MIRA
INFORM REPORT
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Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL JIFRI FOODSTUFF TRADING LLD |
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Registered Office : |
Nasser Saleh Lotah Building, Hor Al Anz PO Box 81267, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.09.2007 |
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Com. Reg. No.: |
1015872, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of general foodstuffs 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$50,000 |
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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 :
AL JIFRI FOODSTUFF TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
3rd September 2007
Commercial Registration Number :
1015872, Dubai
Trade Licence Number :
600225
Membership Number :
123500
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
4
Line of Business :
Distributors of general foodstuffs and beverages.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
AL JIFRI FOODSTUFF TRADING LLC
ADDRESS
Registered & Physical Address
Building : Nasser Saleh
Lotah Building
Area : Hor Al Anz
PO Box : 81267
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2651555
/ 2724162
Facsimile : (971-4) 2653339
/ 2724183
Email : jifri@eim.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Mohan Gasamuthu
Gasamuthu Indian Managing Director
·
Puthiya Purayil
Abdulsamad Abdullah Koya Indian Director
·
Mona Ahmad Abdullah
Abdullah Al Haddad Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 3rd
September 2007
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 1015872, Dubai
Trade Licence No. :
600225 (Expires 2nd September 2008)
Membership No. : 123500
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Mona Ahmad Abdullah
Abdullah Al Haddad 51%
· Mohan Gasamuthu
Gasamuthu 25%
· Puthiya Purayil
Abdulsamad Abdullah Koya 24%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a
company incorporated with
not less than two and not more than fifty shareholders, each responsible
only for the liabilities of the company to the extent of their share
participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company
(LLC) should not be less than UAE Dh 300,000, which should be divided into
equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with
the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United
Arab Emirates is governed by the
Foreign Business Investment Law, which sets capital requirements and
requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of general foodstuffs,
including fruit and vegetables and
beverages.
Import Countries : Europe and the Far East.
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
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Commercial Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4)
2227121 / 2253222
Fax : (971-4)
2220943 / 2254565
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 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$ 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%)