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Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
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Name : |
JUST RIGHT MIDDLE EAST FZCO |
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Registered Office : |
Plot No. MO 0427,
Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 17182, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
12.07.2003 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Manufacture of aluminium
composite panels, polycarbonate sheets for advertising, signage, safety and
security purposes. |
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No. of Employees : |
67 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 : JUST RIGHT
MIDDLE EAST FZCO
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date : 12th
July 2003
Trade Licence
Number : 3928
Membership Number : 79091
Industrial Licence
Number : 1481
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 67
Activities :
Manufacturers of aluminium composite panels, polycarbonate sheets for
advertising, signage, safety and security purposes.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Othman Malik,
Financial Controller
JUST RIGHT MIDDLE
EAST FZCO
Location : Plot No. MO 0427
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17182
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8811884
Facsimile : (971-4) 8811885
Email : mail@justrightinc.com / Cecilia@justrightinc.com / info@justrightinc.com
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
·
Nilest
Jayant Jain Indian Managing Director
·
Mrs
Kalpana Jain Indian Director
·
Othman
Malik - Financial
Controller
·
Biju
Andrew Varghese - Sales
Manager
Date of Establishment : 12th
July 2003
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 3928 (Expires
31/05/2015)
Membership
No. : 79091
Industrial
Licence No. : 1481
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Nilest
Jayant Jain 60%
·
Mrs
Kalpana Jain 40%
·
Just
Right General Trading LLC
Dubai
Tel: (971-4) 2655600
Fax: (971-4) 2655611
Activities: Engaged in the manufacture of aluminium
composite panels, polycarbonate sheets for advertising,
signage, safety and security purposes.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 67 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/03/13: Year Ending
31/03/14:
Total Sales UAE Dh
162,325,000 UAE Dh
166,700,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Othman Malik, Financial Controller
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.