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Report No. : |
343725 |
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Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
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Name : |
FAZA SANITARYWARE
TRADING LLC |
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Registered Office : |
Rolla Street Al Guwair Market, Rolla Area 417 Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
21.01.1981 |
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Com. Reg. No.: |
5964, Sharjah |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the import and distribution of sanitary ware products, plumbing equipment, tiles and building materials. Subject’s product range consists of over 6,000 items |
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No. of Employee : |
45 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
UNITED ARAB EMIRATES ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annualTRADE 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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : FAZA
SANITARYWARE TRADING LLC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 21st
January 1981
Commercial
Registration Number : 5964,
Sharjah
Trade Licence
Number : 15215
Chamber Membership
Number : 7537
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
45
Activities :
Distributors of sanitary ware products, plumbing equipment, tiles and
building
materials.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : T V Hashim,
Finance Manager
FAZA SANITARYWARE
TRADING LLC
Street : Rolla Street
Area : Al Guwair Market, Rolla Area
PO Box : 417
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5624053 / 5624531
Facsimile : (971-6) 5615534 / 5618609 / 5422187
Mobile : (971-50) 6966798
Email : info@faza.ae
/ fazauae@emirates.net.ae / info@fazasanitary.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Sharjah.
Branch Office
(s)
Location Description
·
Industrial
Area No. 5 Rented
warehouse premises
Sharjah
Tel: (971-6) 5420946
Fax: (971-6) 5420787
·
Sanaiya Rented
showroom premises
Sharjah
Tel:
(971-6) 5422187
Fax: (971-6) 5422100
·
Dibbas
Street Rented
showroom premises
Industrial Area No. 6
Sharjah
Tel:
(971-6) 5421782
Fax: (971-6) 5420647
Name Nationality Position
·
Mostafa Moosa Bali Purath Indian Managing
Director
·
Obaid
Yousef Obaid Armol Emirati Director
·
T V
Hashim - Finance
Manager
Date of Establishment : 21st
January 1981
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 5964,
Sharjah
Trade Licence No. : 15215
Chamber Member No. : 7537
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Obaid
Yousef Obaid Armol 51%
·
Mostafa Moosa Bali Purath 49%
·
Green
World Building Material LLC
Dubai
Tel: (971-4) 2350059
Activities: Engaged in the import and distribution of
sanitary ware products, plumbing equipment, tiles and building materials.
Subject’s product range consists of over 6,000 items.
Import
Countries: Italy, Germany,
Spain, Belgium, United Kingdom, United States of America, India, China and
Thailand.
Brand Names: SIMPOLO, VITRA, TM, ZENETH, FISCHER, SUPER
TECH, ARISTON, KAJ, GRUNDFOS, OTTONE MELODA, PEGLER PRESTEX, GROHE, RSI,
FERRARI and WAVE
Operating Trend: Steady
Subject has a
workforce of 45 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 Sales UAE Dh 59,286,006 UAE Dh 61,405,461
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr T V Hashim, Finance Manager
·
Emirates
National Bank of Dubai
PO Box: 21850
Sharjah
Tel: (971-6) 5738888
·
Habib
Bank AG
Immigration Road
PO Box: 1166
Sharjah
Tel: (971-6) 5730004
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations met
in a generally timely manner. The financial position is satisfactory and the
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.