MIRA
INFORM REPORT
|
Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RAK MINERALS AND METALS INVESTMENTS FZC |
|
|
|
|
Registered Office : |
Al
Jazira Al Hamra Area, PO
Box 6390, Ras Al Khaimah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
2007 |
|
|
|
|
Legal Form : |
Free Zone Company - FZC |
|
|
|
|
Line of Business : |
Distribution of Base Metals |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
US$ 200,000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : RAK MINERALS AND METALS INVESTMENTS FZC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 2007
Trade Licence Number : RAKIA 67FZ307070538
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 40
Activities : Distribution of base metals
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 200,000
COMPANY NAME
RAK MINERALS AND
METALS INVESTMENTS FZC
ADDRESS
Registered & Physical Address
Location : Al
Jazira Al Hamra Area
PO Box : 6390
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2444170
Facsimile : (971-7) 2444180
Email : nazamudeen@ceramin.net
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Suburban
Business Area of Ras Al Khaimah.
KEY PRINCIPALS
Name Position
·
Dr Khater
Massaad Managing
Director
·
Madhu Koneru Director
·
Mohamed
Nazam Uddine Administration
Manager
·
Shiva
Ram Human
Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : 2007
Legal Form :
Free Zone Company - FZC
Trade Licence No. : RAKIA 67FZ307070538
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Ras Al Khaimah
Ceramics Co PSC (RAK Ceramics) 50%
Ajman Dubai Highway
Al Jezirah Area
PO Box 4714
Ras Al Khaimah
Tel: (971-7) 2445046
Fax: (971-7) 2445270
Email: rakceram@emirates.net.ae
·
Trimex
International FZE 50%
Jebel Ali Free Zone
PO Box 17056
Dubai
Tel: (971-4) 8835544
Fax: (971-4) 8836410
Email: info@trimexgroup.com
AFFILIATED COMPANIES
·
Ceramin
·
RAK Minerals
& Metals Congo FZ LLC
OPERATIONS
Activities: Engaged in the distribution of base metals,
including nickel, zinc and lead, copper, tin and aluminium.
Subject has a
workforce of 40 employees.
FINANCIAL DATA
Companies
registered in Ras Al Khaimah, 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 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.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)