MIRA
INFORM REPORT
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Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
TROFINA FOODS MIDDLE EAST FZC |
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Registered Office : |
Hamriyah Free
Zone, Plot 1F, 16, PO Box 42239, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
2004 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Manufacture of Instant Cream and
Milk Powder, Jelly and Caramel |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TROFINA FOODS MIDDLE EAST FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 2004
Trade Licence Number : 839, Hamriyah Free Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 85
Activities : Manufacture of instant cream and milk powder, jelly and caramel
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
TROFINA FOODS
MIDDLE EAST FZC
ADDRESS
Registered &
Physical Address
Location : Hamriyah Free Zone, Plot 1F, 16
PO Box : 42239
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5260776 / 5260995 / 5260996
Facsimile : (971-6) 5260997
Email : trofina@trofina.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Hamriyah Free Zone, Sharjah.
KEY PRINCIPALS
Name Position
·
Yahya
Abdulrahman Managing
Director
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Mansour
Khan General
Manager
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Ms
Badriya Khoja Export
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2004
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 839, Hamriyah Free Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s)
·
Yahya
Abdulrahman
OPERATIONS
Activities: Engaged in the manufacture of instant cream and milk powder, jelly and caramel.
Import
Countries: India and Europe
Brand Names: TROFINA
Operating Trend: Steady
Subject has a workforce
of 85 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
14,200,000 UAE Dh
17,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Mashreq Bank
Plc
Foreign Trade Centre
Al Boorj Avenue
PO Box : 9271
Sharjah
Tel : (971-6) 5351366 / 5354873
Fax : (971-6) 5372903
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.72 |
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UK Pound |
1 |
Rs.84.81 |
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Euro |
1 |
Rs.67.60 |
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%)