MIRA
INFORM REPORT
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Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
R & S INTERNATIONAL FZCO |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 17445, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
28.06.2003 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Import and Distribution of General Merchandise |
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 $ 150, 000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
R & S INTERNATIONAL FZCO
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
28th June 2003
Trade Licence Number :
3938
Membership Number :
78811
Issued Capital :
UAE Dh 1,200,000
Paid up Capital :
UAE Dh 1,200,000
Total Workforce :
8
Line of Business :
Distributors of general merchandise.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
R & S INTERNATIONAL FZCO
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 17445
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8872636
Facsimile : (971-4)
8872637
Email : rsi@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are rented
and located in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Hamid Reza Ali Akbar Sadeghi Iranian Managing
Director
Rahil Farsian Iranian Director
Mohamed Ibrahim Farsian Iranian Director
Saeed Subah Hamadani Iranian Director
Gholam Reza Farsian Iranian Director
Parvez Subah Hamadani Iranian Director
LEGAL FORM & OWNERS
Date of Establishment : 28th
June 2003
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 3938
Membership No. : 78811
Issued Capital : UAE
Dh 1,200,000
Paid up Capital : UAE Dh 1,200,000
Name of Shareholder (s) Percentage
Mohamed Ibrahim Farsian 25%
Saeed Subah Hamadani 25%
Gholam Reza Farsian 25%
Parvez Subah Hamadani 25%
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 general merchandise.
Import Countries : Europe and GCC countries.
Operating Trend : Steady
Subject has a workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE
Dh 4,380,000 UAE
Dh 4,750,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Bank Saderat Iran
Al Maktoum
PO Box : 4182
Dubai
Tel : (971-4) 2221161
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2003, subject is owned and managed by a number of Iranian
nationals who are well respected in the local business community.
Local sources report that payment obligations are met in a generally timely
manner and the operating history is clear. As such the company is deemed a fair
trade risk and the above credit figure is considered to be within subject’s
financial means.
Maximum suggested credit figure: US$ 150,000
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. |
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%)