MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
JBF RAK LLC |
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Registered Office : |
Al
Jazera Al Hamra Area, PO Box 3129 & 6574, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.05.2007 |
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Com. Reg. No.: |
29204, Ras Al Khaimah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of PET Resin and
Films for Bottles |
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 : JBF RAK LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1st May 2007
Commercial Registration Number : 29204, Ras Al Khaimah
Industrial Licence Number : 10RZ4 11070787
Chamber Membership Number : 72357
Issued Capital : UAE Dh 119,607,000
Paid up Capital : UAE Dh 119,607,000
Total Workforce : 550
Activities : Manufacture of PET resin and films for bottles
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
JBF RAK
LLC
ADDRESS
Registered & Physical Address
Location : Al
Jazera Al Hamra Area
PO Box : 3129
& 6574
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2446533
/ 2447269
Facsimile : (971-7) 2447202
/ 2447279
Email : cheerag-ary@jbfmail.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Ras Al Khaimah.
KEY PRINCIPALS
Name Position
·
Cheerag
P. Arya Managing
Director
·
Rohit
Maindwali General
Manager
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Antonea
D'souza Purchasing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
May 2007 (Production began in July 2007)
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 29204, Ras Al Khaimah
Industrial Licence No. : 10RZ4 11070787
Chamber Member No. : 72357
Issued Capital : UAE Dh 119,607,000
Paid up Capital : UAE Dh 119,607,000
Name of Shareholder (s)
·
JBF
India Ltd
·
JBF
Global
·
Ras
Al Khamaih Investment Authority (RAKIA)
AFFILIATED COMPANIES
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JBF
RAK FZ LLC
Al
Jazeera Al Hamra
PO Box 6574
Ras Al Khaimah
Tel: (971-7)
2446533 / 2447269
Fax: (971-7)
2447202 / 2447279
OPERATIONS
Activities: Engaged in the manufacture of PET resin and films for bottles.
Production
Capacity: 600 tonnes
per day
Import
Countries: India and Europe
Subject has a
workforce of approximately 550 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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National Bank of
Ras Al Khaimah
NBRAK Building
PO Box : 5300
Ras Al Khaimah
Tel : (971-7) 2221127
Fax : (971-7) 2224202
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken
in Ras Al Khaimah 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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%)