MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAF FZC |
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Registered Office : |
RAK Free Zone, PO Box 10559, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.09.2006 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Distributors and Imports of Nuts |
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$ 50,000 |
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Status : |
New Concern |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name :
JAF FZC
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
3rd September 2006
Trade Licence Number :
2044
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
1
Line of Business :
Distributors of nuts.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
JAF FZC
ADDRESS
Registered & Physical Address
Location : RAK Free Zone
PO Box : 10559
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Email : jai@co.ru
Subject has yet to register any contact numbers.
Premises
Subject operates from a small suite of offices that are rented and
located in the Free Zone Area of Ras Al Khaimah.
KEY PRINCIPALS
Name Nationality Position
· Jai Krishnan
Agrawal British Managing Director
LEGAL FORM & OWNERS
Date of
Establishment : 3rd
September 2006
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 2044
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Jai Krishnan
Agrawal 100%
Note to the Legal
Form
A Free Zone Company (FZC) 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 nuts.
Import Countries : Europe and the Far East.
Subject has a workforce of 1 employee.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
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
Opinion on the credit figure of US$ 150,000:
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.
Maximum suggested credit figure: US$ 50,000
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%)