MIRA
INFORM REPORT
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Report Date : |
22nd
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
E G TRADING FZCO |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone 261463, Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
2004 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Distributors of cosmetics and skincare products. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
E G TRADING FZCO |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Company - FZCO |
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Registration Date |
2004 |
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Trade Licence Number |
05603 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
5 |
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Line of Business |
Distributors of cosmetics and skincare products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
E G TRADING FZCO
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 261463
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3965662
Facsimile : (971-4) 3966027
Email : info@egtrading.com
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Jurgen Kaemcser Managing Director
M Briget Administration Manager
LEGAL FORM & OWNERS
Date of Establishment : 2004
Legal Form : Free Zone Company - FZCO
Trade Licence No. : 05603
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
HPM GmbH 100%
Wiembachallee 34
51379 Leverkusen
Germany
Note to the Legal Form
A Free Zone Company (FZCO) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of cosmetics and skincare products.
Import Countries : Germany
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/05 :
Total Revenue UAE Dh 2,900,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Emirates Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 2004, subject is involved in the import and distribution of cosmetics and skincare products.
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 business is considered to be a fair trade risk.
Maximum suggested credit figure: US$ 100,000
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/normal. |
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 |