MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
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 |
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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 : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General Foodstuff Products and
Beverages. |
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$ 75,000 |
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Status : |
New and Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : REJOICE TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 25th January 2007
Commercial Registration Number : 1004488, Dubai
Trade Licence Number : 590613
Chamber Membership Number : 114900
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 4
Activities : Import and distribution of general foodstuff products and beverages.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 75,000
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
· Antoni Punnackal
Varkey Indian Managing
Director
· Sreeja
Thekkechennamanglauthu Indian Director
· Jassim Ahmed
Abdullah Ibrahim Al Hamadi Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 25th
January 2007
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1004488, Dubai
Trade Licence No. : 590613 (Expires 24/01/2009)
Chamber Member No. : 114900
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
· Jassim Ahmed
Abdullah Ibrahim Al Hamadi 51%
· Antoni Punnackal
Varkey 25%
· Sreeja
Thekkechennamanglauthu 24%
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuff products
and beverages.
Import Countries: Europe and the Far East.
Subject has a workforce of 4 employees.
FINANCIAL DATA
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
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
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.
Please note that the correct registered style of the subject is “Rejoice
Trading LLC” and not “Reloice General Trading LLC”.
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%)