MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AL FARAZ TRADING
DMCC |
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Registered Office : |
Al Ras Building,
Ground Floor, Al Ras Street, P O Box 182037, Dubai |
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Country : |
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Date of Incorporation : |
20th June 2007 |
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Legal Form : |
Free Zone Company – FZ LLC |
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Line of Business : |
Engaged in the
import and distribution of canned and preserved foodstuffs. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 10,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL FARAZ TRADING DMCC
Country of Origin :
Legal Form : Free Zone Company – FZ LLC
Registration Date : 20th June 2007
Trade Licence Number : 30719
Membership Number : 120757
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 2
Line of Business : Distributors of canned and preserved foodstuffs.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL FARAZ TRADING
DMCC
ADDRESS
Registered & Physical Address
Building : Al
Street :
PO Box : 182037
Town :
Country :
Telephone : (971-4) 2247940
Facsimile : (971-4) 2247496
Email : agrifirm@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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Ali
Mohsen Sarafan Chaharsoughi Iranian Managing Director
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Shahrokh
Nourollah Khazaee Iranian Director
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Azam
Aliasghar Elahidoust Iranian Director
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Hajar
Ali Asghar Sarafan Chaharsoughi Iranian Director
LEGAL FORM &
OWNERS
Date of Establishment : 20th
June 2007
Legal Form :
Free Zone Company – FZ LLC
Trade Licence No. : 30719
(Expires 19th June 2008)
Membership
No. : 120757
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Azam
Aliasghar Elahidoust 40%
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Hajar Ali
Asghar Sarafan Chaharsoughi 40%
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Shahrokh
Nourollah Khazaee 20%
Note to the Legal Form
A Free Zone Company (FZ LLC) 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
canned and preserved foodstuffs.
Import Countries
:
Subject has a
workforce of 2 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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National
Bank of
PO Box : 777
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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. |
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%)