MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
GULF FLAVOURS
& FOOD INGREDIENTS FZCO |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, P O Box 18129, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
19th March 2002 |
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Legal Form : |
Free Zone Company – FZCO |
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Line of Business : |
Engaged in the import
and distribution of food ingredients, including flavours and fragrances. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF FLAVOURS & FOOD INGREDIENTS FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 19th March 2002
Trade Licence Number : 3342
Membership Number : 66518
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 6
Line of Business : Distributors of food ingredients, including flavours and fragrances.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GULF FLAVOURS &
FOOD INGREDIENTS FZCO
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 18129
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8833923
Facsimile : (971-4) 8833924
Email : gffhanan@emirates.net.ae
Premises
Subject operates
from a small of offices and a warehouse that are rented and located in the
Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Philip Alfred
Gould British Managing
Director
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Majid Mohamed
Mehryar Iranian Director
LEGAL FORM &
OWNERS
Date of Establishment : 19th
March 2002
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 3342
(Expires 19th March 2007)
Membership No. : 66518
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Majid Mohamed
Mehryar 80%
·
Philip Alfred
Gould 20%
Note to the Legal Form
A Free Zone Company (FZCO) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
food ingredients, including flavours and fragrances.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total Revenue UAE Dh 4,280,000 UAE Dh
4,690,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Lloyds Bank
Plc
PO Box : 3766
Dubai
Tel : (971-4) 3422000
Fax
: (971-4) 3422660
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2002, subject is involved in the import and distribution of food ingredients,
including flavours and fragrances.
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
business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
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%)