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Report No. : |
343290 |
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Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL FIRE
FIGHTING MANUFACTURING FZCO (NAFFCO) |
|
|
|
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Registered Office : |
Jebel Ali Free Zone (South Area) 17014 & 262169 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
22.02.1992 |
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Legal Form : |
Free Zone Company
- FZCO |
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Line of Business : |
Engaged in the design, manufacture, supply, installation and maintenance of fire fighting and safety equipment, including water pumps, fire engines, hoses and related spare parts. The company has recently diversified its product range to passive fire protection and automation and control for all types of security and fire alarm systems. |
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No. of Employee : |
2,500 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 : NATIONAL
FIRE FIGHTING MANUFACTURING FZCO (NAFFCO)
Also Known As : NAFFCO
WORLD HEADQUARTERS
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date : 22nd
February 1992
Trade Licence
Number : 682
Chamber Membership
Number : 23330
Issued Capital : UAE Dh
21,000,000
Paid up Capital : UAE Dh
21,000,000
Total Workforce : 2,500
Activities :
Design, manufacture, supply, installation and maintenance of fire fighting and
safety equipment.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Amar Kassim,
Operations Manager
NATIONAL FIRE
FIGHTING MANUFACTURING FZCO (NAFFCO)
NAFFCO WORLD HEADQUARTERS
Location : Jebel Ali Free Zone (South Area)
PO Box : 17014 & 262169
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8151111 / 8815653 / 8066723 /
8066666
Facsimile : (971-4) 8151222 / 8816229
Mobile : (971-50) 9628263
Email : info@naffco.com / info@naffco.ae / ammar@naffco.com / nomaan@nafco.ae
Subject operates from
a suite of offices and a factory covering an area of one million square feet that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
Branch Office
(s)
Location Description
·
Sharjah Rented
sales office
Tel: (971-6) 5325411
Fax: (971-6) 5323538
·
Ajman Rented
sales office
Tel: (971-6) 7401032
Fax: (971-6) 7401036
Name Nationality Position
·
Khalid
Ahmed Qasem Al Khatib Jordanian Managing Director
·
Ibrahim
Khalid Ahmed Al Khatib Jordanian Director
·
Ali
Khalid Ahmed Al Khatib Jordanian Director
·
Ahmed
Khalid Ahmed Al Khatib Jordanian Director
·
Emad
Khassab - General
Manager
·
Jalaa
Yaseen - Sales
Manager
·
Radawn
Alabi - Export
Manager
·
Amar
Kassim
- Operations
Manager
·
Nomaan
Baig - Finance
Manager
·
Uni
Krishnan - Production
Manager
·
E Raja - Financial
Controller
Date of Establishment : 22nd
February 1992
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 682
Chamber Member No. : 23330
Issued Capital : UAE Dh 21,000,000
Paid up Capital : UAE Dh 21,000,000
·
Khalid
Ahmed Qasem Al Khatib 88%
·
Ibrahim
Khalid Ahmed Al Khatib
4%
·
Ali
Khalid Ahmed Al Khatib 4%
·
Ahmed
Khalid Ahmed Al Khatib 4%
·
Brass
Light International FZCO
Dubai
·
Technopro
Dubai
Activities: Engaged in the design, manufacture, supply,
installation and maintenance of fire fighting and safety
equipment, including water
pumps, fire engines, hoses and related spare parts. The company has recently
diversified its product range
to passive fire protection and automation and control for all types of security
and fire alarm systems.
Subject is ISO 9001:2000 certified and
exports products to 108 countries around the world.
International
Clients:
·
Homesaver
United Kingdom
·
Intisar Oman
·
Addhia Oman
·
Baffesco
Bangladesh
·
Protech Egypt
·
Technofire Qatar
·
Fawaz Kuwait
·
Fire
Tech Malta
Import
Countries: Europe and the
United States of America.
Brands: NAFFCO, SHIELD, GERMANIA, DISCOVERY, SAVEX
and TYCO
Operating Trend: Steady
Subject has a
workforce of approximately 2,500 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
697,000,000 UAE Dh
705,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Arab
Bank Plc
Ittihad Street
PO Box: 11364
Dubai
Tel: (971-4) 2228845
Fax: (971-4) 2285974 / 2940847
·
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4) 2524942
·
United
Arab Bank
Deira Branch
Dubai
Tel: (971-4) 2220181
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.65.39 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.