MIRA
INFORM REPORT
|
Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
SKE AGRO PRODUCTS
FZE |
|
|
|
|
Registered Office : |
RAK Free Trade
Zone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
21st September 2005 |
|
|
|
|
Legal Form : |
Free Zone Establishment – FZE |
|
|
|
|
Line of Business : |
Engaged in the import
and distribution of general foodstuff products, including grain, cereal and
vegetables. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : SKE AGRO PRODUCTS FZE
Country of Origin :
Ras Al Khaimah,
Legal Form : Free Zone Establishment - FZE
Registration Date : 21st September 2005
Trade Licence Number : 1289
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 3
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
SKE AGRO PRODUCTS
FZE
ADDRESS
Registered & Physical Address
Location : RAK Free Trade Zone
PO Box : 10559
Town : Ras Al Khaimah
Country :
Telephone : (971-7) 2041921
Facsimile : (971-7) 2041010
Email : sam@skemidwestern.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Ras Al Khaimah Free Trade Zone.
KEY PRINCIPALS
·
Samuel
Gareb Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 21st
September 2005
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 1289
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Samuel
Gareb 100%
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and liability
will be limited to the amount of paid-up capital. A FZE need only have a single
shareholder and is an independent legal entity.
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, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of general
foodstuff products, including grain, cereal and vegetables.
Import
Countries:
Subject has a
workforce of 3 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06:
Total Revenue UAE Dh
4,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Habib
Bank AG
Main Branch
Ras Al Khaimah
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2005, subject is involved in the import and distribution of general foodstuff
products, including grain, cereal and vegetables.
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.
Maximum suggested
credit figure: US$ 100,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)