MIRA
INFORM REPORT
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Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PURE FOOD LIMITED |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 16872, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
02.03.1989 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Packaging of Grain and Spices. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : PURE FOOD LIMITED
Country of Origin : Isle of Man
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 2nd March 1989
Trade Licence Number : 465
Chamber Membership Number : 15183
Issued Capital : UAE Dh 12,000
Paid up Capital : UAE Dh 12,000
Total Workforce : 115
Activities : Packaging of grain and spices.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
PURE FOOD LIMITED
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 16872
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8816848
Facsimile : (971-4)
8816134
Email : purefood@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
· Gul Mohamed Memon Pakistan Managing Director
LEGAL FORM & OWNERS
Date of Establishment : 2nd March 1989
Legal Form : Subject is the
United Arab Emirates registered branch of Pure Food Limited, a Limited
Liability Company
incorporated in the Isle of Man.
A Branch
of a Foreign Registered Corporation is not a legal entity in its own
right. Responsibility for payments lays in the hands of the company
where it is
originally registered.
Under these circumstances, we strongly advise that any international
trade
credit should only be written under the name of the main company where
the
subject holds its registered office, in this case the Isle of Man.
Trade Licence No. : 465 (Expires 14/10/2008)
Chamber Member No. : 15183
Issued Capital : UAE Dh 12,000
Paid up Capital : UAE Dh 12,000
OPERATIONS
Activities: Engaged in packaging of grain and spices.
Import Countries: India and China
Subject has a workforce of 115 employees.
FINANCIAL DATA
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
·
National Bank of Fujairah
PO Box 2979
Dubai
Tel : (971-4)
3971700 / 5078300
Fax : (971-4)
3979100 / 3973922
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HSBC Bank Middle East
Deira Souk Branch
PO Box :
66
Dubai
Tel :
(971-4) 2535000
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk and
the above credit figure is within subject’s financial means.
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%)