MIRA
INFORM REPORT
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Report Date : |
30th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
JSK INTERNATIONAL GENERAL TRADING LLC |
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Registered Office : |
Sheikh
Mansour Bin Ahmed Al Thanie Building, Al Rigga Street, Al Rigga PO
Box: 124014, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
03.05.2006 |
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Com. Reg. No.: |
80538, Dubai |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged
in the import and distribution of building materials, electronic products and
mobile telephones. |
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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Maximum Credit Limit : |
US$
50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
JSK INTERNATIONAL GENERAL TRADING LLC |
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Country
of Origin |
Dubai, United Arab Emirates |
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Legal
Form |
Limited Liability Company - LLC |
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Registration
Date |
3rd May 2006 |
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Commercial
Registration Number |
80538, Dubai |
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Trade
Licence Number |
580899 |
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Membership
Number |
107198 |
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Issued
Capital |
UAE Dh 800,000 |
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Paid
up Capital |
UAE Dh 800,000 |
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Total
Workforce |
8 |
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Line
of Business |
Distributors of building materials, electronic products and mobile phones. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
JSK
INTERNATIONAL GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Sheikh Mansour Bin Ahmed Al
Thanie Building
Street : Al Rigga Street
Area : Al Rigga
PO Box : 124014
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2283878
Facsimile : (971-4) 2283878
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Karishna Kuhmar Jiowarjaka Indian Managing Director
· Sayeed Noshad Eqbal Indian Director
· Ibrahim Ali Ibrahim Ahlie Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 3rd May 2006
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 80538, Dubai
Trade Licence No. : 580899 (Expires 2nd May 2007)
Membership No. : 107198
Issued
Capital : UAE Dh 800,000
Paid
up Capital : UAE Dh 800,000
Name of Shareholder (s)
Percentage
· Ibrahim Ali Ibrahim Ahlie 51%
· Karishna Kuhmar Jiowarjaka 39%
· Sayeed Noshad Eqbal 10%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than
UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the
Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of building materials, electronic products and mobile
telephones.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
Acc No. 10006763002
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum
suggested credit figure: US$ 50,000
RATING EXPLANATIONS
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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 |
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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 |
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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