MIRA INFORM REPORT
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Report No. : |
310300 |
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Report Date : |
05.03.2015 |
IDENTIFICATION DETAILS
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Name : |
JFP GULF GENERAL
TRADING LLC |
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Registered Office : |
Al Ras Building, Office No. 205 Deira 122658 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
06.06.2011 |
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Com. Reg. No.: |
1077350, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the import
and distribution of general dried foodstuffs, including Basmati rice |
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No. of Employee : |
5 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab
Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
SUMMARY
Company Name : JFP GULF
GENERAL TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 6th
June 2011
Commercial
Registration Number : 1077350,
Dubai
Trade Licence
Number : 654862
Chamber Membership
Number : 194188
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 5
Activities :
Distributors of general dried foodstuffs.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Ankur Aggarwal
Rakesh Aggarwal, Managing Director
COMPANY
NAME
JFP GULF GENERAL
TRADING LLC
ADDRESS
Registered & Physical
Address
Building : Al Ras Building, Office No. 205
Area : Deira
PO Box : 122658
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2561521 / 2561510
Facsimile : (971-4) 2561520
Mobile : (971-52) 7127786
Email : ankur@jfpgulf.com / info@ifpgulf.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Ankur
Aggarwal Rakesh Aggarwal Indian Managing Director
·
Rakesh
Aggarwal Vasudev Aggarwal Indian Director
·
Ahmad
Abdullah Abdulrahim Emirati Director
·
Santosh Tevari
- Commercial
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 6th
June 2011
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1077350,
Dubai
Trade Licence No. : 654862
(Expires 05/06/2015)
Chamber Member No. : 194188
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Ahmad
Abdullah Abdulrahim 51%
·
Ankur
Aggarwal Rakesh Aggarwal 25%
·
Rakesh
Aggarwal Vasudev Aggarwal 24%
OPERATIONS
Activities: Engaged in the import and distribution of
general dried foodstuffs, including Basmati rice.
Import
Countries: Europe and
India.
International Suppliers:
·
Sun Star Overseas Ltd India
Brand Names: ALISHAAN
Subject has a workforce
of 5 employees.
FINANCIAL
DATA
Companies
registered in Dubai are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
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|
1 |
Rs.94.96 |
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Euro |
1 |
Rs.69.10 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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 |
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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-- |
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.