MIRA
INFORM REPORT
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Report Date : |
2nd March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
REJOICE TRADING LLC |
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Registered Office : |
Al Bekeet Center,
Al Khabeesi, PO Box: 125363, Dubai, United Arab Emirates. |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
25.01.2007 |
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Com. Reg. No.: |
1004488, 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 general foodstuff products and beverages. |
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$ 10,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
REJOICE 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 |
25th January 2007 |
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Commercial
Registration Number |
1004488, Dubai |
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Trade Licence
Number |
590613 |
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Membership Number |
114900 |
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Issued Capital |
UAE Dh 500,000 |
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Paid up Capital |
UAE Dh 500,000 |
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Total Workforce |
3 |
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Line of Business |
Distributors of general foodstuff products and beverages. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
REJOICE TRADING LLC
ADDRESS
Registered & Physical Address
Building : Al Bekeet Center
Area : Al Khabeesi
PO Box : 125363
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3963099
Facsimile : (971-4) 3972923
Email : majo1@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Antoni
Punnackal Varkey Indian Managing Director
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Sreeja
Thekkechennamanglauthu Indian Director
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Jassim Ahmed
Abdullah Ibrahim Al Hamadi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 25th
January 2007
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1004488,
Dubai
Trade Licence No. : 590613
(Expires 24th January 2008)
Membership No. :
114900
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
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Jassim Ahmed
Abdullah Ibrahim Al Hamadi 51%
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Antoni
Punnackal Varkey 25%
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Sreeja
Thekkechennamanglauthu 24%
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
general foodstuff products and beverages.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed
business and as a result financial information is not currently available.
BANKERS
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Abu Dhabi
Commercial Bank
Al Rigga Road
PO Box : 5550
Dubai
Tel :
(971-4) 2958888
/ 3228141
Fax : (971-4) 2959310 / 3279632
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$ 10,000
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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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