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Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
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Name : |
JAYNA MID |
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Registered Office : |
Building No. 4, Flex Office No. 1, Warehouse No. 10, Shed No. 15, RAK
Free Zone, PO Box : 6946, Ras Al Khaimah |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
25.03.2007 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
engaged in the importer and distributor of ferrous
and non-ferrous metals and readymade garments. |
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No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB
EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
JAYNA MID
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
25th March 2007
Trade Licence Number :
5001131
Issued Capital :
UAE Dh 5,000,000
Paid up Capital :
UAE Dh 5,000,000
Total Workforce :
2
Activities :Distributors
of ferrous and non-ferrous metals and readymade garments.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Rataj Kumar, Managing Director
JAYNA MID EAST FZC
Registered &
Physical Address
Building : Building No.
4, Flex Office No. 1, Warehouse No. 10, Shed No. 15
Area : RAK Free
Zone
PO Box : 6946
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2078623
Facsimile : (971-7) 2041010
Mobile : (971-50)
9488549
Email : info@jaynamideast.com / jaynamideast@gmail.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Ras Al Khaimah Free Zone Area.
Branch Office (s)
Location Description
·
Rak Free Trade Zone Office
premises
PO Box: 50099
Ras Al Khaimah
·
Shop No. 13 Showroom
premises
Offsite Royal Park Hotel
Deira
Dubai
Name Nationality Position
Rataj Kumar Indian Managing
Director
Varun Kumar Indian Director
Date of Establishment : 25th
March 2007
History : Subject began in
2007 as a Free Zone Establishment, however in July 2013 it re-registered as a Free Zone Company.
Legal Form :
Free
Zone Company - FZC
Trade Licence No. : 5001131 (Expires
24/03/2014)
Issued Capital : UAE Dh 5,000,000
Paid up Capital :
UAE
Dh 5,000,000
Name of
Shareholder (s) Percentage
Rataj Kumar 50%
Varun Kumar 50%
Jayna Middle East General Trading LLC
Al Aweer Area
Dubai
Activities : Engaged in the
import and distribution of ferrous and non-ferrous metals and readymade garments.
Import Countries : Europe and the
Far East.
Operating Trend : Steady
Subject has a workforce of 2 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/03/12: Year Ending 31/03/13:
Total Sales UAE
Dh 138,647,000 UAE Dh
143,935,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Rataj Kumar, Managing Director
Bank of Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
No complaints regarding subject’s payments have been reported.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.