MIRA
INFORM REPORT
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Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL AZRA TRADING FZ LLC |
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Registered Office : |
Ajman Free Zone, Ajman |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
22.05.2007 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Distribution of Foodstuff Products,
Specialising in Potatoes, Onions and Tomatoes. |
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$ 60,000 |
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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 AZRA TRADING FZ LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 22nd May 2007
Trade Licence Number : 3554, Ajman
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 5
Activities : Import and distribution of foodstuff products, specialising in potatoes, onions and tomatoes.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 60,000
COMPANY NAME
AL
AZRA TRADING FZ LLC
ADDRESS
Registered Address
Location : Ajman Free
Zone
Town : Ajman
Country : United Arab
Emirates
Physical Address
Street : Naif Road
Area : Deira
PO Box : 44303
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2723236
Facsimile : (971-4) 2723528
Mobile : (971-50) 7659175
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 Position
· Imtiyaz
Iqbal Pothiwala Managing
Director
· Mohamed
Yahaya General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 22nd
May 2007
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 3554, Ajman
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s)
· Imtiyaz
Iqbal Pothiwala
OPERATIONS
Activities: Engaged in the import and distribution of foodstuff products,
specialising in potatoes, onions and tomatoes.
Import Countries: Asia and North Africa.
Subject has a workforce of 5 employees.
FINANCIAL DATA
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4)
2229131 / 2221134
Fax : (971-4)
2233784
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Al Azra Trading FZ LLC is a newly established business with
operations commencing in May 2007. It is engaged in the import and distribution
of foodstuff products.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding the
manner in which payments are fulfilled. As such the business is considered to
be a fair trade risk, however a measure of caution would be prudent given the
lack of financial and payment due to the short operating history.
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%)