MIRA
INFORM REPORT
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Report Date : |
27th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
I LINK INTERNATIONAL FZE |
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Registered Office : |
Industrial Area No. 1, 36152 Sharjah, United Arab Emirates |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
1st June 2005 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Distributors of automotive spare parts
and related accessories. |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
New
Concern |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
I LINK INTERNATIONAL FZE |
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Country of Origin |
Sharjah, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
1st June 2005 |
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Trade Licence Number |
2026 |
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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 |
3 |
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Line of Business |
Distributors of automotive spare parts and related accessories. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
I LINK INTERNATIONAL FZE
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 1
PO Box : 36152
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5398865
Facsimile : (971-6) 6398865
Mobile : (971-50) 4978417
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Sharjah.
KEY PRINCIPALS
Parminder Singh Khurana Managing Director
LEGAL FORM & OWNERS
Date of Establishment : 1st June 2005
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 2026
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
Parminder Singh Khurana 100%
Note to the Legal Form
A Free Zone Establishment (FZE) 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 automotive spare parts and related
accessories.
Import Countries : Europe and the Far East.
Subject has a workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
United Arab Bank
PO Box : 25022
Sharjah
Tel : (971-6) 5733900
Fax : (971-6) 5733907
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Investigations undertaken in Sharjah did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.
Maximum suggested credit figure: US$ 50,000
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 |