

Oman

 

Fatima Hypermarket LLC

Ruwi 112

Muscat

Oman

 

Fatima General Market LLC

Abu Dhabi

 

Fatima Shopping Centre LLC

Fujairah

 

Fatima Shopping Centre LLC

Ajman

 

Fatima Foodstuff & Coldstore Co

Mecca

Saudi Arabia

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of consumer goods.

 

Import Countries: India and Spain.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 500 employees.

 

 

FINANCIAL DATA

 

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:

 

Consolidated Total Sales           UAE Dh 788,052,119                 UAE Dh 866,800,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Kalesh R Kumar, Financial Controller

 

 

BANKERS

 

Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank Building

Al Salam Street

PO Box: 939

Abu Dhabi

Tel: (971-2) 6962222 / 6962222

Fax: (971-2) 6776499 / 6776499

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Fatima Supermarket LLC” and not “Fathima Super Market”.

 

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.63.57

UK Pound

1

Rs.97.99

Euro

1

Rs.70.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               


 

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.